GATENet, a Subsidiary of GSX Group, Joins Growing Network of Node Operators Helping the Polymesh Blockchain Testnet Meet Capital Market Requirements

GATENet, a GSX Group initiative with a vision to build on-chain financial market, settlement, and registry solutions, has become the newest node operator on the Incentivized Testnet (ITN) for the upcoming Polymesh blockchain. Engineered by Polymath, Polymesh will be the first blockchain purpose-built to meet the needs of capital markets. The blockchain relies on verified entities like GATENet to run nodes to keep the chain secure.

On a blockchain, data is stored on a node, which functions like a server and contains a copy of the blockchain and its transaction history. Node operators essentially run the chain’s software by validating new blocks written to the chain and broadcasting them to the network. As a permissioned blockchain built with compliance and security specifically in mind, node operators on Polymesh must be verified capital markets participants such as GATENet.

Recommended AI News: Keeps Launches Crowd DeFi Service

GATENet is a multi-chain digital financial market infrastructure that supports developing a smart securities exchange network for both GSX Group and third party exchanges and institutions. GSX Group is a global digital exchange ecosystem for the issuance, trading, and settlement of tokenised securities. Recognizing that collaboration would be the key to transforming capital markets with blockchain, GSX Group built GATENet to develop the back-end for their own exchanges plus others in a way that enables multi-chain use.

“Transforming capital markets through blockchain technology will take a long time if you’re only focusing on legacy infrastructure, but there can be tangible change through innovation and collaboration” says Nick Cowan, CEO of GSX Group. “We believe a multi-chain approach provides more flexibility for Issuers, can generate more interoperability between exchanges, and can remove inherent risks in the current financial model and reduce costs for market participants. We are thrilled to team up with Polymath to run a node on their network, especially as the chain is built with increasing market adoption in mind”.

Recommended AI News: Blockchain Marketing Agency Hype Partners Acquires DeFi Consultancy agency0x

Polymesh is an institutional-grade permissioned blockchain built by Polymath specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving the inherent challenges with public infrastructure around identity, compliance, confidentiality, and governance. Polymesh has been in testnet phase since the ITN went live in April. To date, over 1 million blocks have been written on the ITN.

“We built Polymesh–a new purpose-built blockchain–to enable capital markets to take faster advantage of the transformative power of blockchain technology,” says Chris Housser, Interim CEO of Polymath. “Collaborating with other capital markets participants is crucial in this mission, and we’re excited to welcome GATENet to our network of node operators on the Polymesh testnet”.

Recommended AI News: Meten EdtechX Announces Adoption of New Initiative to Develop Blockchain and Cryptocurrency Business