Plutus is one of the most anticipated projects in the history of Bitcoin to date. The developers of this concept will let users spend Bitcoin wherever NFC payments are enabled. Instead of using a debit card to convert funds, payments will be completed through their native app. Moreover, the exchange from Bitcoin to the local currency will take place in real-time, through PlutusDEX.
Creating such a huge project as the Plutus platform takes a lot of time. The developers have also initiated their Plutons crowdsale a few days ago, to raise additional funding for this platform. These Plutons tokens are native to the Plutus ecosystem, and these tokens are limited to a total supply of 20 million.
Interestingly enough, the majority of these tokens will not be made available for purchase during this crowdsale. Instead, they will be kept in reserve for the rebate system smart contract pool. Do keep in mind this does not mean these Plutons are owned by the Plutus team either.
Holding this crowdsale has the potential to raise a lot of funds. When everything’s said and done, the funds will not be automatically transferred to the developers. Instead, it will be released in tier stages, whenever the developers reach specific milestones. Until this happens, all funds are governed by Ethereum and Bitcoin multisig accounts, courtesy of BitGo.
Users who want to partake in the Plutus crowdsale will need to send Bitcoin funds to the crowdsale multisig address. Transactions will be credited when there is one network confirmation, and the Plutons will be sent to a valid Ethereum address. It is advised not to use an exchange wallet, as deposits of these tokens will not be properly credited.
A similar process is put in place for Ethereum transactions. When sending ETH funds, it is advised not to use an exchange wallet to do so either, as the tokens will be sent to that address. So far, no Bitcoin transactions have been recorded, whereas the Ethereum wallet shows 4,450 Ether in transactions to date.
Source: News Tip Via Email
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