Polymath fell in love with the ethereum.
The security token issuer has migrated its Polymesh blockchain to Substrate, the platform developed by Ethereum co-founder Gavin Wooden, Parity Applied sciences. Polymesh turns into one of the many first blockchains to make the jump. Polymath presented for the first time the construction of the Polymesh blockchain in Might.
As part of the transition, Parity has agreed to build secure business logic options on the base layer of Polymesh, as well as good contract and execution communication modules, said Parity Applied Sciences’ industry director Björn Wagner.
Polymath’s ST20 security token (built on normal Ethereum ERC-1400) and native POLY token (an ERC-20) will travel to the all-new substrate-based chain, said Adam Dossa, manager of the agency’s blockchain in an email. . A bridge for POLY tokens can be maintained for at least one year.
In the midst of the rivalry is the ethereum consensus mechanism, the Proof of Work (PoW), which provides only a statistical guarantee of the purpose of the transactions. Dossa said that a single mechanism is necessary for the goals of the Polymath establishments to serve. (Ethereum is part of the Proof of Participation (PoS) upgrade strategy with a launch date scheduled for early 2020.)
“While ethereum has nice attributes, regulated effects and security tokens remain in a world that very often comes into contact with the world where ethereum lives,” Dossa de Polymath said in a cellphone interview. .
Dossa has identified a serious problem: block reorganizations, which are technically potential in PoW techniques. In a block reorganization, particular person blocks containing transactions are rolled again to cancel a disputed transaction. However, ethereum only had one reorganization after the famous 2016 CAD hack.
For companies working with regulated goods and security tokens, even solid statistics aren’t enough, Dossa said.
“When a [Substrate] the transaction is finalized, it cannot be canceled ”, he added.
The substrate supports a number of consensus – and even custom – algorithms.
The way Ethereum settles mining transactions has also been taken into account for Polymath, Dossa said. Given that minors, who transact and approve transactions for payment, can operate anywhere on this planet, establishments could be subject to scrutiny by authorities if the charges were again laid against a sanctioned nation .
“The mining price of is without authorization. For those who pay for transactions on ethereum, you don’t really know where that transaction will end. For a large facility that could possibly be a problem, ”said Dossa.
Substrate and Polymesh
It’s not just ethereum, however. Dossa said staff had checked Hyperledger Cloth, among various candidates, at the request of Polymesh technical advisor Charles Hoskinson.
Describing Substrate as a “modular and versatile framework,” Dossa said the platform has beaten competitors because of the simplicity of building good contracts from the bottom up, a necessity for the agency.
“Security tokens should be versatile,” said Dossa. “It is likely that you want very personalized compliance logic. We wanted to present individuals with the choice in a rich and versatile way. “
Regarding Polkadot, which was built on a substrate by each parity and the Web3 base, Dossa said that Polymath remains open to interoperability on the street.
“For now, we are targeting the construction of the Polymesh blockchain,” he said. “After all, we regulate different types of expertise. Sooner or later, this is something that we will keep intensely under evaluation. “
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