When Initial Coin Offerings (ICO) first came about, it was in 2013. Since then over $4 billion dollars worth of ICOs have been sold. Government agencies have been diligent to regulate and control this new form of currency. Some tokens that are put out through these ICOs, do not fall within the rules and regulations, and go against the laws of securities. However, a new innovation that is in the works is a decentralized protocol. This will ensure that coins or tokens will be asset-backed blockchain tokens and this will also incorporate securities. The founder of Polymath or POLY, Trevor Koverko who was a former NHL draft pick, is responsible for this. He has created new requirements and coin standards like AML and KYC. The Polymath platform aims to minimize the barriers for businesses and problems of financial products. These financial products usually have issues with introducing securities coins on the blockchain. The network is going to be an open protocol. Trevor feels that Polymath will help the economy grow and will provide an array of opportunities for people everywhere.
Polymath is also able to access information on participants in the network, and consists of smart contracts. In turn, the network will be able to cooperate and abide by laws all around the world. Typically information found on blockchains are out in the public. Polymath will also have the same concept. Participants will be able to mask their identities, but their transactions can be accessed. Information about KYC, law firms, and contractors will be accessible for anybody on the platform. So people can know about what offerings there are and which ones they can get involved with. Participants can also differentiate between high and low quality bids and they will not have to be experts to know this information.