Plutus.it White Paper — The Next Generation Payment System Powered by Blockchain
The interest around Plutus has been growing for some time, and we have received many inquiries regarding our platform, so as promised, we are proud to announce the release of the Plutus White Paper, which contains the information many of our subscribers have been searching for, and more.
This document provides a deeper insight into the functioning of the Plutus infrastructure and its built-in fuel, the peer-to-peer exchange and a decentralised reward system called Plutons. This will provide a comprehensive resource for users, traders and developers, as well as journalists in the Bitcoin space.
Plutus is a gateway that connects blockchain technology with pre-existing payment infrastructure, it empowers you to make contactless payments using converted Bitcoin at every local brick & mortar store with a NFC-enabled point-of-sale terminal. The liquidity for bitcoin conversion to fiat is fueled by a peer‐to‐peer trading network called the PlutusDEX — it runs as a decentralised autonomous application (Dapp) on the Ethereum blockchain.
The Plutus app also rewards you with tokens on the blockchain for any in‐store purchases. These tokens are called Plutons, and can be distantly compared to cash-back or frequent flyer miles program. The purpose of the decentralised reward system is to incentivise users, and enable practical day-to-day usage of Bitcoin.
To use Plutus, simply hold your phone above the merchant’s NFC reader to complete the payment. It couldn’t be easier. And with Plutus, you can pay utilizing your Bitcoin at over 32 million brick & mortar merchants by proxy. This circumvents the need to wait for merchants to accept bitcoin as a direct form of payment.
Feel free to give us your feedback on any of our social media channels (twitter, reddit, facebook or telegram) or contact us here if you have any questions about the information detailed in the white paper.
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Our previous post covers some useful updates about the Plutus road map and award nominations, it’s worth checking out.
