The Plutus team has been working overtime to finalise all the details for the Pluton sale. For the Plutus Founding Members, entrepreneurs, fans and everyone else within the blockchain ecosystem wondering how exactly the sale will work, this post outlines the details of the Pluton sale, and explains exactly what your contribution will get you in return for supporting Plutus.

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WHAT ARE PLUTONS?

The Pluton sale will secure you a contactless balance of Plutons, which can be used with Tap & Pay anywhere. Within the app, Plutons are prioritized over Bitcoin and Ethereum with the added benefits of 0% fees and instant conversions at the point-of-sale.

Plutons are digital tokens issued to users on the Ethereum blockchain. Plutons can be distantly compared with cashback points or frequent flier miles programs.

Only 850,000 Plutons (PLU) will be available for sale, which represents 4.25% of the total supply of 20,000,000. Issuance for the remaining 95.75% will be limited and locked in rebate smart contract pool and NOT owned by Plutus.it, which means there will be a very low circulation from the initial distribution and a total of 20 million Plutons ever created.

The reason for this is simple, Plutons will slowly (and automatically) be released as a rebate to users of the Plutus app. Their availability is designed to be rare via rebates only — but during this sale, you have the chance to get in early and secure your balance in Pluton, which can be converted and used for daily spending on the Plutus app. As a result, you will not have to spend any conversion fees like everyone else!

How many Plutons will I receive?

The amount of Plutons you receive will be proportional to the amount of bitcoin you contribute divided by the total funds raised. This means that the value of 1 Pluton will be established at the end of the crowdsale based on the total amount of BTC and ETH raised.

To make the math simple, If a combined value of BTC and ETH raised during the token sale is equal to 100 Bitcoin for 850,000 Plutons, then the value of each Pluton will be 0.0001 BTC

The exchange rates of ETH and BTC that are used to determine the distribution of Pluton will be calculated from the market rates at the time of the sale’s end.

Once the value is determined by the marketplace at the end of the crowdsale, your account used for purchase will be credited with Plutons. Subsequently this balance will always be verifiable on the ethereum blockchain — the Pluton token contract.

Plutons purchased during the crowdsale will be first distributed to participants after the crowdsale has ended. They will be available for use on the Plutus app at its launch, so the same account you use during the token sale will enable you to access these tokens directly from the app.

Will there be a bonus?

Bonus stage for early participants of the Pluton Crowdsale

Participants who purchase Plutons early from the crowdsale will receive a bonus. The bonus will be time stamped from the Blockchain and will be added towards the final balance awarded at the end of the crowdsale.

When will the sale start and how long will it last?

The sale starts shortly and will only run for a few days until the 30th June 2016 (the start date/time will be announced in a follow up blog).

You will be able to participate using:

BTC sent directly to the Pluton crowdsale multi-signature Bitcoin wallet provided by BitGo. You will also require to save your ETH address to receive your Pluton(s) if you choose this option.

sent directly to the Pluton crowdsale multi-signature Bitcoin wallet provided by BitGo. You will also require to save your ETH address to receive your Pluton(s) if you choose this option. ETH is sent directly to the Pluton crowdsale multi-signature address on the Ethereum wallet. Pluton(s) will be issued directly to the Ethereum wallet that is used to send ETH.

Plutus.it only gains access to all of its funding, once it has reached important development milestones.

Plutons are sent to your Etheruem wallet once the crowdsale has ended. However, Plutus.it development team only withdraws a smaller portion of the funds raised until all self-imposed milestones are reached. This necessary step for crowdsale governance is taken by the Plutus.it Board to protect the value of Plutons (during the development phase and at pre launch stage of the Plutus Tap and Pay app), which will be established at the end of the sale.

BTC raised will be stored in a multi-signature account provided by BitGo at the end of the crowdsale — only to be released according to guidelines set and milestones of Plutus development.

ETH raised will be stored in a separate multi-signature wallet— same rules will apply to this wallet.

40% at release of Plutons after the crowdsale— development overhaul and operational structure.

10% after the launch of Plutus DEX — 95.75% of the Plutons will be deployed and locked to the PlutusDEX smart contract rebate system.

50% after the launch of the Plutus Tap and Pay Mobile App — Plutons will be available to use on the Plutus app.

Note: Details of multi-signature wallet and verifiable public addresses is available here for ETH and in our Terms of agreement, the document also includes detailed timeline of the fund release and Plutus.it board of governance details. This information is also available on Github.

Why two separate crowdsale fund pools?

The first release of 40% payment will be used for the development overhaul of the project and will be deducted from the funds secured in BTC. The reason for this is simple — we believe in the long-term development and the future growth of the Ethereum ecosystem, so as a choice, we prefer to keep the ETH locked in until after all the milestones are complete.

The second reason is technical — since the Plutus payment system is built on the Ethereum network, we will also require ETH for system operations in the future as well as continued development of the service.