Plutus to hold crowd sale for Pluton tokens

plutus_b&mBitcoin wallet start-up (and 2016 CMA Finalist), Plutus, will be holding a crowd sale of its Pluton tokens.

A blog post about the crowd sale says;

Plutons are digital tokens issued to users on the Ethereum blockchain. Plutons can be distantly compared with cashback points or frequent flier miles programs.

Plutons are prioritised in the Plutus app and allow users to instantly convert their value to Tap & Pay balance for everyday purchases. Only 850,000 Pluton will be available for sale, which represents 4.25% of the total supply of 20,000,000. Issuance is limited, which means there will only be a total of 20 million Plutons ever created, and only a low percentage of Plutons will be initially distributed.

The reason for this is simple: Plutons will slowly (and automatically) be released as a rebate to users of the Plutus app. The amount of Plutons you receive will be proportional to the amount of bitcoin you contribute divided by the total funds raised.

The value of 1 Pluton will be established at the end of the crowdsale based on the total amount of BTC and ETH raised. The sale will run for 40 days, but we reserve the right to end the sale early with a minimum of 12 hours of notice.

The blog post also explains that; “Although the funding from the crowdsale will accelerate the development of the Plutus project it also has the primary advantage to determine the value of Plutons directly by the users themselves. This value is required by the rebate system to determine the emission rate and longevity of the rebate pool, which changes according to the value of the tokens. To provide a theoretical example, if the value is under 0.001 BTC then the rebate pool’s longevity will end after year 2216 and if higher than 0.01 then the rebate pool will last over 2000 years.”

“The proceeds of this sale will enable us to finance continued development of the network infrastructure and testing the reliability of the Plutus payment system, the results of which will be freely accessible to everyone in the Blockchain ecosystem. Most of the funds will be used for development and the operational & legal structure needed for a financial instrument that plugs into the traditional payment infrastructure.”

You can read the full blog post here.

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Categories: Bitcoin, Blockchain, Other

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