Pluton are a digital Ethereum asset (ERC20 token) that is issued automatically to users of the Plutus app as a reward for using the Plutus Tap & Pay app (making payments with converted Bitcoin or Ether). The payment process occurs via a proxy conversion to a virtual debit card linked to your account.
Pluton is also an optional way of loading your spending balance for goods and services, just like Bitcoin and Ethereum on the Plutus app. You can make a deposit request with PLU and your order will be matched with a buyer on PlutusDEX. The advantage of using Pluton instead of Bitcoin and Ethereum is that there are 0-fee and near instant transactions.
Distribution
There is only a small (4.25%) amount of Plutons (850,000) available for initial distribution. The reason for this is simple, they are designed have a valuable and unique use case — to pay for everyday goods using the Plutus app. As a result, they are rare tokens with a real life use case.
Apart from the initial distribution there will be no further distribution of Pluton to users, as they are NOT owned by Plutus. Plutons will be locked by a smart contract and allocated for the reward system, which issues Plutons to users of the Plutus Tap & Pay app as reward for making payments by exchanging Bitcoin and Ether for a virtual debit balance.
Governance
The rebate emission of Plutons (95.75%) to users is governed by the PlutusDEX (a decentralised exchange powered by the blockchain technology), which records each conversion made on the Plutus app and awards a limited amount of 3%* in Pluton. Users can then convert these Plutons at zero fee (Bitcoin and Ether will have a fee) and make payments towards everyday goods at any debit card and NFC-enabled merchant.
Longevity Calculator
We have released this useful longevity calculator which will illustrate how the rebate emission rate works, and how many more Plutons past the initial distribution will become available each year. If you like numbers then you will enjoy this!
By Plutus