Polymath has announced that it will be building a separate blockchain for regulation-compliant tokens with Charles Hoskinson. Hoskinson is best known as being the co-founder of Cardano (ADA) and Ethereum (ETH)
In a new blog post by Polymath, the security token leader has announced it is working with the co-founder of Ethereum, Charles Hoskinson, to build a seperate blockchain for regulation-compliant tokens. The plan was confirmed at the ongoing Consensus 2019 conference.
“Ethereum was not purpose-built with regulations or compliance in mind. It was built to enable ‘unstoppable applications,’” the blog post reads.
“By contrast, Polymesh is being built from the ground up with these considerations to become the underlying infrastructure for the world’s capital markets.”
Hoskinson is a popular face in the cryptocurrency world, having been the co-founder both of Ethereum and for his own project, Cardano (ADA).
Polymath has been responsible for launching over 100 security tokens since it first announced its platform in 2018. The new collaboration between them and Hoskinson will be called ‘Polymesh.’
Hoskinson commented on the announcement saying:
“After co-founding Ethereum and Cardano, two of the most widely used blockchains in the world, I am looking forward to working on PolyMesh. There are quadrillions of dollars of financial securities, and building a blockchain to secure them is an incredibly exciting task.”
The timeline for Polymesh is still yet to be determined, but perhaps we will hear about more formal plans sometime this year. All tokens on Polymesh will adhere to Polymath’s own ST-20 standard for security tokens.
Back in March, Polymath partnered with securities issuance platform SeriesOne to manage the life-cucle of security tokens. The company hopes to develop a seperate blockchain which will be only for complian tokenized securities.
Do you believe Hoskinson has much to add to Polymath’s current plans? Will the collabration be fruitful? Let us know your thoughts below.
Image courtesy of Polymath.