Polymath Eyes June Testnet Launch for New Blockchain Designed for Security Tokens
Polymath is joining in on the launch of the first test network for its new blockchain – one intended to bring new safeguards for financial institutions operating with security tokens.
With the Aldebaran testnet, the security token issuer is executing a relatively new type of protocol scheme identified as nominated proof-of-stake (NPoS), which the firm states brings “absolute transaction finality,” a factor “crucial” for the trading of blockchain-based securities.
With a launch date now slated for June 23, according to a declaration on Thursday, Aldebaran will enable testing of the permissioned chain, which strives to be an additional security layer allowing specific actions to be performed by identifiable participants on the network.
“Aldebaran is a major milestone and accomplishment,” Thomas Borrel, chief product officer at Polymath, said in a statement. “A year ago, we built an aggressive roadmap to deliver the capabilities required to satisfy regulators and institutions and give everyone equal access to economic growth.”
Polymesh on Aldebaran will discuss four “areas of concern” for financial firms trading with blockchain securities: governance, including removing the legal complexities of blockchain forks, assuring all parties have passed due-diligence checks; enabling users and trading data to remain private; and utilizing automation to assure regulatory compliance.
The testnet denotes the first iteration of the new blockchain – first announced by co-founder Trevor Koverko in a statement. It will also support the company to create collaborations, Borrel noted.
Polymath’s existing platform has already been utilized to tokenize $2.2 billion in real estate by commercial property marketplace Red Swan, as reported in February. Earlier issuing tokens on Ethereum, Polymath declared last November it would utilize Parity Substrate as the framework for Polymesh.
For Polymesh on Aldebaran, the firm is now seeing for testers, with a mainnet release penciled in for some time in the first quarter of 2021.
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