[ANN] POLYMATH: The Securities Token Platform

[sic57005]

I was keen to follow this project but I smelled some scam signals out there:

1) Too many zombies on the telegram group. 50k and no single message? This make me think of 50k bot
2) The reviews from the people are just "too" good. "This project is fantastic! It will go to the moon!" or "Already 50k interested? I hope newcomers will have a chance to enter!". This remindm me of these sites selling penis enlargment pills that show up while you are watching.. movies
3) The website refers to a telegram channel (not group) and publish way too non belivable news like "Polymath took cryptos from 1B to 100T", WTF dude?!
4) No mention at all of this on popular ICO sites like ICOBench.

I hope someone can counter my criticism, but I am keeping my eyes open.

How could Polymath be a scam when they're not taking any $ or really anything from you? It's the ultimate platform for security tokens, just like Ethereum is the ultimate platfrom for dAapps. This allows WAY more liquidity to be raised into the blockchain space worldwide. Dealing w/ securities as it's a PAIN to launch them, unlike utility tokens; Polymath makes it easy for these securities to launch. They were running an ad on the biggest cryptocurrency price page, CoinMarketCap for a couple weeks. People were excited to see "airdrop" so they joined, but they also read up on the project and understood the vision that's at play here. They're also not conducting an ICO and all of the token details have not been released yet. This is clearly just an opportunity for the public to get in early.

The only problem is KYC/AML to get airdrop tokens. This is sensitive data and should not be exposed anywhere except organizations you trust. So asking KYC data for tokens worth tens of dollars looks scammy.

Moreover, this is not "security platform" like they said, but just another level of identity validation which is not really needed in crypto world. We started with anonymity and now moving to full exposure? No way.

This is definitely a security token platform. They're letting a trusted third party KYC provider (who will later be on the platform) run the KYC for the airdrop. They also don't want to distribute tokens to bots or create multiple transactions to one person. You can check a live demo at alpha.polymath.network

That is not security in any kind. They exploited the word "security" that means safety of holding and operating for most people. Let's replace "security platform" with honest "Identity validation for (fair?) airdrops" and you will see that is the thing nobody needed.

[TheMuppet]

Polymath is going to be HUUUGE.

This is the next evolution in the crypto space.

It will open up a lot more interesting business models that use crypto equity.

[nukar86]

Đây là một dự án tốt ... sẽ theo dõi nó 

[proride]

Đây là một dự án tốt ... sẽ theo dõi nó 

Дa, coглaceн, нaдo пocтить нa x..й пoймeшь языкe, чтoбы cмaйлик пocтaвить!

[atchoum6760]

It's been two days now that we can't register for the KYC the deadline for the registration of the formality was January 17 , is this date maintained or postponed?

[noblex]

You exploited the point.

They said "security" while actually they are proposing a standard to link newborn societies actions to a token.
There's no "money scam" yet, just because they didn't ask for money at the moment.

I don't know, I am not sure. I will eagerly follow this project because I was altready looking for something exactly like this, but I would not say it's gonna be huge before the right moment.

[NorvsGanda]

I can say that this is a great project but unfortunately, this us another security platform. The team will be challenge with regards to the competition in the market because the have a lot of conpetitors. Goodluck for the whole team and the supporters of it.

[analyzing]

what idea they gave in whitepaper is complete copy of DRP tokens , grow up guys dont copy

[gregall]

Polymath is going to be HUUUGE.

This is the next evolution in the crypto space.

It will open up a lot more interesting business models that use crypto equity.

Agreed. This is what they pinned today in telegram in regards to the airdrop:

"Hello everyone,

You have been an amazing community!

With the sheer volume of interested users there have been various issues people have encountered. Here are answers to some of the common questions:

1) Is the airdrop open? Yes. token.polymath.network

2) It says No allocation found. You needed to pre-register for the airdrop from Dec. 25 to Jan 10. If you did not pre-register then you will need to wait until those who did have a chance to go through.

3) But I swear I did pre-register! Please check to make sure you used the same ETH address as you did before. If you went through once already and were rejected by the KYC system, you will need to wait before you can try again.

4) Can I use my driver's licence? No. The system accepts passports only.

5) Will I get a verification email? Not at this time. You can confirm your status by visiting token.polymath.network and putting in your eth address again. You will either be verified, rejected, or pending review.

6) How long is the review? It may take up to 48 hours.

7) I uploaded a valid passport. Why was I denied? The verification requirements are very high. Please make sure you passport photo is very clear and matches your name and country that you input. This is the main reason applications are rejected. Other less common reasons are: invalid country, under 18, or your information matched a those on various sanction screening lists.

If you have another issue, please refer to our support team. We also love our community and if you can refer users to this pinned message it will help as well.

Our admins have done a magnificent job with our Telegram channel. With 50,000 users there is bound to be some bots or users promoting other channels. We actively ban those accounts. We appreciate all the support from a number of active users in our community, but will not tolerate foul language.

There will be plenty of time to get in. Remember, it's not a race. We set the allocation amount at a number we felt would satisfy the community. Due to the high verification standards this process may take some time.

In the meantime, please use this channel to ask questions about our platform and how you can use the token to access the ecosystem. ❤️"

[ccryptopark]

Thanks for the update. Even if I don't get to be part of the airdrop, I'm still going in on the project. Securities are going to rock the crypto world and I'm not missing out on this one lol.

[aesor]

how many will be released Polymath tokens? On the airdrope distributed to 250 poly. I wanted to estimate the approximate cost

[atchoum6760]

Polymath is going to be HUUUGE.

This is the next evolution in the crypto space.

It will open up a lot more interesting business models that use crypto equity.

Agreed. This is what they pinned today in telegram in regards to the airdrop:

"Hello everyone,

You have been an amazing community!

With the sheer volume of interested users there have been various issues people have encountered. Here are answers to some of the common questions:

1) Is the airdrop open? Yes. token.polymath.network

2) It says No allocation found. You needed to pre-register for the airdrop from Dec. 25 to Jan 10. If you did not pre-register then you will need to wait until those who did have a chance to go through.

3) But I swear I did pre-register! Please check to make sure you used the same ETH address as you did before. If you went through once already and were rejected by the KYC system, you will need to wait before you can try again.

4) Can I use my driver's licence? No. The system accepts passports only.

5) Will I get a verification email? Not at this time. You can confirm your status by visiting token.polymath.network and putting in your eth address again. You will either be verified, rejected, or pending review.

6) How long is the review? It may take up to 48 hours.

7) I uploaded a valid passport. Why was I denied? The verification requirements are very high. Please make sure you passport photo is very clear and matches your name and country that you input. This is the main reason applications are rejected. Other less common reasons are: invalid country, under 18, or your information matched a those on various sanction screening lists.

If you have another issue, please refer to our support team. We also love our community and if you can refer users to this pinned message it will help as well.

Our admins have done a magnificent job with our Telegram channel. With 50,000 users there is bound to be some bots or users promoting other channels. We actively ban those accounts. We appreciate all the support from a number of active users in our community, but will not tolerate foul language.

There will be plenty of time to get in. Remember, it's not a race. We set the allocation amount at a number we felt would satisfy the community. Due to the high verification standards this process may take some time.

In the meantime, please use this channel to ask questions about our platform and how you can use the token to access the ecosystem. ❤️"

You say that you only accept passports, but not everyone has one and in most KYC control procedures ID cards are accepted.

[GiannisK]

Could you please provide me a brief description of your project?

[Hopewell12]

Sending in your passports to people you don't know over the internet is a huge security concern.  Sending it over the internet is insane let alone to a "trusted source".  Do you really know who has it?  What if there is a rogue employee? 

If your sending in your passport to pick up a few airdrop coins your taking an unbelievable risk for little gain.  HINT buy from bounty hunters and the airdroper's that sent their passports in (they're not the brightest) when they dump.  This way you keep your passport to yourself.  What happens when the "trusted source" is hacked and criminals/terrorists are using your passport?

Should you really trust a crypto project that demands your passport?  It kinda flies in the face of the movement.  Think guys.  Crypto is no different than traditional banking if you give this up.

[nipcad]

Guys I can't find the wallet address I registered.. Anyone knows a way to find it? I tried some I had but didn't work.. I've registered in AirDrop now I have nothing 

[rjefferson]

Could you please provide me a brief description of your project?

They're a platform for launching security token projects. Companies can basically launch their own securities. They are bridging wall street to blockchain. I recommend reading their whitepaper to fully understand: https://drive.google.com/file/d/0B2pD5w-G5-sJVGc5YjdmZ0hsYVE/view

[ciro1]

I think Polymath is a well thought project. They noticed the amount of interests and decided to airdrop. Even though I believe there are gonna be people with fake IDs, I still think it's better to make sure you are not airdropping on bots by asking people to verify their identity. If someone doesn't feel secure about giving out ID, then just pass on and let others get it then you can buy from the exchange. I will surely be waiting for launch to buy some and so is more than 50k+ others who would be waiting to buy.

[thrax]

I think Polymath is a well thought project. They noticed the amount of interests and decided to airdrop. Even though I believe there are gonna be people with fake IDs, I still think it's better to make sure you are not airdropping on bots by asking people to verify their identity. If someone doesn't feel secure about giving out ID, then just pass on and let others get it then you can buy from the exchange. I will surely be waiting for launch to buy some and so is more than 50k+ others who would be waiting to buy.

What ID did you give them? Did you directly give it to them, or to a subcontractor like jumio? How many coins did you get?

[ActAshton]

Polymath is going to be HUUUGE.

This is the next evolution in the crypto space.

It will open up a lot more interesting business models that use crypto equity.

Agreed. This is what they pinned today in telegram in regards to the airdrop:

"Hello everyone,

You have been an amazing community!

With the sheer volume of interested users there have been various issues people have encountered. Here are answers to some of the common questions:

1) Is the airdrop open? Yes. token.polymath.network

2) It says No allocation found. You needed to pre-register for the airdrop from Dec. 25 to Jan 10. If you did not pre-register then you will need to wait until those who did have a chance to go through.

3) But I swear I did pre-register! Please check to make sure you used the same ETH address as you did before. If you went through once already and were rejected by the KYC system, you will need to wait before you can try again.

4) Can I use my driver's licence? No. The system accepts passports only.

5) Will I get a verification email? Not at this time. You can confirm your status by visiting token.polymath.network and putting in your eth address again. You will either be verified, rejected, or pending review.

6) How long is the review? It may take up to 48 hours.

7) I uploaded a valid passport. Why was I denied? The verification requirements are very high. Please make sure you passport photo is very clear and matches your name and country that you input. This is the main reason applications are rejected. Other less common reasons are: invalid country, under 18, or your information matched a those on various sanction screening lists.

If you have another issue, please refer to our support team. We also love our community and if you can refer users to this pinned message it will help as well.

Our admins have done a magnificent job with our Telegram channel. With 50,000 users there is bound to be some bots or users promoting other channels. We actively ban those accounts. We appreciate all the support from a number of active users in our community, but will not tolerate foul language.

There will be plenty of time to get in. Remember, it's not a race. We set the allocation amount at a number we felt would satisfy the community. Due to the high verification standards this process may take some time.

In the meantime, please use this channel to ask questions about our platform and how you can use the token to access the ecosystem. ❤️"

You say that you only accept passports, but not everyone has one and in most KYC control procedures ID cards are accepted.

They began accepting drivers' licenses again

[Mythlol]

They began accepting drivers' licenses again

I just uploaded my ID (outside the US) and got verified and passed verification in like 15 seconds.
I also put watermarks all over it.
Got a message I will be getting 250 in the airdrop.