Polymath Partners With Crowd Machine To Boost Adoption Of Security Tokens
Blockchain startup Crowd Machine has announced a partnership with security tokens platform Polymath. The companies said the partnership will enable companies and developers to build blockchain-agnostic applications and smart contracts without needing to know how to code, enabling them to easily and safely interact with security tokens powered by Polymath.
Toronto-based Polymath offers a security tokens platform that allows companies to launch their own asset-based securities easily and inexpensively. The platform intends to serve as a launch pad for companies looking to create and issue securities tokens, and promises to automate the legal and technical functions of an initial coin offering (ICO).
Trevor Koverko, CEO of Polymath, said the partnership with Crowd Machine will give the platform a competitive edge in that the new offering will allow companies to execute more quickly and efficiently than they would otherwise.
“Without a doubt, Crowd Machine will help our ecosystem grow and function more effectively to create an environment where innovative projects have what they need for successful token launches,” he said.
While Crowd Machine is a relatively new company, the technology has been in development for many years, the startup claims.
The Crowd Machine technology platform is made of several elements. First, the Crowd Computer is a global decentralized app execution engine designed to execute blockchain smart contracts and decentralized apps that meet any requirement.
Second, the Crowd Computer consists of a peer-to-peer network of Crowd Virtual Machines (CVM) that run on the peer devices. Device owners are compensated for the use of their surplus processing power to run the CVM. Embedded in the Crowd Computer is the Crowd App Studio which enables anyone to create decentralized apps without writing code.
Finally, Crowd Share is a GitHub-like repository of source code that developers can use free of charge to help build their apps.
Crowd App Studio, Crowd Share and Crowd Virtual Machine were released in public beta earlier this year. The startup is now preparing for the ICO for its Crowd Machine Compute Token (CMCT). Those looking to build apps with the Crowd App Study and have end-user use their app will be required to have CMCT tokens. “You can think of the CMCT token payment as analogous to the fees you would pay Amazon Web Services or Google Cloud,” reads the company’s FAQ.
Commenting on the partnership with Polymath, Kurt Pfluger, CSO of Crowd Machine, said:
“The partnership with Polymath is exciting for us because we recognize their leadership in the security tokens space and see our technology enabling more companies and projects to bring their ideas to market faster. We look forward to helping Polymath’s growing network navigate the blockchain and smart contracts associated with the platform to achieve the desired speed and compliance of offerings.”
About Diana Ngo
Diana Ngo is a freelance fintech, blockchain news writer based in Cape Town, South Africa. She has worked for French- and English-language online publications, covering fintech, blockchain technology and digital currencies. Diana joined CoinJournal in June 2015.