POLY

Overview of POLY

Poly, also known as the POLY Token, is a utility token on the Ethereum blockchain (ERC-20 standard). It was founded in 2018 by Chris Housser and Trevor Koverko. As an essential part of the Polymath platform, the POLY token serves as the underlying economic unit that enables participants to interact and transact within the system. The token can be stored in a variety of digital wallets, including popular choices like MetaMask and Ledger. Moreover, POLY is supported by a wide range of exchanges, such as Binance, Huobi Global, OKEx, Poloniex, and KuCoin, which allows it to reach a broad audience of investors and users.

Pros and Cons

What Makes POLY Unique？

POLY is developed as an integral part of the Polymath platform which separates itself from other cryptocurrencies by focusing on the world of digital securities. Polymath's goal is to create an ecosystem that simplifies the complex technical and legal challenges of creating a security token. POLY tokens are used within this platform to pay fees and interact with the system.

This differentiates POLY from other cryptocurrencies, which are often designed solely as digital currencies for online transactions, or utility tokens designed to provide access to a specific service or platform. POLY, on the other hand, is utilized more as a tool in a broader system rather than a currency or utility token on its own.

How Does POLY Work？

POLY is a utility token that powers the Polymath platform, a security token issuance and management platform. The POLY token is used to pay for fees associated with the issuance and management of security tokens on the Polymath platform, such as KYC/AML verification, legal and regulatory compliance, and token distribution.

POLY token holders also have governance rights over the Polymath platform. They can vote on proposals to improve the platform and its features.

Exchanges to Buy POLY

While purchasing POLY, buyers have various exchanges at their disposal. Each exchange offers diverse currency or token pair options.

1. Binance: This is a widely used international cryptocurrency exchange. The currency pairs include POLY/BTC and POLY/ETH. See this link for details on how to buy POLY: https://www.binance.com/en/how-to-buy/polymath-network.

Step 1: Download a Trust Wallet Wallet

There are several crypto wallets to choose from within the Ethereum network and Trust Wallet appears to be the most integrated. If you are using a desktop computer, you can download Google Chrome and the wallet Chrome extension. If you prefer using your mobile phone, you can download the wallet via Google Play or the iOS App Store if its available.

Step 2: Set up your Trust Wallet

Register and set up the crypto wallet via the wallet‘s Google Chrome extension or via the mobile app you downloaded in Step 1. You may refer to the wallet’s support page for reference. Make sure to keep your seed phrase safe, and take note of your wallet address. You will be using it later on Steps 4 and 6.

Step 3: Buy ETH as Your Base Currency

Once your wallet is setup, you can login to your Binance account and proceed to the Binance Crypto webpage to buy the ETH.

Step 4: Send ETH From Binance to Your Crypto Wallet

Once you buy your ETH, go to your Binance wallet section and look for the ETH you purchased. Click on withdraw and fill up the required information. Set the network to Ethereum, provide your wallet address and the amount you want to transfer. Click the withdraw button and wait for your ETH to appear in your Trust Wallet.

Step 5: Choose a Decentralized Exchange (DEX)

There are several DEXs to choose from; you just have to make sure the wallet you selected in Step 2 is supported by the exchange. For example, if you use Trust Wallet wallet, you can go to 1inch to make the transaction.

Step 6: Connect Your Wallet

Connect your Trust Wallet wallet to the DEX you want to use by using your wallet address from Step 2.

Step 7: Trade Your ETH With the Coin You Want to Get

Select your ETH as the payment and select the Polymath as the coin you want to acquire.

Step 8: If Polymath Doesnt Appear, Find its Smart Contract

If the coin you want does not appear on the DEX, you can refer to https://etherscan.io and find the smart contract address. You can then copy and paste it into 1inch.

Step 9: Apply the Swap

Once you are done with the previous steps, you can click on the Swap button. From deciding where to buy Polymath to making the purchase, your crypto transaction is now complete!

2. KuCoin: This exchange supports numerous cryptocurrencies. For POLY, it offers the POLY/BTC and POLY/ETH pairs. See this link for details on how to buy POLY: https://www.kucoin.com/how-to-buy/polymath.

Step 1: Create an account

Enter the required information and set a secure password. Enable 2FA using Google Authenticator and other security settings to add an extra layer of security to your account.

Step 2: Verify your identity

A secure and reputed exchange will often ask you to complete KYC verification. Information required for KYC will vary based on your nationality and region. Users who pass KYC verification will have access to more features and services on the platform.

Step3: Add a payment method

Follow the instructions provided by the exchange to add a credit/debit card, bank account, or other supported payment method.

Step 4: Buy POLY

You are now ready to buy POLY. You can easily buy POLY using fiat currency if doing so is supported. You could also do a crypto-to-crypto exchange by first purchasing a popular cryptocurrency such as USDT, and then exchanging it for your desired POLY.

3. OKEx: Operating in over 100 countries, its trade pair is primarily POLY/USDT.

4. Poloniex: Known for its advanced trading features, Poloniex offers the POLY/BTC pair primarily.

5. Huobi Global: This exchange platform encompasses users from over 130 countries. Currency pairs include POLY/USDT, POLY/BTC, and POLY/ETH.

How to Store POLY？

The storage of POLY tokens, like any other cryptocurrency, requires a digital wallet. The choice of wallet usually depends on the individual's requirements regarding security, accessibility, and convenience.

1. MetaMask: This is a software wallet that allows users to interact with the Ethereum blockchain, and therefore can be used to store ERC-20 tokens like POLY. It operates as a browser extension and provides convenience for regular transactions.

2. Ledger: A hardware wallet, providing high-level security for storing digital assets. Ledger devices like the Ledger Nano S and Ledger Nano X support the storage of ERC-20 tokens, including POLY.

Is It Safe？

POLY ueses some promising technological approach for safety.

Standardization: ERC 1400 and Polymesh aim to increase security and reduce friction by establishing clear standards for security tokens. This creates a safer environment for issuers and investors.

Targeted blockchain: Polymesh is built specifically for security tokens, addressing potential limitations of general-purpose blockchains in this context.

How to Earn POLY？

1. Purchase POLY: This is the most straightforward way to acquire POLY. You can buy it on various cryptocurrency exchanges like Coinbase, Binance, Huobi, etc.

2. Participate in potential future airdrops: Polymath has conducted airdrops in the past to incentivize participation and awareness. While there are no confirmed upcoming airdrops, keep an eye on official Polymath channels and announcements for any future possibilities.

3. Contribute to the Polymath Network: If you have technical expertise and experience, you can explore contributing to the Polymath Network development through code contributions or audits.

FAQs

Q: What's the key difference between POLY and other cryptocurrencies？

A: POLY differentiates itself by focusing on the world of digital securities within the Polymath platform, rather than being merely a digital currency or a utility token.

Q: How can I buy POLY？

A: POLY can be purchased on various cryptocurrency exchanges such as Binance, Huobi Global, and OKEx. You can buy POLY using other cryptocurrencies like Bitcoin or Ethereum.

Q: Where can I store POLY？

A: POLY can be stored in digital wallets that support the ERC-20 standard, such as MetaMask and Ledger.