Polymesh: Charles Hoskinson And Trevor Koverko Partner To Build A New Security Token
Charles Hoskinson, the CEO of IOHK and Trevor Koverko, the CEO of Polymath, have partnered in order to launch a Layer 1 security token blockchain that is called Polymesh. Mr. Koverko explained that there is a gap in the market for a purpose-built custom blockchain for security tokens.
Hoskinson and Koverko Work Together
Both Koverko and Hoskinson will be working to launch a security token called Polymesh since there is a gap in the market for purpose-built custom tokens. Hoskinson explained that they want to buy a public blockchain system that will work as a homogeneous system for regulators, issuers and interested individuals will be subject to the same rules and responsibilities.
Hoskinson commented about it at the Consensus 2019 conference:
“One of the first things we recognized is, you need to build a hybrid architecture. You need to say that there are going to be a certain party of the system which are permissioned and private, and certain parts of a system that are open and public and then you can assign different roles and responsibilities to regulators and other types of actors.”
In this way, as the responsibilities will be assessed to a part of the system, they will have the possibility to freeze a transaction or reverse it in case it is necessary. It would also be possible to view an audit trail of it.
Hoskinson and Koverko mentioned that it is necessary for these kinds of systems to exist, and Polymesh is going to be the first one of this kind. They want to be a platform that would facilitate the Security Token Offering (STO) revolution.
At the same time, Hoskinson explained that there is good evidence that there is a desire to create liquidity and these kinds of assets. However, these assets are not offered in platforms and CoinMarketCap doesn’t display them. This is why Plymouth is going to be a pioneer in the space.