Polymath’s Polymesh Security Token Blockchain Leaves Ethereum for Substrate by Parity


The security token Polymesh blockchain will now list on Substrate after the issuer has withdrawn it from the Ethereum platform. Substrate was founded by Gavin Wood, who was ethereum's co-founder but now runs Parity Technologies. Polymesh is among the first tokens to make the switch. The issuer had indicated earlier that they would find a new blockchain platform for their security token.

Bjorn Wagner, the chief commercial officer for Parity Technologies, said that the firm would initiate business logic-features including runtime modules and smart contract communication on the base layer for Polymesh.

The head of the blockchain for Polymath announced in an email that their two security tokens native POLY token and ST20 would shift over to Substrate.

Why Polymath Resettled

The main reason that contributed to Polymath resettling is the ethereum consensus mechanism known as proof-of-work. The mechanism only provides a statistical warranty of the transaction finality. Dossa stated, categorically, that Polymath required a different mechanism to achieve its purpose.

A significant issue that Dossa noted was block reorgs. Such activities are possible in a system that ethereum was using. In such a system, individual blocks that hold transactions are rewinded to reverse a deal that has been disputed. That was even after the knowledge that only one such occurrence has ever happened to ethereum during the 2016 hack.

Dossa added that for firms working with security tokens and other regulated assets, statistical guarantees were not adequate security.

Polymesh and Substrate

The executive said that they are also looking at the other candidates like Hyperledger Fabric and not just ethereum. Substrate was described as a “modular, flexible framework” by Dossa, and it was said to edge out the competitors because of the simplicity of creating smart contracts from the bottom at the ground level going up.

According to Dossa, security tokens ought to be flexible, and therefore, Polymath wanted to give its users an easy time and in the most flexible way.

Ethereum (ETH) Live Price

1 ETH/USD =$1,571.7455 change ~ 8.89%

Coin Market Cap

$180.56 Billion

24 Hour Volume

$10.11 Billion

24 Hour VWAP

$1.53 K

24 Hour Change

$139.65

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide