Polymath(POLY), which was established as a token generation platform just announced the release of their core version, the 2.0.0, a release that has promised to come with several improvements to look out for.
But for these new features to be introduced to the public, the team within the company needed to implement some breaking changes to the current smart contract for the Security Token, together with several other modules and registries.
Polymath Core v2.0.0 Release is out!
New features including:
– Pegged to Fiat STO Offering
– Forced Transfers
– Support for Tax Withholding
Find details in the blog post on: how to upgrade your tokens to this new release, and our Gitcoin Bounties!https://t.co/9nGxhpZcGt
— Polymath (@PolymathNetwork) November 16, 2018
With these changes been made, it breaks backwards compatibility, thus, as a token issuer, you will only be in a position to enjoy the new features if the new token has been deployed under the 2.0.0 version.
In the event that the security tokens are deployed after November 22nd of this year, then nothing will need to be done, because at this time the new smart contracts will be deployed and readily available on the Polymath dApp. As an issuer, you will be able to use the new features that have been designed into the system right away.
If the previously deployed token is using the current versions, which is the 1.3.0 and hoping to migrate to the new version, 2.0.0, then just hold on to this as the company is soon releasing informative instructions to ensure the transition is made as seamless as possible for you.
The New Version 2.0.0
The Polymath core version 2.0.0 will bring about several features and improvements that you should look forward to as a user.
It Has Been Pegged To The Fiat Offering
The company has designed a new type of security token offering, one that will be able to allow the issuers to conduct a fundraising in POLY, ETH or DAI. Together with having the current price being pegged to the fiat. For this to be successful Polymath went ahead to partner with the MakerDAO company, which has been able to provide the company with a PLOY to the USD price feed, not forgetting the ETH to the USD price feed.
There Is Forced Transfers
With a forced transfer, it is able to grant the issuer the ability to easily transfer tokens from one account to the other, regardless of the current restrictions or rules that might be in place. The feature, which has been considered to be a little controversial in different spaces of the crypto market, will allow for the different use cases that would be required in the real world securities.
There Is Support Provided In Address Exclusion & Tax Withholding On Dividends
In the 1.3.0 version release Polymath was able to add a new feature that was able to allow for the on-chain dividends distribution made on the ETH or any other ERC20 token within the system. But with the 2.0.0 version, the company is able to launch these particular models with a very new feature, which is address exclusion and tax withholding.
With the Tax withholding, as an issuer, you will be allowed to assign however much ETH or any other tokens you would want to withhold from the dividends that are owed to the investors. For the address exclusion, this feature is able to allow the issuer to exclude particular accounts with respect to the dividends payments being made.
There Is Support For The In-Place Upgradability
In this new version, the company has taken the needed steps to ensure there is smart contact upgradability. This means it is allowing the team to future proof the protocol by ensuring it is able to support a new feature that might arise. All this been done without having the team in the future to redeploy the contracts and migrate the old data.
The migration and the redeployment of the old data will take place in November once the Mainnet hits. Unfortunately, one of the main drawbacks to this current approach, in the upgradability, it will take much longer and harder to explore the data that has been stored on the contract. But the Polymath team has not stopped here as they are exploring ways to ensure the process will not be a security concern.