For a large institution that could be an issue,” Dossa said. If you’re paying transactions on ethereum, you don’t really know where that transaction is going to end up. Since miners, who process and sign-off on transactions for a fee, can operate anywhere in the world, institutions could face government scrutiny if fees are traced back to a sanctioned country.
How ethereum settles transactions through mining also came into consideration for Polymath, Dossa said.
Substrate supports multiple – and even custom – consensus algorithms. “When a transaction is finalized, it cannot be undone,” he added. Related: BnkToTheFuture CEO: 50 Percent of Funding Will Be Through Security Tokens in 2020įor businesses working with regulated assets and security tokens, even strong statistical guarantees aren’t enough, Dossa said. However, ethereum has only experienced one reorg ever following the infamous DAO hack of 2016. In a block reorg, individual blocks containing transactions are rolled back to rescind a disputed transaction. “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,” Polymath’s Dossa said in a phone interview.Ī major issue Dossa pointed out was block reorgs, which are technically possible in PoW systems. (Ethereum is in the process of upgrading to proof-of-stake (PoS) with a target launch date of early 2020.) Dossa said a different mechanism is needed for the institutions Polymath aims to serve. Why migrate?Īt the center of contention is ethereum’s consensus mechanism, proof-of-work (PoW), which only offers a statistical guarantee of transaction finality. A bridge for POLY tokens will be maintained for at least one year.
Polymath’s ST20 security token (built on ethereum’s ERC-1400 standard) and native POLY token (an ERC-20) will journey over to the new Substrate-based chain, the firm’s head of blockchain, Adam Dossa, said in an email. Related: Security Token Platform iSTOX Lands Another Big Asian Backer
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