Update 7/22/2016 8:27 PST: Plutus has offically released a statement saying over a thousand partcipates helped raised over $1 million with Bitcoin and Ether during their crowdsale. 

Plutus’ nine-day flash crowdsale has officially ended. The crowdsale was able to collect $1,005,487.65 from 1,122.85 BTC and 20,471 ETH donated by future users. The crowdsale was to raise funds for the startup’s digital tokens, Plutons.

At this time, the value of the 850,000 Plutons available from the crowdsale has not been calculated, but the price will soon be determined.

Sent in a mass email to users, the reasoning behind the short flash sale and the amount of low availability of Plutons, was to keep the Plutons as a rare digital token. This was an opportunity for users to participate in building the project while also acquiring these rare coins. The only way for users to gain Plutons after the crowdsale will be as a reward for paying with bitcoin or Ether on the Plutus Tap and Pay app. Each payment will grant the user a small percentage of Plutons.

To calculate the lasting factor for the supply of the Pluton tokens in the rebate system, Plutus released a longevity calculator for the users. They can use the calculator to “determine future inflation rate of new Plutons being emitted via the rebate system for users of the Plutus Tap & Pay.”

The digital token, which is issued to users on the Ethereum blockchain, can be an alternative payment for goods and services through the app. Users can benefit from these payments since they result in instant transactions with zero fees.

For more information, check out the video below.

Pluton — Blockchain Powered Rebate System for Contactless Payments from Plutus on Vimeo.

Danielle Meegan

Danielle Meegan is a writer at ETHNews who is based in Los Angeles, though she is a native of New Hampshire. Danielle has been published in a couple of magazines and newspapers throughout the years covering sports and entertainment. Danielle has dabbled with multiple virtual currency exchanges to understand the ins and outs of trading. As of right now, Danielle has invested in over 15 different virtual currencies, including Ether. Read More
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