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Polymesh (POLYX) – a cryptocurrency that tripled in price in two months
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Polymesh (POLYX) – a cryptocurrency that tripled in price in two months

created Michał Sielski14 May 2024

Blockchain that focuses on improving the security token industry has a chance of success? Using your utility token POLYX, rewards and punishes entities in the blockchain ecosystem. Let's check whether it is still worth investing in a token registered in Switzerland, which has been growing in recent months.

We continue the series of the Forex Club portal, in which we analyze and describe the largest, highest valued, most interesting, most developed, advanced, and most controversial cryptocurrency projects around the world. Today it's time for POLYX, a utility token of the publicly available layer 1 Polymesh blockchain.

What is Polymesh?

Security tokens can be issued on institutional-grade blockchains such as Polymesh, which are built specifically for the issuance of regulated assets. These are digital contracts for pieces of assets that have real value.

However, not everyone can place tokens on such a blockchain, because in order to do so, you must undergo a very detailed identity verification process. It applies to all entities in the chain, from issuers and investors to stakeholders and node operators, who must be authorized and licensed financial entities. This directly increases network security.

How does Polymesh work? 

All blockchain it is, of course, secured by node operators and stakers who work together to validate blocks. They receive rewards in POLYX tokens, which are the utility tokens of the Polymesh network.

To become a validator you need to stake POLYX and validators are selected every 24 hours. Node operators, on the other hand, charge a 10% commission for staking by anyone who wants to become validators.

The Polymesh blockchain is powered by the Nominated Proof-of-Stake (NPoS) consensus developed by Polkadot. Thanks to it, it is not profitable for anyone to make harmful moves there, because they are not only very expensive, but also difficult to perform. In short: node operators and stakers in this ecosystem can not only earn money, e.g. for confirming transactions, but also pay fines for inappropriate behavior, such as unreliable performance of their tasks.

Thanks to this, online transaction costs are low and known in advance. They are appointed by the Polymesh Governance consisting of a council of key stakeholders, the Polymesh Governing Council and POLYX holders.

What is POLYX cryptocurrency? 

POLYX is the native token of the Polymesh network, registered in Switzerland and regulated by the Swiss financial regulator FINMA. It is primarily used to secure chain operations as well as network management.

The management itself is much easier than the already mentioned Polymesh Governance. It is he who submits changes for implementation that can be proposed by any POLYX holder: e.g. by submitting the so-called Polymesh Improvement Proposal (PIP) or by voting on previously proposed changes using your POLYX tokens.

POLYX tokens can of course also be staked. Not only on cryptocurrency exchanges, but also through the selected node operator to increase its chances of receiving validation rewards. Operators themselves determine the interest rate that they pay to token holders. The more and more they need it, the higher it is.

POLYX cryptocurrency quotes

Currently, the POLYX cryptocurrency can be purchased on the 25th Cryptocurrency exchanges, including the world's largest – Binance. As of May 07, 2024, 846 of the target 706 units are in circulation. Each of them costs USD 039, which translates into a capitalization of over USD 1 million. The peak of the quotations took place on March 049, 027, when the price for Polyx was USD 146.

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About the Author
Michał Sielski
Professional journalist for over 20 years. He worked, among others, in Gazeta Wyborcza, recently associated with the largest regional portal - Trojmiasto.pl. He has been present on the financial market for 18 years, he started on the Warsaw Stock Exchange when the shares of PKN Orlen and TP SA were just being introduced to the market. Recently, his investment focus has been exclusively on the Forex market. Privately, he is a parachutist, a lover of Polish mountains and a Polish karate champion.