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Summary of Polimec
Vision and Mission
- Transform finance for a fair and decentralized future
- Democratize access to capital and transform direct ownership
Introduction
- Started in late 2020 as a project conceptualized by the KILT Protocol team
- Became an independent project in 2020
- Polimec Foundation established in June 2022 in Zug, Switzerland
Purpose
- Provide an automated framework for projects to raise funds
- Ensure transparent and fair access for all
- Manage issuance,
About Polimec
At the forefront of innovation, Polimec is a pioneering force in the realm of cryptocurrency and blockchain technology.
Polimec envisions a paradigm shift in finance, where decentralization and fairness converge to forge a brighter future.
Polimec’s mission is to revolutionize the financial landscape by democratizing access to capital and pioneering a new era of direct ownership. By harnessing the power of decentralized technologies, Polimec crafts innovative products and solutions that foster a more inclusive world, where everyone can participate and thrive as stakeholders.
Embracing Innovation: An Introduction to Polimec
In late 2020, the concept of Polimec took shape as a visionary project spearheaded by the innovative team behind KILT Protocol, with the ambitious goal of creating the world’s first decentralized, community-driven funding protocol for Web3. Since its inception, a seasoned team of experts with a wealth of experience in cryptocurrency and financial services has been diligently working on the protocol’s development and preparing for its imminent launch. In June 2022, the Polimec Foundation, a non-profit organization based in Zug, Switzerland, was established to drive the development, growth, and promotion of Polimec.
The Purpose of Polimec
Polimec offers a cutting-edge, automated framework that empowers projects to raise capital from a vast and diverse community, ensuring transparent and equitable access for all participants. The protocol seamlessly facilitates fundraising, managing the issuance, distribution, and conversion of tokens to mainnet. By enabling diverse stakeholders to engage in funding rounds, Polimec mitigates information asymmetry between participants and issuers, thereby fostering a thriving community. The underlying reward mechanism ensures that the interests of all stakeholders, including participants and projects, are harmoniously aligned, paving the way for sustainable fundraising initiatives.
By leveraging on-chain credentials, users can undergo verification for KYC/AML and other regulatory purposes while maintaining their pseudonymity. This facilitates decentralized and efficient compliance with relevant regulations, all while safeguarding data privacy. Moreover, the native PLMC token unlocks access to fundraising opportunities and a diverse range of additional functionalities, including evaluations, staking, liquidity provisioning, governance, and more.
Roles on Polimec
On Polimec, issuers are innovative projects seeking to raise capital. Following the submission of requisite documentation and the structuring of their funding process, these issuers undergo a rigorous evaluation by experts, after which they are granted approval to initiate their funding round, contingent upon the support of participants to achieve a successful fundraising outcome.
Evaluators on Polimec are motivated to provide accurate assessments, as they are rewarded for successful evaluations and penalized for unsuccessful ones. The evaluation process is designed to be transparent, with all evaluations recorded on the blockchain and evaluator decentralized identifiers (DIDs) linked to their social media profiles, ensuring accountability and credibility.
On Polimec, participants are categorized into three distinct groups: retail, professional, and institutional actors. These individuals can peruse projects and engage with those that align with their credentials. In the event of an unsuccessful funding round, participants’ contributions are automatically refunded. Furthermore, contribution tokens are seamlessly converted to mainnet tokens upon the launch of a project’s mainnet.
On Polimec, stakers are incentivized to nominate collators, who play a pivotal role in maintaining network stability. In return, stakers receive daily rewards, with the amount earned being directly proportional to the number of participants engaged in staking and the weighted average amount of PLMC tokens bonded, allocated on a pro rata basis.