If you haven't already you can read our introduction to Plutons here
How are Plutons distributed?
Currently only 850,000 Pluton are in circulation, and over the course of 150+ years the rest will be emitted for rebates via a smart contract until all 20,000,000 Pluton are in circulation. The exact duration will vary based on demand. This means that every time you make a deposit with Bitcoin or Ethereum, you will earn a small amount of PLU as a rebate. Only 20,000,000 PLU will ever be issued, and any further issuance will be impossible. An updated calculator for PLU emission is available on the Plutus website.
The company itself does not hold any PLU - 850,000 PLU were sold in the token sale and the rest is all allocated for the reward system.
Are Plutons Proof-of-Stake or Proof-of-Work?
Plutons are an ERC20 token on the Ethereum blockchain. The Ethereum blockchain uses proof-of-work to secure its transactions, and Plutons benefit from this ecosystem.
When I make a purchase using digital currencies, do I receive a rebate in Plutons?
When you deposit Bitcoin or Ethereum into the app, the Bitcoin is converted into fiat via the PlutusDEX, and the PlutusDEX awards you a rebate in Plutons for this conversion. You will then have FIAT on your card from the BTC conversion and a Pluton rebate which you can send, store or spend for fiat in our Plutus Tap & Pay app.
If a user has a Pluton balance and spends this balance on a payment, what happens to the Plutons?
Your Pluton balance is held and is verifiable on the blockchain. The mobile app server connects to the PlutusDEX (built on Ethereum), which means that you can access your Pluton balance from within the Plutus Tap & Pay app.
The number of Plutons you deposit will be instantly and directly sent to another user’s payout Ethereum address, who is registered to buy Plutons on the PlutusDEX in return for fiat. The only centralised aspect of the PlutusDEX is the fiat escrow service provided by Plutus in cooperation with a bank, which guarantees that the app user’s Bitcoin, Ethereum and Pluton deposits are filled immediately via the decentralised exchange PlutusDEX.
What happens after all PLU are distributed and there are no more Plutons on the PlutusDEX to give rebates?
If the rebate pool runs out in 100 years, then the Plutons in circulation will still remain in use the same way as they were before. The only difference being that new ones will not be created. Emission is set to reduce by 0.1% when the Bitcoin conversion on the app starts moving above 5 Bitcoin. This means that the higher the volume on the app, the slower the emission. This means that it could theoretically slow down to hundreds of years more.
How does the smart contract determine if a digital currency transaction has been sent?
There is a tracking server which detects every transaction between the users on the network and instantly sends the transaction confirmation details to the PlutusDEX contract, which instantly issues a rebate via the token contract (this is separate from PlutusDEX contract but designed to work when PlutusDEX approves a transaction) and instantly approves the release of the funds in escrow by notifying the Plutus internal server, which then handles the rest of the (fiat) transfer.