Synthetix Network Token SNX to Polymath POLY Exchange

Crypto Pair Details: SNX to POLY

Synthetix Network Token SNX

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was rebranded from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

Polymath POLY

Polymath simplifies the legal process of creating and selling security tokens. It makes a new token standard, the ST20, and enforces government compliance. Only a “list of authorized investors and their Ethereum wallet addresses” can hold ST20 tokens. Therefore, token issuers don’t need to worry about the legal implications of your security falling into the wrong hands. In order to launch a legally compliant token, the Polymath platform brings together issuers, legal delegates, smart contract developers, KYC verification, and a decentralized exchange. All transactions on the Polymath platform take place using the native POLY token. Polymath has programmable equity. Polymath enables companies to take control of their equity issuance through programmable code. It is raising in cryptocurrency opens up an entire wealth of new investors. Polymath eliminates the middleman and financial structures that hinder the deployment of equity. There is a trove of wealth that is untouched by Wall Street that can now be accessed through Polymath. In 2017, Polymath raised over $1.2 billion in funding by selling utility tokens and security tokens. Utility tokens, such as Waltonchain, give you access to a token’s network and are far more common than security tokens. Security tokens, however, provide equity or a claim to dividends from a company. As a result, security tokens, like any securities, are subject to government regulation. Polymath’s new standard for blockchain security tokens aims to embed the necessary regulatory requirements into smart contracts and comply entirely with government security regulations. A wide array of security tokens that will be listed on Polymath at some point will require investors to be accredited, or to be from specific countries.

SOURCE: COINGECKO

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