After the exploit was found in an experimental contract code designed for crowdfunding, we received explicit warnings from the Ethereum Foundation against the deployment of complex contracts with large volumes until the situation is resolved. This development has prompted us to make some improvements regarding the Pluton crowdsale governing procedure, to ensure the safety of the funds used to buy Plutons.

We simply cannot risk the future of Plutus.it or it’s users support by relying on a third party services or a unstable contract code to protect the funds aswell as the remaining 95.75% allocated for the rebate system until the PlutusDEX and its rebate contract code is battle hardened and thoroughly tested by our developers and community.

The Pluton crowdsale contract which was being tested but have opted against; decentralises the issuance of 4.25% of Plutons to the crowdsale participants and then secures the remaining 95.75% only to be accessed by the DEX contract for the rebate system. The Pluton crowdsale distribution contract (a work in progress) is available on our Github.

The current events are an evidence for us not to rush the deployment of an important dApp that Plutus.it and it’s supporter have to rely on. Such complex smart contract can only be deployed until it can be fully researched and tested to assure it is secure. This is the primary requirement for the longevity and success of Plutus.it, which aims to be the next generation payment system powered by the Ethereum smart contracts.

So after much consideration and in light of the current developments we have made a decision of a tried and trusted, a more traditional method of manual token distribution and fund raise described below.

Additionally we have also added a precautionary cap to stop the sale early if the sale exceeds our expectations and if it meets the requirements for long term development and operational plans. However, to avoid implying any early valuation by us for the Pluton tokens we can not set the cap too narrow or too high.

We want our supporters and participants to determine it’s value freely as well as allow space for the growth of the ecosystem and protect the value of Plutons. As a result we have decided to reduce the sale cap by more than half to 15,000 BTC as well as reserve the right to end the sale early with a 24hr notice, if the results are beyond our expectations (which are far lower than the set cap amount).

Crowdsale Governance and Road Map

Sale will last only for 10 Days (date/time will be announced shortly).

20,000,000 Pluton (PLU ) will be created (source code).

) will be created (source code). 4.25% (850,000) PLU will be sold in an initial public offering. The bonus stage will only last during the first 3 days.

PLU will be sold in an initial public offering. The bonus stage will only last during the first 3 days. 95.75% Plutons will be held in a multisig smart contract only to be accessible by the PlutusDEX contract. Plutus.it does NOT own these tokens. The Plutus Board will secure the remaining Plutons until the DEX is developed and deployed with the rebate system.

Multi-signature and smart contract wallet access will be secured between 5 members of the Plutus.it Board. The crowdsale governing board will have an overview of these wallets, each holding a key required for consensus to access any of the funds locked in these accounts.

All accounts and transactions above will be verifiable and recorded on the blockchain. We will in this case take complete responsibility in securing and appropriate management of the funds raised.

Trusting humans who’s primary interest is to protect the ecosystem instead of a unproven code is currently the best way to insure the longevity of Plutus.it and it’s supporters. The supervisory board will also publish their minutes to public channels as well as a hash of the document containing may also be stored on the blockchain.

And finally to our supporters who may not be familiar with Ethereum. It is a protocol that enables the building of smart contract, so if any exploits are found, it is because in the creation of the particular contract code. So we would like to assure you that the Ethereum protocol itself is secure and optimal for the development of the PlutusDEX.

If you have any questions then please feel free to join our growing community in slack, reddit or any of our social media channels.

We sincerely thank you for the support.

Yours Plutus.it Team

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Please read our previous posts if you need any more information: