Polymath Moves Security Token Platform Off Ethereum and Onto Parity’s Substrate

Polymath has fallen out of affection with ethereum.

The safety token issuer has migrated its Polymesh blockchain onto Substrate, the platform developed by ethereum co-founder Gavin Wooden’s Parity Applied sciences. Polymesh turns into one of many first blockchains to make the leap. Polymath first introduced it was constructing the Polymesh blockchain in Might.

As a part of the transition, Parity has agreed to construct sure business-logic options on Polymesh’s base layer, together with good contract communication and runtime modules, stated Parity Applied sciences chief industrial officer Björn Wagner.

Polymath’s ST20 safety token (constructed on ethereum’s ERC-1400 normal) and native POLY token (an ERC-20) will journey over to the brand new Substrate-based chain, the agency’s head of blockchain, Adam Dossa, stated in an e-mail. A bridge for POLY tokens can be maintained for a minimum of one yr.

Why migrate?

On the middle of rivalry is ethereum’s consensus mechanism, proof-of-work (PoW), which solely affords a statistical assure of transaction finality. Dossa stated a unique mechanism is required for the establishments Polymath goals to serve. (Ethereum is within the strategy of upgrading to proof-of-stake (PoS) with a goal launch date of early 2020.)

“Whereas ethereum has some nice attributes, regulated belongings and safety tokens stay in a world which very often jar with the world ethereum lives in,” Polymath’s Dossa stated in a cellphone interview.

A serious problem Dossa identified was block reorgs, that are technically potential in PoW techniques. In a block reorg, particular person blocks containing transactions are rolled again to rescind a disputed transaction. Nevertheless, ethereum has solely skilled one reorg ever following the notorious DAO hack of 2016.

For companies working with regulated belongings and safety tokens, even sturdy statistical ensures aren’t sufficient, Dossa stated.

“When a [Substrate] transaction is finalized, it can’t…

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