Bringing bitcoin to brick and mortar

plutus_b&mBy D​anial Daychopan Founder & CEO Plutus.it

Plutus is a gateway that connects the blockchain technology with pre­existing infrastructure, empowering users to make contactless payments with Bitcoin at every local brick and mortar store with a NFC-­enabled point of sale terminal.

The liquidity for bitcoin conversion to virtual debit card is provided by a peer‐to‐peer trading network called the PlutusDEX – it runs as a autonomous application (Dapp) on the Ethereum blockchain. The Plutus app also awards you a rebate on the blockchain for in‐store purchases. These are digital tokens called Plutons, which can be sent to friends or converted into a contactless balance which can instantly be used towards the next purchase (like cash back or air miles on a credit card).

This is the most practical way to pay with digital assets, as the payments process consists only of holding a mobile device above the merchant’s NFC reader. As a result, bitcoin payments are effectively accepted by proxy at over 32 million brick & mortar merchants in the world. You will not have to wait for merchants to accept bitcoin, use P​lutus.it.

Instead of building another payments app, our ambition at P​lutus.it​ is to build a next generation payments system from the ground up. Plutus ​w​ill be much more than ​a ​contactless payment service ​— it will be an autonomous payments system that utilises the blockchain for peer­ to ­peer exchange of value and by tokenisation of the reward program to circumvent the cost of fees charged by traditional payment infrastructure,” D​anial Daychopan Founder & CEO Plutus.it

With the advent of Blockchain technology, a brand new term has emerged ‐ “decentralised applications” also known as smart contracts. A decentralised application is a novel concept that acts as a secure and public agreement between a distributed ledger such as Bitcoin or Ethereum and one or more of its users.

The key attribute is that these contracts are not enforced by human entities and organizations, but rather by consensus and mathematics. True decentralised applications can automate business processes and exchange systems in a transparent and immutable manner. This ensures that reliable and time stamped records of transactions and trades continue to exist even if the centralised site and interface go offline, and cannot be altered or deleted by anyone, even if they are the administrator of the system.

The main advantage for traditional payment systems to connect with the blockchain and incorporate decentralisation is a significant reduction in operational costs and fees charged to customers, as well as the ability to automate audits, accounting and record­ keeping. And this is exactly the basis for P​lutus ​itself. In an optimal case, all processes of transactions are essentially disintermediated by using the distributed networks as a counter-party, notary, or point of exchange.

Within the next month, we will be releasing the Plutus White Paper, along with a detailed project timeline in order to show our development so far as well as upcoming updates. The White Paper itself will provide a comprehensive resource that explains. in detail, the underlying technical details of Plutus and the PlutusDEX. It contains information about our platform which cannot be found anywhere else and has not been posted before, so it will definitely be worth checking out. If you would like to be informed as soon as the White Paper is released, please make sure to subscribe on Plutus.it.

You can read our Frequently Asked Questions to find out more about the launch schedule or reach out to us on social media or reddit.

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Categories: Bitcoin

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