Polymesh is a public permissioned layer 1 blockchain designed to improve the security token industry. It uses its utility token POLYX to reward and fine actors in the ecosystem, ensuring blockchain security. POLYX also facilitates governance and staking within the network.
Polymesh (POLYX) is a utility token used for various functions within the Polymesh ecosystem. Here are its primary uses:
Governance: POLYX holders can participate in governance by submitting proposals and voting on them. This ensures that verified token holders have a say in the direction of Polymesh.
Staking: Verified POLYX holders can stake their tokens on node operators to secure the chain and earn staking rewards. This incentivizes participation in maintaining the blockchain's operations.
Transaction Fees: POLYX is used to pay for transaction fees on Polymesh. The fees are determined by the size and complexity of the transactions.
Security Token Creation: Companies can create their own security tokens on Polymesh's blockchain. Developers are paid in POLYX for developing these tokens, and Legal Delegators are paid in POLYX for ensuring compliance.
User Verification: KYC providers are rewarded with POLYX for verifying users' identities, which is necessary for purchasing security tokens.
Smart Contract Development: Developers can earn POLYX by developing smart contracts on Polymesh.
Overall, POLYX is the fuel that powers the Polymesh ecosystem, enabling various functions and incentivizing participation in the blockchain's operations.
To store Polymesh (POLYX) tokens, you have several options:
Ledger Hardware Wallets:
- Nano S: Use the Light version of the Polymesh Ledger App, which supports basic functions like sending, receiving, and staking. This version is ideal for the Nano S due to its limited memory space.
- Nano X: Use the full (XL) version of the Polymesh Ledger App, which includes advanced features and supports over 150 transaction types.
KuCoin Account:
- Store POLYX in your KuCoin account for quick access to trading products like spot and futures trading, staking, and lending. KuCoin serves as the custodian of your crypto assets, but ensure strong password and security settings.
Non-Custodial Wallets:
- Withdraw POLYX to a non-custodial wallet, such as hardware wallets, Web3 wallets, or paper wallets, for complete control over your private keys. This option provides maximum security but may be less convenient for frequent trading or staking.
- Polymesh Wallet:
- The Polymesh Wallet is a light wallet for key management and organization. It allows you to see your POLYX balance but does not support direct transactions. For on-chain interactions, use the Polymesh Portal or other Polymesh interfaces.
To buy Polymesh (POLYX) tokens, follow these steps:
Create an account: Register on a cryptocurrency exchange that supports POLYX trading, such as Binance, Gate.io, HTX Global, or KuCoin.
Verify your identity: Complete the verification process by providing a government-issued identification document and enabling two-factor authentication for added security.
Deposit funds: Use a debit card, credit card, wire transfer, or Bitcoin to deposit funds into your exchange account.
- Buy POLYX: Use your deposited funds to purchase POLYX tokens. You can do this by exchanging your deposited currency for POLYX in the spot market.
For example, on KuCoin, you can buy POLYX with crypto by transferring your crypto to a KuCoin Trading Account and then exchanging it for POLYX in the spot market.
