Plutus Update — A Jump Forward

The Calm Before the Storm

Dear Plutoneers and Fans of Crypto,

Same as you, we can’t wait to be able to spend our converted Bitcoins and Plutons on everyday expenses, which is why behind the scenes at Plutus progress is steadily moving forward. If you have been following our newsletter, you will be aware that our goal from the beginning has been to connect the blockchain with mobile contactless payments.

Since we started Plutus, we have been inspired by the convenience of contactless technology. And as it progressed faster and faster, we noticed that essentially the whole world was speeding up. This convinced us that daily purchases have to be as swift and convenient as possible.

Here is a summary of our progress so far.

Want to start shopping right away without filling out a boring KYC form?

It is no surprise that our main challenges for starting Plutus were KYC (know your customer) requirements. In the initials scenario, all users would have had to provide an ID to use the mobile payments application itself. This was a very high barrier to entry and users didn’t like it.

Thankfully, we have found a way to make Plutus even easier!

We are now working with strategic partners to remove these KYC requirements for users that spend less than a certain total amount*.

* exact amount is still to be announced.

What we can say right now is that you are unlikely to spend this amount in a month or two, and thanks to your feedback, this is one of many ways we will make Plutus even more convenient.

In short, this means that all you will need for a basic Plutus account is your name and email address. You will be able to download the app in seconds, and see for yourself whether Plutus is for you.

Development & Engagement is at 100%

At the time of this post, we have a dedicated tech lead and a diverse team from 7 different nationalities both in house and around the world. Vlad Ioanitescu is the principal architect for the Android team, who are working alongside our dedicated blockchain team lead Gerbrand van Dieijen.

Initially setting up a development structure took some time, but having grown our team we are now making rapid progress towards our targets. The VDC (Virtual Debit Card) providers are in general a bit hesitant to take a step forward into new territory and work with blockchain technology.

However, after an extensive search, we are now engaging with more forward thinking providers and expect to reveal more great news regarding NFC payments before the beta announcement in the coming months.

Our current objective is to build an app that can deposit bitcoin via the DEX API at scale. This will include a web Dashboard for the PlutusDEX that can be used to view and interact with Plutons. The PlutusDEX Dashboard will eventually replace and upgrade the DEX subscribe page that many of you are already familiar with.

The DEX will start with a minimal set of smart contracts: the majority of the logic first as ‘traditional’ server-side javascript interacting with a minimal set of battle tested smart contracts on the blockchain.

Gradually we will move logic to ethereum blockchain itself, but only when we have the confidence that customer funds and transaction will remain safe after the upgrade. Comprehensive testing and auditing is one of the most important aspects of any payments platform.

Since 2015, we have seen first-hand that blockchain applications require an incredible eye for stable code. As a result they require more time, testing, and care than other types of applications to develop. We also noticed that the general atmosphere and forking of the Ethereum and Bitcoin networks are essentially ‘forces of nature’ that require us to wait, follow, and adapt.

Right now we are making progress on developing the bridge between Plutus Tap & Pay and the PlutusDEX. Our next step will be to release a closed beta of the Plutus Tap & Pay app, as well as both a centralized and decentralized PlutusDEX for testing and production.

Following these updates, we will also be adding trading to the PlutusDEX Dashboard, and traders will be able to buy bitcoin directly from app users as planned.

Did you know? NFC usage is growing around the world.

Consumers are getting used to the idea and convenience of going contactless. In fact, 2016 has been the strongest year for NFC payments to date. We can see many examples of this in the United Kingdom, where NFC payments have grown ten-fold while spending reached over £2B in a single month for the first time, and Canada, where contactless spending has increased by an incredible 145.06% this year.

There will also be even more exciting news to share in our next announcement, as well as a quick update on the groundbreaking success of contactless payments in 2016. Please subscribe to our newsletter, follow us here or other social media such as Twitter to receive part II of this update as soon as it is released.

If you have any more questions or would like to chat with other users, please don’t hesitate to join us on Slack.

P.S. Want to know as soon as trading will start on the PlutusDEX? In that case, please click here to subscribe.

Sincerely,

The Plutus Team