What Is Pluton?
Pluton is one of the products designed with the target of addressing the payment challenges of the blockchain niche. It is a decentralized and open source cryptocurrency designed to facilitate direct payments the same way people do with credit or prepaid cards in the market today.
The primary goal for discovering and launching the blockchain technology in 2009 was to facilitate faster, cheaper, and reliable transactions. But these objectives have faced myriads of challenges that prevent the adoption of the blockchain. To address the issues, developers have been forced to edge their creativity a notch higher in search for more creative solutions.
The Pluton system, found at Plutus.it, comprises of a payment platform, a debit card, and mobile application. This unique design helps to ensure that you can carry your coins, follow transaction history and make payment anywhere in the globe.
The main goal is allowing users to load the card with different coins and being able to make a purchase where other cards such as Visa are accepted.
- A closer look at the Pluton coin
The Pluton coin and its native ecosystem were created by a UK based company referred to as Block Code Ltd. The founders were concerned that though the blockchain platform was advancing at a fast rate, there was an urgent need for a system that people could easily identify with easily.
When the coin was launched in September 2016, the value was $3.0. Then, the price dropped to $1.26 by December 2016. By April 2017, the price rose marginally to $2.13 and continued growing to hit another peak of $19.6 in June 2017.
The price took a downward trend reaching a low of $4.2 by the close of November 2017. In the subsequent two months, the value grew to hit a high of $30.72. But the good performance was short-lived.
Starting from January 2018, the value of Pluton coin took a bearish trend culminating to $1.3 by the close of October 2018. The ability of Pluton platform to use different coins makes the community believe that its native coin’s price is likely to grow in value in the coming years.
Note that this price prediction is only speculative. If you want to invest in the native coin, it is important to appreciate that digital coin markets are highly volatile. Therefore, make sure to spread the investment and only invest what you can afford to lose.
What is the problem that Pluton Solves?
- Difficulty in purchasing and owning cryptocurrencies
When the benefits of cryptocurrencies are recited, many people express the desire to own and use them. However, the process of acquiring the coins is complicated.
For example, to buy Bitcoin in the markets requires users to register with an appropriate exchange, verify their accounts, and form appropriate trading pairs.
If the exchange that you have selected does not allow cash deposits, the process can be even more complicated because you have to start from another platform such as Coinbase or Kraken that support fiat.
To avoid these complications, many people opt to stay away from cryptocurrencies. Pluton targets to simplify the process by making it as easy to use as a credit card.
- Many traders do not accept crypto coins
Though many traders know about cryptocurrencies, they do not use them. The cryptocurrencies are complicated because users have to follow a system of lengthy private and public keys before effecting payments. In other cases such as when running a Bitcoin or Ethereum transactions, the process takes very long because of poor scalability.
Therefore, traders have been seeking a reliable method that could use cryptos but operate like the standard payment methods. This is why Pluton adopted the debit card system.
- Centralization of financial services in the market today
The conventional financial services are highly centralized. All the operations such as confirmation of transactions and data management are done at a centralized point. For example, when you initiate a transaction to send value through a bank system, the management has to conduct background checks in line with the anti-money laundering and know your customers rules.
This bureaucratic design implies that transactions are not private and they take very long to be completed. In some cases, wire transfers can take up to four days before being effected.
- High cost of sending value with conventional financial services
Because the conventional financial organizations are profit-based, they charge high transaction charges when people want to use their platforms. The fee goes to meet costs such as paying staff, paying rent, and optimizing profitability.
The Pluton system targets to cut this cost by providing a peer2peer platform for people to run direct transactions. Whether you are making payment for goods on a store or simply sending value, the cost is very small if you use the Pluton system.
How Does Pluton Solve The Problem?
The Pluton design was created after a thorough review of the blockchain system’s challenges and years of research. Here are some of the strategies used to address the problems identified in the system.
- PlutusDex
The conventional crypto exchanges model in the market today makes the process of acquiring and using the native crypto coins very complicated. To address the issue, PlutusDex uses an integrated exchange that allows people to instantly convert their coins to the preferred currency.
The PlutusDex helps to match the coins you have in the system with equivalent USD or GPB so that you can make a direct payment in your preferred stores. The good thing with PlutusDex is that you are not required to make additional registration or pay transaction charges.
When making payment, Pluton users enjoy the latest prices because they are compared with the top exchanges in the market. This is considered the most advanced method of linking fiat and cryptocurrencies.
- The Pluton rebate system
Once you join the Pluton system, the development team will motivate you to continue using it for direct shopping in both online and other offline stores downtown. The Pluton rebate system rewards users with Pluton coin when they the Plutus debit card with Bitcoin or Ethereum.
- The Pluton tap and pay system
To make the Pluton system as close as possible to the conventional systems, its debit card allows you to simply tap and pay with Ethereum or Bitcoin. This implies that you will no longer have to worry about getting the shops that accept cryptocurrencies.
Even if you are in a shop that only accepts credit cards, simply tap the Plutus card and the payment will clear immediately in either USD or GPB. In their website, they indicate that people with Plutus debit cards can pay with it in more than 40 million stores across the globe.
What makes Pluton better than it’s competitors?
When Pluton was launched, the founders and the development team were committed to fighting for their space in the highly competitive niche. Its design and focus have helped to win a bigger community and grow the value of the native coin. Here are some of the things that make Pluton better than its competitors.
- The Plutus debit card. The debit card is designed like other cards such as Visa to make it portable and easy to use. You can load the card with fiat currency or digital coins and use it to make direct payments in different stores across the globe.
- The Pluton system allows users to make direct payments in over 40 million stores across the globe. This implies that the system has opened the door for people with Ethereum, Bitcoin, and Pluton Coin to spend their coins just like fiat currencies.
- The Plutus card has helped to remove the fear that stores had in accepting cryptocurrencies. They simply accept the payment with Pluton and the clearance is made in USD or GPB. This method is being considered the best strategy for linking fiat with cryptocurrencies.
- The Pluton decentralized system allows operates with a system of nodes spread in its network to ensure that there is no single point of failure. It implies that you can join the network and operate without worrying about losing money through issues such as bankruptcy or mismanagement.
- When you join the Pluton system, you can operate without worrying about third-party seizures. Unlike with the standard exchanges that can easily share your data with authorities, Pluton is different. For example, Coinbase recently shared data of accounts that handled more than $20,000 in its platform with the US tax authorities.
By operating a decentralized exchange, it implies that user information in Pluton remain as private as it is in the native networks. Therefore, you can enjoy using Pluton without worrying about third-party seizures.
- Unlike other platforms such as Bitcoins or Bitcoin Cash networks that only support the native coins, the Pluton system supports three coins. You can buy, exchange, or pay with Pluton coin, Bitcoin, or Ethereum.
The support for different cryptocurrencies means that more people are likely to find meaning in Pluton. This is expected to grow the value of the coin in the market.
How can Pluton better categorized?
Pluton is the next generation crypto and payment platform that has helped to redefine the industry. Even as other crypto platforms struggle with the problem of being accepted as a method of payment, Pluton is likely to make the digital coins just like the fiat currencies.
Its unique design and committed team are likely to keep the platform more vibrant and native coin in great demand. For many crypto enthusiasts, Plutus debit card is a must-have item even if they have other coins.
What’s Pluon’s vision on Security?
The Pluton vision on security is to become the most secure crypto network for all. After seeing the industry suffering from major attacks such as the Mt. Gox hack that resulted to loss of 600,000 BTC, the Pluton development team wanted to offer users some assurance that their coins would be completely safe. Here are some of the strategies used to keep the coins safe.
- The platform encrypts all the user information to ensure that no third party or attacker can easily access it. This implies that you do not have to worry that a third party such as a court of law or tax authorities can access your details.
- The development team progressively evaluates the system to identify vulnerabilities and addresses them through updates.
- The system uses a decentralized exchange which implies that users do not have to send fund to centralized exchanges. Therefore, you have total control over the coins in your crypto wallet.
Examples of Pluton’s use cases / applications
One area where Pluton has outdone other cryptos is in its many applications. The development team wanted to ensure that people could use the coins in all areas of their lifestyle without worrying about getting rejected. Here are the main use cases of Pluton.
- Use the Pluton system to pay for goods and services in the supported coins. The design of the Pluton ecosystem is to ensure that over 40 million stores across the globe can accept the coin. The secret is ensuring that the actual value of the Bitcoin or Ethereum can be established at the point of purchase. The ecosystem also allows users to make payment with fiat even if they only have cryptos in their systems.
- Use Pluton to pay for government services. Because the Plutus card is loaded with your coins, there are two options for paying government services. You could pay with fiat currency or digital coins if you reside in states such as Arizona or country like Singapore.
- Use Pluton Coin to trade in the markets. To make money using Pluton coins, you can trade them in the exchanges such as Bittrex and Binance. These are markets that operate like forex platforms but deal with digital coins only.
- Use the Pluton coins as a gift. If you have Pluton coins, you can use them as a gift to your friends and family instead of fiat currency. The coins act just like fiat when used together with the Plutus Debit card.
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