Plutus.it White Paper — the Next Generation Payment System Powered by Ethereum
Make contactless payments and earn a reward on the Blockchain. With Plutus you don't have to wait for merchants to accept Bitcoin.
London, April 1, 2016 (Newswire.com) - Plutus.it is a gateway that connects blockchain technology with pre-existing payment infrastructure, it empowers you to make contactless payments with 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.
“There is no longer a need to wait for merchants to accept bitcoin.”, states CEO Danial Daychopan, “This will provide a tremendous benefit to anyone within the blockchain ecosystem, while exerting market pressure on merchants to accept digital currencies by default.”
Even though Plutus was designed primarily to be built for the Bitcoin user, there are several other use cases with a sizeable impact, especially when one considers the growing numbers of remote freelancers and entrepreneurs around the world who receive cross border payments in digital currencies. Putus incentivises these users with a built in reward system and a convenient method of payment.
Danial Daychopan, CEO & Founder
The Plutus app also rewards you with a rebate in Plutons for every Bitcoin deposit you make towards a purchase, these are digital tokens on the Ethereum blockchain 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 by giving users the freedom to spend digital currencies at any NFC-enabled merchant, simply with their smart phone.
Plutons are prioritised within the platform and can be used to instantly convert to tap and pay at any store of your choice.
For app users (customers), this process is automated and simplified down to the very essence of “Tap & Pay”. The learning curve is designed to be minimal, and nothing more than depositing Bitcoin and holding a mobile device above the merchant’s NFC reader is required. On the other hand, users who wish to purchase bitcoin for fiat will have access to a web interface as well as a high-speed API.
A working prototype has already been developed and, for the first time since its inception, detailed schematics of Plutus are now available to the general public. For more information, visit our website or download the Plutus White Paper directly.
Related Media
