Plutus’ crowdsale for Plutons has already raised 8,500 Ether at the time of this writing. The mobile payment app that allows bitcoin payments through the Ethereum blockchain initiated the crowdsale to raise funds to finish the platform.
According to their blog, Plutons are digital tokens similar to frequent flyer miles.
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.
As stated in the white paper, Plutus “enables a user to make contactless Bitcoin payments at any merchant with a Near Field Communication (NFC) enabled checkout terminal.”
“The competitive advantage of Plutus, within the mobile payments industry, is the effective utilization of the rapidly expanding Ethereum network. Through a transparent and decentralized network protocol, underwritten by distributed ledger technology (the blockchain), Ethereum allows Plutus to deploy smart contracts to enable secure, peer-to-peer (P2P) exchange of fiat currency and Bitcoin, with the added benefit of automatic escrow,” as stated in the introduction.
Potential users can still contribute as the crowdsale will last a total of 40 days. Users can either send bitcoin through a multi-signature wallet using BitGo, or Ether through a multi-signature Ethereum contract address. Users can also send other altcoins using ShapeShift, however the transactions will automatically convert to bitcoin. Once the transactions are complete, the Plutons will be sent to an address on the Ethereum blockchain.
The value of the Plutons will not be determined until the crowdsale is complete. The total amount of BTC and ETH raised will be calculated and the market price at the end of the sale will establish the Plutons price.