Polymesh to Launch Private Blockchain

Polymesh has launched Polymesh private blockchain, the first private blockchain with the capability of seamless public migration. This development is aimed at integrating Polymesh technology into more financial institutions' infrastructure, particularly those that are currently hesitant to use public chains.

Refer to the official tweet by POLYX:

POLYX Info

Polymesh is a specialized layer 1 public permissioned blockchain, designed specifically for the handling of security tokens, digital contracts tied to real-world assets. The platform requires identity verification for all participants including issuers, investors, stakers, and node operators. Unique in its infrastructure, Polymesh is dedicated to enhancing network security by mandating node operators to be licensed financial entities, offering a blend of benefits of both private and permissionless networks.

Polymesh operates through the collective work of node operators and stakers to secure the blockchain and validate blocks. Node operators who successfully validate blocks are rewarded in POLYX, Polymesh’s native utility token. Stakers provide their POLYX to node operators, increasing their chances of entering the validator pool, and thereby reinforcing the network’s security and operational efficiency.

POLYX is the native utility token of Polymesh, used for governance, chain security through staking, and managing security tokens. The token holders have the ability to influence Polymesh’s governance by submitting improvement proposals or voting. The staking mechanism allows POLYX holders to bond their tokens to node operators, enhancing the latter’s probability of earning rewards and contributing to the overall network security.