In what can only be considered as an interesting turn of events, Polymath has moved its Polymesh blockchain away from Ethereum and unto Parity’s Substrate. This follows reports from a few months ago where Polymath developers supposedly considered an alternative to Ethereum because its “unstoppable applications” support does not agree with Polymath’s security tokens.
Polymath’s head of blockchain, Adam Dossa, speaking to Coindesk, has said that the platform needs something very different from Ethereum to serve the clients it’s targeting. Basically, the statistical guarantee offered by Ethereum’s consensus mechanism will no longer do the trick. Dossa said:
“While Ethereum has some great attributes, regulated assets and security tokens live in a world which quite often jar with the world Ethereum lives in.”
Dossa has also added that the choice of Substrate as its new platform was an easy one to make because it easily beats out the competition, even including Hyperledger’s Fabric which apparently was also considered. He says that Substrate was the easy choice as it has a “modular, flexible framework” and makes building smart contracts very easy.
“Security tokens need to be flexible. There might be some very custom compliance logic you may need. We wanted to give people the option in a rich and flexible way.”
Interestingly, Parity received $5 million from the Ethereum Foundation, earlier in the year.
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