Plutus is a mobile application that enables contactless Bitcoin, ether and Pluton payments at any merchant with a NFC enabled checkout terminal. This is the most practical way to Pay with Bitcoin, because the payment process consists only of holding a mobile device above the merchants NFC reader. As a result, Bitcoin payments are effectively accepted by proxy at over 32 million brick and mortar merchants around the world.
Plutus will be much more than a contactless payment service. It will include a peer-to-peer exchange running on the Ethereum blockchain which will convert user deposits from bitcoin to fiat on the fly and reward them a rebate in Plutons. This means that Plutus essentially becomes an automatic gateway for users to only deposit what they need to spend on the go, without the risk of sharing their financial details or losing them to a centralized service.
The purpose of Plutus is primarily to incentivize and enable practical day-to-day usage of bitcoin and indirectly accelerate adoption.
What problem does Plutus solve?
If you hold any bitcoin, you are definitely aware of how difficult it is to spend them, especially if you are trying to pay at a local brick & mortar shop.
Coincidentally, this opportunity is what makes Plutus an optimal use case and killer app for miners, entrepreneurs, freelancers and anyone else who earns from the crypto economy. With Plutus, you no longer have to wait for merchants to accept Bitcoin. You simply show up, and pay.
(Best of all, Plutus supports major fiat currencies, which means that you can also shop while travelling without the international currency exchange fee.)
HOW IT WORKS.
- You send Bitcoin or Plutons to an address displayed on the Plutus app.
- The amount is instantly matched with the best valued offer from a trader on the PlutusDEX exchange, along with the corresponding bitcoin or pluton payout address. The app user is sent their rebate reward in the form of Plutons.
- The smart contact (DEX) running on the Ethereum platform recognizes that the traders have received your bitcoins, and their equivalent fiat deposit, which is in escrow is released to your Plutus virtual debit card balance automatically.
- You can now use your Plutus balance to pay at any NFC-enabled POS terminal in the world.
- The merchant always receives payment in their preferred currency through the international debit card payment system.
The PlutusDEX, or DEX, is a Dapp (decentralized application) on the Ethereum blockchain which handles Bitcoin and Pluton trading and matches orders. Because all transactions are stored on the Ethereum and Bitcoin blockchains, the records are immutable and publically accessible.
When buying Bitcoins and Plutons from app users as a PlutusDEX trader, you will need to register on the platform at https://dex.plutus.it/ and verify your account. Traders can interact with other users on the decentralized exchange to purchase Bitcoins and Plutons using fiat moneys, i.e. GBP, USD, or BUR.
Once verified, you may transfer fiat currency to an escrowed Plutus bank account, which is the only necessary centralized aspect of the PlutusDEX. Your deposit will be escrowed before the order is matched and filled, which guarantees that the app user’s bitcoin and pluton deposits are filled immediately via the decentralized exchange.
Before you can place an order, however, you must also assign a bitcoin payout address. The payout address can be any valid bitcoin address of your choice. For optimal security, we recommend using offline wallets, and not reusing any addresses. Once you have completed these steps, you will be able to create a buy order by setting your best price and stop limits.
- Plutus Mobile App.
The Plutus Mobile App connects users directly to PlutusDEX traders on the Ethereum network. Using the Plutus internal server, the Bitcoin network can be reached using the native Bitcoin API. The Plutus Mobile App enables the user to choose among a selection of different fiat currencies. A virtual debit card account can be created in GBP, USD, or EUR, allowing the user to have multiple payment options.
The competitive advantage of Plutus, within the mobile payments industry, is the effective utilization of the rapidly expanding Ethereum network. Through a transparent and decentralized network protocol, underwritten by distributed ledger technology (the blockchain), Ethereum allows Plutus to deploy smart contracts to enable secure, peer-to-peer (P2P) exchange of fiat currency and Bitcoin, with the added benefit of automatic escrow. Using these methods, the Plutus Decentralized Exchange Network (PlutusDEX) of traders convert Bitcoin deposits into a prepaid debit balance that is valid at any contact-less point-of-sale (POS) terminal.
Bitcoin conversion has a fee of between 1-4%. The fee is deducted from the app users’ fiat deposit balance before the money is released to their VDC ac-count on the Plutus Mobile App. Plutus pays all transaction costs associated with using the Ethereum network. Merchants pay their normal debit card payment processing fees.
For traders, there are no fees at all. This provides incentives to fuel the payment network with fiat, and make it easy for traders to obtain both Bitcoin and Pluton for further trading or to do their own personal shopping.
Plutus plugs into traditional payments infrastructure to make contactless payments using digital currencies possible. For this reason, there are AML/KYC guidelines that Plutus must comply with when users register to buy digital currency using fiat on the PlutusDEX network.
If you are converting Plutons to a virtual debit card on the app then user verification will be needed. However, you can still use the Plutus app to send Plutons between users with only a simple email verification.
To obtain higher spending limits, you will need complete KYC verification of the account. For smaller spending limits, only basic information will be required.
Pluton (PLU) TOKEN.
Current coin Value: $12.58.
Market Cap: $10,690,359.
24hr volume: $134,844.
Circulating Supply: 850,000 PLU.
Total Supply: 20,000,000 PLU.
(As of 27/8/2017)
Plutons are digital tokens held in a rebate pool and governed by an Ethereum smart contract. They are designed to be the first actual crypto token with an everyday use-case — paying for purchases using NFC technology with the added convenience of instant conversions and zero fees. They are automatically awarded to the user as a rebate for using the Plutus app.
Pluton token holders pay no deposit fee or any fee at all, while being able to use the app as if they deposited eth or Btc, as well as need not in any way wait for a confirmation as 0-confirmations of pluton payments are accepted. Furthermore, exchange trading of any digital currency or fiat is fully free.
Plutons are transferable fungibles — they can be sent to another account registered within the Plutus app or convert them via DEX to contactless balance towards in-store purchases.
Token supply and valuation.
Only 850,000 Plutons (PLU) were issued in the crowdsale, which represents 4.25% of the total supply of 20,000,000. Issuance for the remaining 95.75% will be limited and locked in rebate smart contract pool, which means there will be a very low circulation from the initial distribution and a total of 20 million Plutons ever created. The reason for this is simple, Plutons will slowly (and automatically) be released as a rebate to users of the Plutus app. Their availability is designed to be rare via rebates only.
Plutons are decentralized and NOT owned by Plutus.it.
- Ethereum wallet.
What happens to the Bitcoin and Pluton deposited by app users and how are the merchant paid?
Plutus does not generate any wallets for its users. The exchange occurs directly between users of the Plutus mobile app and the PlutusDEX platform. The user’s crypto deposits on the app are sent directly to DEX user’s provided payout address. The user registered on DEX is then able to move the tokens freely to trade elsewhere or simply reuse on the app. Plutus operates entirely without holding any cryptocurrencies or digital assets.
Merchant are paid immediately by a virtual debit card, which is charged with funds released from the PlutusDEX user’s escrow account, to user’s prepaid virtual debit card account on the Plutus app.
Can I withdraw my bitcoins using the app?
Once you make a Bitcoin deposit in your Plutus account, they will be automatically converted to fiat via the PlutusDEX, and a trader will receive the deposit on an external address they specified. This means that there will be no crypto in the system to withdraw, because by this time the trader has already funded your virtual debit card from the funds in escrow. Once you have a virtual balance, it has to be spent at a merchant. For this reason we recommend you only deposit as much as you want to spend, or use Plutons instead. Plutons are converted instantly and without conversion costs, which means that you can convert them at the point of sale directly.
Plutus.it follows the philosophy of Bitcoin by connecting you with traders through a peer-to-peer network. By using its built-in decentralized exchange, Plutus removes the need for middlemen and reliance on third-party exchanges, which have widely varying levels of security and uptime.
Furthermore, Plutus removes the need for issuance fees and snail mail delivery of the actual debit card itself. Simply download the app and you will receive a virtual debit token secured within the app itself.
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