Bitcoin enthusiasts all over the world are looking forward to the release of Plutus, a new mobile solution that lets users spend digital currency wherever NFC-capable payment terminals are installed. The company announced they would release their whitepaper to the public shortly, as well as make further progress on streamlining their Bitcoin payment solution. Even though the white paper won’t be released for another month, the Plutus team has announced several developments.
Plutus Team Makes Significant Progress
The Plutus white paper will be coming over the next month, although the team has not specified a specific date just yet. As one would come to expect from such a long-awaited white paper, it will depict the Plutus development timeline, which will show both historical and future progress. Moreover, this document will provide insights as to how PlutusDEX will work, the underlying exchange powering this mobile NFC Bitcoin payment solution.
Even though the entire Plutus payment solution will let users transact Bitcoin wherever NFC payments are accepted — in any local currency — the PlutusDEX exchange will take care of the exchange between currencies on the fly. Some of the information regarding this platform will only be made available in the white paper, making it an exciting prospect for the near future.
But until then, there are some other advancements made by the Plutus team that are kind of interesting. First of all, the project made it to finals for the Contactless Intelligence and Mobile Awards 2016. What is noteworthy about this nomination is how these awards are sponsored by VISA, and the event will take place in London on April 14th.
This innovative payment solution has been selected in the “Next Generation Ecosystem” category, where they will face off against Ledger, Yoti, and Epiphyte. It will be interesting to see how the judges respond to an application that is designed to bypass traditional finance in its entirety, as blockchain technology remains a bit of a mystery to most people.
Promoting this blockchain-based payment concept will not be an easy task, but a golden opportunity has presented itself, as the company will be one of the main speakers at the Contactless Intelligence and Mobile Awards 2016 event. This gives the Plutus team a chance to talk about blockchain, Ethereum, and how they can revamp the entire payment industry as we know it. Autonomous applications will help reduce transaction fees all over the world, and the Plutus rebate program can be quite appealing to merchants and retailers as well.
It is important for users to distinguish that Plutus will not be just “another payments app,” but rather an indication as to how the future of payment systems will look. Combining digital currency with blockchain technology and contactless payment infrastructure, Plutus is built up from the ground to make payments autonomous, which is based on a lot of resources to support the underpinning technology.
What are your thoughts on this Plutus update? Will they win the finals and bring the award home to the blockchain ecosystem? Let us know in the comments below!
Images courtesy of Plutus, Shutterstock