Polymath (POLY) is a utility token of the Polymesh blockchain – the network that provides the infrastructure for issuing security tokens. Polymesh was founded in 2017 with the intention of launching the mainnet in 2021.
Security tokens represent digitized financial values - like ownership participation in an asset – that “live” in the blockchain. In addition to blockchain technology, security tokens must also comply with the rules and regulations typical of the traditional financial industry. This means that it is not always convenient to issue such tokens on networks like Ethereum, which are normally used for this purpose. For example, the owner’s identity information is important for portfolio management, even if it is tokenized, while most blockchain networks are designed to avoid the use of identities. For this and other similar reasons, the Polymesh network was created: It combines the best of both worlds.
The Polymesh network is secured by the Nominated Proof-of-Stake (NPoS) protocol. He is authorized, which means that both the Validator and Nominator nodes are known entities. Polymath Token (POLY) is used to power the network: transaction fees, module fees (payments when a new security token is introduced) and smart extension fees (for the third-party smart extensions) are paid in POLY. Polymath token is also used for governance purposes.
Note that POLY is an ERC-20 token. Within the year after the start of the mainnet, it is expected that most POLY tokens will be exchanged 1: 1 for POLYX – the native token on Polymesh.
Polymath (POLY) joined the crypto market rally in early 2021, which is not a big surprise. The price of POLY has risen from ~ $ 0.1 in early January to over $ 0.7 by the end of March. The price of Polymath tokens then slumped and fell back to $ 0.1 in June.
Soon the trend was reversed and the price of POLY reached ~ USD 0.4 by the end of August. Probably the biggest factors that contributed to this were Polymath Coinbase’s listing in July and the rebound in the crypto market.
After that slow rise, however, POLY shot up when news of the successful achievement of the latest milestone in its development shot up: the price of Polymath hit $ 1.34 in the first week of September. Later that week, the price of POLY fell slightly, with the token trading between $ 0.7 and $ 0.8. Note that the Polymesh mainnet is expected to launch later this year, so any of the Polymath price predictions will likely depend on whether the project can hit this important milestone.
Despite the fact that 100% accurate technical analysis is hardly possible for the Polymath Token cryptocurrency, this advanced technical analysis tool from TradingView allows you to view the aggregated POLY buy-and-sell rating in real time for a selected period of time. The summary for POLY / USD is based on the most popular technical indicators – moving averages, oscillators and pivots.
As can be seen from the analysis cited above, the projections of Polymath Token (POLY) are quite contradictory. There is no universal consensus about positive or negative future POLY price movements. In fact, the future possible growth depends on various factors: announcements, new technological solutions of the Polymath Token projects, the crypto environment in general, legal situation and so on. We kindly remind you that it is essential to do your own research (DYOR) before investing in a cryptocurrency.
Disclaimer: This article should not be viewed as a trading recommendation. The cryptocurrency market suffers from high volatility and the occasional random movement. Every investor should research multiple viewpoints and familiarize themselves with all local regulations before committing to an investment.
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