Cardano’s [ADA] Charles Hoskinson announces collaboration with Polymath
Charles Hoskinson, Co-founder of Cardano and Ethereum, is all set to partner with a securities token platform, Polymath. With the latest collaboration, Hoskinson would take on the position of Co-architect for Polymesh, world’s first security token blockchain. The collaboration was revealed during the Consensus 2019 event by Trevor Koverko, Co-founder of Polymath.
“Polymath Announces Polymesh with Charles Hoskinson, Co-Founder of Ethereum and Cardano, and CEO and Founder of IOHK”
The security token platform revealed plans to develop “a purpose-built security token blockchain.” The Cardano developer stated that Polymesh is planned by keeping in mind the “unique needs and characteristics” that are required of a specific foundation. According to Polymath’s blog post, the adoption of security tokens was never overwhelming, due to the compliance issue. Polymesh plans to develop into an essential infrastructure for the world’s capital market.
Talking about the collaboration with the Cardano Co-founder, Koverko said,
“We’re incredibly excited to work with Charles on a purpose-built blockchain for security tokens.”
Cardano’s Hoskinson asserted that security tokens should not live in a completely open system as any activity in the open system becomes a “shared resource.” While talking to Forbes, he further added,
“Security tokens are data intensive protocols, which means operating costs will be high, and this won’t scale if we are talking about millions of securities, which we will eventually see. Moreover, things need to be done that you wouldn’t want to be done on Ethereum, like freeze or reverse transactions. “
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