Wednesday, 10 February 2016

#BLOCKCHAIN LONDON TUBE GOES #ETHEREUM BITCOIN #SMARTCONTRACT

Bitcoin on the London tube via ETHEREUM BLOCKCHAIN SMART CONTRACTS 

"Bitcoin payments app Plutus provides tap and pay at contactless payment terminals, including Transport for London, using Ethereum smart contracts and a decentralised rewards system.



Danial Daychopan, CEO, Plutus.it told IBTimes: "Anywhere you find an NFC-enabled terminal, you will be able to pay using bitcoin. We are primarily targeting contactless payments for convenient daily purchases. Our main innovation is that we are able to do this without running or connecting to a centralized exchange ourselves, as our platform is fuelled by peer-to-peer trading and decentralized smart contracts running on the Ethereum blockchain."



All bitcoin deposits are made prior to the point of sale to avoid the waiting time required for confirmations. A deposit is converted to a virtual debit card on the app, registered on the exchange platform (PlutusDEX). Making deposits prior to the point of sale is a necessary tradeoff, said Daychopan, who is looking for ways drive users to digital currencies, including syncing up charitable donations using the app.

The app's tokens, Plutons, are awarded as a rebate for bitcoin conversions, which can go towards the next purchase like cash back or air miles on an old fashioned credit card.




"A user receives a rebate in Plutons for every bitcoin conversion they make on the app. This starts at 3% and reduces as the network grows to the minimum set at 1%. These digital tokens are issued on the Ethereum blockchain with the balance transparently tied to the token smart contract - completely independent from Plutus."



Continues.

Get Rich with Crypto-Currencies!
Sources


Further Information - offsite

Latest Top Stories -->> http://www.occupythebanks.com 

No comments :

Post a Comment

Only members (obviously) can comment; no moderation; direct to page.

Note: only a member of this blog may post a comment.

Popular Posts - All Time