What is Polybius Simply Explained?
Founded by Ivan Turygin and Sergei Potapenko, Polybius is a crypto project originally based in Estonia, that is aiming to be the ‘Regulated Bank for the Digital Generation’.
The word Polybius is taken from the name of a Greek historian of the Hellenistic period who was known for his work ‘The Histories’, and who was known for his assertion that historians should never report what they cannot verify through interviews with witnesses.
The two key elements behind the Polybius ecosystem are the Polybius Foundation and the Digital Pass.
The Polybius Foundation is designed to foster the Polybius Bank and Payment institution, providing its customers access to various financial services, and providing a conduit to the Digital Pass via something called a ‘PolyID.
Acting as an ‘independent environmental as a service’, the Digital Pass aims to provide encrypted storage for customers KYC information, and will be compliant with Europe’s incoming PSD2 banking requirements.
Other value adding features proposed by Polybius are scoring and sensitivity system for credit and insurance businesses, asset and currency trading systems, seed and VC investment tools, and other services.
Polybius conducted their initial coin offering from the 31st of May 2017 to the 30th of June 2017, with a soft cap of $1.5 million and a hard cap of $100 million.
Token parameters were set such that 20 million Polybius tokens were to be generated if the hard cap was reached. As the hard cap was not reached, a maximum token supply of 3.9 million tokens were generated. Of all the tokens distributed, 93% were provided to the public, 5% to the founders, and 2% for bounties.
The ICO managed to raise $31 million USD worth of crypto tokens upon conclusion. At the time of writing, the funds invested into the ICO are estimated to now be worth approximately $105 million USD based on current market valuations.
The PLBT token is held by investors to receive a proportional amount of Polybius Payment Institution or Polybius bank profits. 20% of all profits are distributed to token holders at the end of financial year as Ether.
The Polybius token is an Ethereum based ERC20 token with the ticker symbol PLBT.
- By holding the PLBT token, investors receive a once per year dividend in the form of Ether, proportional to the quantity of tokens held.
- The PLBT token can be traded on secondary markets.
Given the token pays a dividend to holders, the classification is like a security. A disclaimer contained on page 4 of the whitepaper states the tokens have and will not be registered as a security under the United States Securities Act of 1933 and may not be offered or sold in the United States unless U.S citizens are registered or Polybius obtains an exemption from registration.
Significant developments since the ICO include the following;
- Office location changed from Estonia to Brussels
- Head of Platform innovation recruited
- Anton Altement (formerly at Credit Suisse) recruited for CEO position
Beau is the Founder & Chief Editor at Cryptocurrency Australia Media, an educational platform designed to help anyone learn about cryptocurrency investment and blockchain technology. Beau is also the Founder & Principal Consultant of Blockchain Management Solutions, a specialist technical and project management consultancy, is an advisor with Masternode Ventures, a blockchain incubator, and is an advisor with THORChain, a new decentralized exchange protocol.