Plutus Announces Platform Enhancements to Enhance Transparency and Sustainability – Crypto Directories Press Release

adminNovember 18, 2024

Chainwire, London, UK, November 18, 2024

Plutus, a pioneer in tokenized loyalty rewards, is implementing strategic upgrades to strengthen platform integrity and ensure long-term sustainability. Following community feedback, with 67% of users expressing support, the company is rolling out initiatives aligned with its whitepaper, including offering rewards of up to 10% on debit card payments, as well as adding to its existing cashback and credit card programs. It is establishing itself as a competitive alternative. .

Consequences of Expanding Ambition

Launched in 2015 as one of the first community-supported Ethereum-based platforms, Plutus has pursued rapid growth while remaining self-funded. This expansion has at times resulted in operational issues that have impacted customer experience and community trust.

Plutus is now committed to solving these problems and strengthening our platform.

Steps to improve platform integrity and user experience

Customer Support: Accounts reported for misuse have been restored following our guidelines.
Enhanced transparency: The updated Terms of Use provide clearer standards and expectations for users.
Metal Card Expansion: All holders affected by the upgrade received +1 month free.
What’s new: It offers in-app value including PlutusSwap, PlutusMiles, and PlutusGift.
Practical benefits: Instantly top up your card and exchange it for airline miles or gift cards.
PLU reward anchor: In-app spend and emissions worth at least £/€10.

The future of growth and innovation

Until the end of 2024, all in-app utilities except PlutusSwap will be fixed at a minimum intrinsic value of £/€10 per PLU (e.g. 1 PLU = £10 gift card), making them independent of external market conditions. From Q1 2025, PLU emissions will also be adjusted to the intrinsic value of £/€10 set by the in-app utility. This approach is consistent with Ernst & Young’s prediction of £/€7.90 per PLU in-app, aiming to achieve 100% self-sustainability and build a ‘FUD-proof’ model through its network fee system, FUEL.

To increase transparency, Plutus plans to open source its financial models to enable public verification and contribute to industry innovation.

“Some doubt the scalability of the system and naively compare it to standard cashback,” said Plutus CEO Danial Daychopan. “To alleviate concerns, we are revalidating the model with Ernst & Young and making it publicly available to not only reassure the community, but also provide guidance to others seeking to replicate our success. “This move will support the industry, inspire us to innovate further and allow us to confidently keep pace with the industry.”

A balanced approach to transparency

Plutus is committed to transparency and fairness, with ensuring our rewards system is sustainable as our top priority. The company understands that not everyone will agree with every decision, and that’s okay. Plutus is using this time to focus on what will truly benefit the community in the long term. Some of our long-time customers may not agree with this direction, but we apologize for any disappointment you may have experienced. However, the product must evolve to ensure continued benefit to all PLU token holders.

Plutus doesn’t rely on fancy PR firms for polished pitches. The company communicates directly and honestly with the community. There may be mistakes along the way, but Plutus is committed to improving and ensuring that our messages are clear, consistent, and aligned with our values.

Looking into the future

Plutus prioritizes maintaining a safe and respectful environment as we prepare for growth and prepare for our upcoming Series A funding round with industry-leading partners. This collaboration will support the network transition in 2025, enhancing Plutus’ token economics while protecting the community and creating a positive space for customers to share value. With Tier 1 network support and funding, Plutus is committed to transparency and sustainability, ensuring its position as a leader at scale and delivering lasting value to its millions of customers. Please see the Plutus White Paper 2024 for more details on future features.

About Pluto

Plutus is a leading rewards and financial platform providing profitable solutions to communities around the world. Focused on transparency, trust, and organic long-term growth, Plutus empowers everyday card users with tokenized loyalty rewards that maximize value in any economy.