Pluton — Ethereum Powered Rebate System for Every Day Purchases Using Plutus
As a bonus to our app, we wanted to utilise the blockchain to reward users with a rebate for using the Plutus app and make shopping a bit more fun. This is why we have developed the concept of Plutons.
Plutons are digital tokens you earn as a rebate for shopping with the Plutus app. They can be distantly compared to cash back or frequent flyer miles on a credit card. You earn Plutons automaically by topping up your contactless balance with Bitcoin or Ether, meaning that every single purchase counts towards your total.
The conversion for deposits to fiat on the app is done via the PlutusDEX; which holds the rebate contract containing 95.75% of the total supply of 20M of Plutons for emission to users of the Plutus payment system for a very long period. They are not owned by Plutus.it.
Its primary purpose is to circumvent the cost of fees charged by traditional payment infrastructures to users, with the added benefit of decentralisation.
As a Plutus app user, you will automatically be rewarded with a 3%* rebate in Plutons for every Bitcoin deposit you make towards a purchase. You can then convert and spend these Plutons just as you would with the Bitcoins.
Pluton balances can be held and accessed directly from the Plutus app, whereas with Bitcoin, this is not possible. With Plutus, you can seamlessly convert and spend your Bitcoins, earn Plutons, and the merchant receives payment in his or her local currency — the best result for everyone.
If you like, you can forward your rebate to a friend automatically or donate to another account within the app. The good deed is public and recorded on the blockchain.
There will also be a Pluton crowdsale, which aims to raise capital to develop & scale our platform to serve customers worldwide. If you would like to be notified about the launch and more details, please subscribe to our newsletter.
Behind the Scenes
From a technical perspective, Plutons are a token issued on the Ethereum blockchain that can be used within the Plutus app in the same way as Bitcoins. This means that you can use Plutons to charge your contactless balance just as you would with BTC.
By combining both systems, we are also able to introduce Bitcoin users to Ethereum by proxy. And because of the programmability of Ethereum, anyone can potentially develop new use-cases for Plutons and the PlutusDEX.
Unlike Bitcoin, Pluton conversions are free and instant, making them much more desirable and practical to use within the app. To provide a comparison — Bitcoin transactions require anywhere from 10 minutes to an hour to confirm, and carry a 2–4% fee for conversions.
You can download the White Paper for in-depth technical details and much more.
Point of note
Plutons are awarded automatically by an Ethereum smart contract and run on a decentralised network rather than a centralised server. This ensures that there is an immutable record of all transactions — and that only you have access to your account.
Please subscribe for updates or join us on Slack, Telegram, Twitter, Facebook, Reddit or simply leave a comment below and let us know what you think about Plutons.
- See the original post on our website.
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Checkout our previous post in case it slipped your attention. As well as the “Live on Bitcoin for a week challenge”.
