Let's take a look at exactly how it is reshaping our financial landscape.
Blockchain's Security Measures
Blockchain technology democratizes security measures with a decentralized system.
Through its peer-to-peer network, blockchain utilizes thousands of computers to validate transactions. This consensus mechanism leaves no single point of vulnerability, making it highly unusual and difficult for fraudsters to manipulate the data.
If we consider the traditional centralized banking systems, they are more prone to cyber-attacks as they provide a single point of breach. On the contrary, blockchain's inherent structure enhances its robustness against such threats, providing a formidable shield against fraudulent activities like money laundering and credit card fraud.
Blockchain and Money Laundering
Blockchain technology is serving as a powerful tool against money laundering. This is due to its ability to provide enhanced transparency in every financial transaction.
While traditional banking systems can sometimes obscure the origins of funds, blockchain leaves an indelible, traceable record.
The transparent and traceable nature of blockchain technology plays a significant role in curbing money laundering.
Every transaction that takes place over the blockchain network is recorded on a public ledger. This opens doors for stringent scrutiny since the source and destination of every transaction can be traced.
By revealing sources, intermediaries, and destinations linked to potentially illicit transfers, blockchain allows for more effective policing and criminal prevention.
Moreover, integrated programs within the blockchain could monitor suspicious activities.
Imagine automated software, scanning through millions of transactions in seconds. It could flag those whose patterns or volumes suggest possible illicit activity. In turn, that would propel efficient investigations and quicker responses.
Blockchain and Credit Card Fraud
Credit card fraud has been steadily increasing over the years, thus highlighting the vulnerabilities of conventional security measures. However, thanks to blockchain technology, there are potential solutions on the horizon.
Blockchain’s incorporation into credit card transactions introduces an unprecedented level of security. Each transaction is encoded into a block with unique identifiers which makes any unauthorized attempts highly noticeable.
With this level of encryption along with constant monitoring capabilities, instances of credit card fraud could significantly decrease.
Impact on Regulatory Compliance
Introducing blockchain technology can drastically improve regulatory compliance in financial institutions because it offers an auditable trail of all transactions that regulators can access to ensure compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
This means that regulatory bodies can go through the details of each transaction without needing permission from any organization or individual.
The level of transparency offered by blockchain could pave the way for more efficient regulatory practices, thereby deterring potential money launderers or credit card fraudsters.
The Future of Blockchain in Preventing Financial Crimes
The promising attributes of blockchain technology hint towards an influential shift in preventing financial crimes. Leveraging its potential can transform the way money transfers are monitored, verifying authenticity, and ensuring security across every segment of finance.
Institutions around the globe have begun to take note of this technology and are actively exploring ways to integrate it into their systems.
While there may be challenges ahead for its widespread adoption, the benefits it brings against combating financial fraud will surely accelerate its acceptance.
In the meantime, if you find yourself a victim of fraud, make sure you consult a reputable and experienced lawyer in your local area.
For instance, these strong-willed criminal lawyers in Monmouth County handle a variety of cases, including fraud. So, if you live in New Jersey and you need help with a criminal case, look them up.
The Takeaway
As the financial world continues to digitize, blockchain technology stands at the forefront of innovation, safeguarding transactions.
Its play against conventional crimes like money laundering and credit card fraud marks a significant stride toward integrity and security in the financial realm.
Ultimately, blockchain technology is a promising beacon of hope in an ever-evolving digital landscape.
The ability of blockchain technology to settle payments and money transfers in a speedy, safe, and efficient manner is being recognised by banks and fintech businesses.
What Is Blockchain Technology?
The name "blockchain" is derived from the way data is organised. Transactions are organised and kept in "time-stamped " blocks and cryptographically linked to protecting the data. The term "consensus protocol" refers to the process through which the network's various computers agree on which blocks should be added to the ledger. A network of computers, rather than a single computer or server, is referred to as "peer-to-peer."
Blockchain has been implemented into the operations of companies like JPMorgan Chase and Wells Fargo. It refers to maintaining the privacy and security of records. Some organisations use blockchain in healthcare to keep private medical data since it provides a tamper-proof means of communicating information.
Blockchain technology provides a decentralised infrastructure for a new generation of smart contracts. In addition, smart contracts run above the blockchain base layer. They are transforming the blockchain network from a simple record of digital transactions to a platform where decentralised computer programs (DApps) can be stored and executed in a decentralised ecosystem.
What’s the Primary Use of Blockchain Technology in DeFi Apps?
New forms of financial assets, trade, and business models are being created due to decentralised finance (DeFi) applications. Blockchain technology disrupts established financial services and institutions by making financial transactions, procedures, and systems simpler, quicker, and more efficient is also included in crypto finance. Blockchain is a novel method of storing and transacting information.
The usage of blockchain in DeFi is unique because it goes beyond basic value transfer to more complex financial applications. Moreover, DeFi is based on blockchain technology, the backbone of the digital currency bitcoin, and allows several organisations to share a copy of a transaction history without being controlled by a single source. This is because centralised systems and human gatekeepers may slow down and complicate transactions while allowing consumers to have less direct control over their money.
How Important Is Blockchain Technology in Storing Data?
Data may be anything from bank account information to GPS tracking locations, digital art, and x-ray pictures as the world becomes more digitised. Payments, delivery confirmations, and health record updates are all examples of transactions. The danger of depending on a single corporation, central computer, or server to maintain the source of truth is reduced by blockchain, which uses networks of computers to store data and authenticate transactions securely. Data and transactions are forever kept, and history cannot be altered because of how blockchain securely validates the data.
Information is the lifeblood of a business. The more accurate and quickly it is received, the better. Because it stores information on an immutable ledger that network users with permission can only view, blockchain is excellent for conveying that information because it is instantaneous, shareable, and entirely transparent.
A blockchain network can track transactions such as payments, orders, accounts, etc. You can see all transaction facts from beginning to end since members share a single view of the truth, providing you with more confidence and additional efficiencies and possibilities. As time passes, newer and more advanced trading apps like Bitcoin 360 AI join the digital world to allow people to invest in blockchain technology.
What Is the First-ever Blockchain-based Decentralised Crypto?
The first decentralised, blockchain-based cryptocurrency is Bitcoin. Bitcoins were created in 2009 by Satoshi Nakamoto, a pseudonymous inventor, and are not backed by banks or governments. Bitcoin is popular, and it is accepted as a means of exchange in many venues, including cafés, bars, retail shops, and health services, even though it is not legal money in most jurisdictions. In recent years, the price of Bitcoin has been extremely volatile, resulting in a lack of trust in Bitcoin as a means of exchange or a store of value, as well as worries among central banks about the viability of cryptocurrencies. Cryptocurrencies like Ethereum (ETH), Litecoin (LTC), Dash (DASH), and Monero (MONEY) are all built on their blockchain systems.
Begin investing in the crypto market!
Although cryptocurrencies are envisioned as a means of payment, just a few firms accept them as a form of payment today. Crypto proponents believe it can be used for a wide range of economic purposes, but it may take some time for the digital currency to gain traction. When investing in digital currencies, it's vital to grasp what makes them different from other currencies. To begin with, this is an extremely volatile market. A stock that may fluctuate rapidly is also prone to a dramatic drop.
Derick Fiebiger from 0chain explains its key benefits for your business.
Irrespective of what your opinion is, business executives have a duty to their organisations to assess relevant new technologies. Blockchain is an exciting new technology and companies the world over are evaluating whether blockchain offers a dependable, effective and valuable solution to their current challenges.
Seeing leading tech giants like IBM, AWS , Oracle and Accenture already on board and heavily invested in this new technology helps validate that blockchain is indeed more than hype and will transform many industries and systems in the years to come.
So what does this mean for me and my enterprise you may ask?
What are blockchain’s benefits for my business now and how will it help me innovate and stay ahead of the competition?
Blockchain’s advantages are many and as the underlying technology, applications and protocols evolve, more and more use cases emerge. At this stage though, the most important business benefits focus on increasing efficiency, agility, ROI, security, privacy and transparency.
The ability to easily access historical transactional data is particularly important for companies that have complex supply chains
- Transparency and Traceability
Lack of transparency leads to delayed transactions, financial losses and situations that could compromise important commercial relationships.
Blockchain plays a critical role in tracing transactions and operations. The ability to easily access historical transactional data is particularly important for companies that have complex supply chains. It also helps with confirming transaction authenticity and preventing fraud.
As each transaction is recorded sequentially and indefinitely, you can easily provide an indelible audit trail for each transaction, operation or asset.
This accelerates reporting dramatically and enables you to access data regarding any potential issues in real time so you can fix problems as soon as they arise.
Furthermore, the audit process becomes much more efficient, faster and non-disruptive for the business.
- Security and Privacy
Security has become a massive issue for all enterprises and senior tech leaders are investing significant resources to prevent malicious attacks, stop data leakage and increase auditability and accountability.
Despite this investment, many companies only install low level security measures and pray solutions hold against malicious attacks. But, considering how many reputable global corporations have been victims of malicious parties recently, it’s becoming very clear that IT security not only has to protect confidential, sensitive data but there needs to be immutable records showing who did what, when and where in case something does go wrong.
Independently verified complex cryptography, definitive unchangeable records and decentralisation unite to make it far more difficult for hackers to compromise data. All these factors could revolutionise how critical information is shared, preventing fraud and loss of data.
With blockchain you can reduce data storage costs, store data in a more cost effective way and also eliminate many third parties that are now used for various transactions and trading processes.
- Efficiency and Agility
In order to navigate an increasingly complex business environment and fully leverage blockchain’s benefits, businesses need services with ample transaction capacity, near-instant finality and the ability to scale, all without sacrificing blockchain’s core benefits.
Think how much data your company generates and what’s managed on a daily basis. Countless transactions and operations happen every day inside and outside the company. Data flows to and from different parties.
With blockchain and tokenisation, you can reduce costs by storing and verifying all this data in a more efficient, secure way but also - transactions and data queries can be validated and completed far faster than traditional methods.
Furthermore, many companies still use paper heavy processes which are time-consuming, prone to human errors and offer little transparency. Blockchain streamlines and automates all these processes, enabling organisations to become more efficient and agile.
- Lower Costs
Reducing costs is a critical priority for many enterprises. With blockchain you can reduce data storage costs, store data in a more cost effective way and also eliminate many third parties that are now used for various transactions and trading processes.
This is increasingly important for companies with large IoT networks or business functions generating huge volumes of data every day.
Taking Control of Your Destiny
Security, agility and efficiency are powerful blockchain benefits that businesses should be exploring. At the same time, there is an infinite number of tools, applications, and ideas that can be delivered through blockchains and it’s up to each enterprise to investigate how they can use the technology.
One thing to keep in mind if you’re considering implementing blockchain in your business is that this is not just an IT or R&D project. Blockchain, in many cases, is a fundamental business transformation operation which, if deployed and used properly, will significantly improve revenue and cost management. It will also cut across organisational silos and provide unique abilities for increased competitiveness and overall performance.
Regardless of whether you’re still on the fence regarding blockchain adoption or a passionate ambassador, one thing is clear - blockchain is here to stay and only the sky is the limit for the companies that are ready to take on board this new technology and leverage its full potential.
Derick’s Specialisms
- Deep knowledge of cryptocurrencies, digital assets, intersection of business and DLT
- Extensive expertise of the technical aspects of blockchain
- Plugged into blockchain and crypto’s ecosystems
- Moderates 0chain’s Telegram groups including 40,000+ strong main channel
- Manages 0chain Medium content (here)
- Highly responsive, available for fast comment with extremely short deadlines
LinkedIn: https://www.linkedin.com/in/derick-fiebiger-4605a040/
Website: https://0chain.net/
The insurance market exists to transfer risk from those who face it to those who can afford to assume it; at a price. In a world that is developing at an ever-increasing rate, risk is also changing, and insurers must constantly adapt the products that they offer to ensure that they are protecting risks that affect the modern world. Over the next few years, it can be expected that cryptocurrency covers will become commonplace and insurers will take a leading role in developing security standards.
At a time when the risk of bank robberies and wages snatches has declined substantially and motoring has become safer, aeroplanes are less likely to crash and other traditional areas of risk are declining, insurers must look to developing areas of risk and provide cover against those risks.
Not long ago, it was necessary, if one wanted to take money from a bank, to pull a stocking over one’s head, saw off a shot gun and take enormous personal risk, as well as the risk of being caught, in an attempt to deprive a near-by bank of cash. Today, the risks for robbers are much reduced but the risk for those holding money is greater. A modern robber can seek to steal money held across the world from the safety of his bedroom. His personal risk is considerably less as is, potentially, the risk of him being caught. The risk to those holding money, however, has changed and has possibly become greater.
While insurers were responsible for many of the innovations that made banks safer, now they must lead the way in enhancing security for those who hold cryptocurrencies. Insurers are working closely with cybersecurity experts to develop standards for their policy holders, often offering discounts for adoption.
Therefore, they are looking at uses of both cryptocurrencies and blockchain in the way in which they work. Already, insurers are being required to hold cryptocurrencies in order to handle some aspects of cyber insurance, particularly when their role may be to negotiate and pay ransom demands from hackers.
While insurers were responsible for many of the innovations that made banks safer, now they must lead the way in enhancing security for those who hold cryptocurrencies.
Where protection is given against cryptocurrency theft, insurers may increasingly seek to protect themselves against currency exchange fluctuations by charging premium, holding reserves and paying claims in cryptocurrencies.
In addition, the development of InsurTech is creating an environment in which insurers must compete to reduce premium levels by increasing efficiency. Expense ratios are already too high and insurers are looking to reduce these substantially on the basis that, if they don’t, their rivals will be able to undercut them.
As part of this efficiency, insurers are exploring uses of blockchain to reduce the frictional costs associated with the provision of insurance cover and obtaining reinsurance for it and some blockchain transactions have been concluded already. Major insurers and reinsurers are investing considerable time and money into this area and, without a doubt, the results of this investment will shortly become common practice.
One idiosyncrasy of insurance makes the creation of a closed contract for blockchain insurance problematic. Every insurance and reinsurance contract requires an insurable interest and proof of loss before any claim is paid. These elements mean that an entirely closed contract, which operates without outside intervention, is difficult. At some stage in the process, an adjustment of the claim will be required and an external element will have to be injected into the process.
That said, steps are afoot, both within insurers and regulators, to look at these issues and determine whether changes to the underlying principles may be effected, which would lift this potential road block.
To survive, insurers must embrace modern risk and modern working practices. The rate of change in the insurance industry is rapid and accelerating and within the next five years, we can expect considerable developments - both in terms of the risks that are assumed and the way in which risks are assumed.
Website: https://mccarthydenning.com/
To learn all about Plutus - a mobile application for making contactless Bitcoin payments, this month Finance Monthly reached out to the company’s CEO - Danial Daychopan.
What is Plutus?
Plutus consists of two interconnected applications:
Plutus Tap & Pay is an Android and iOS app for paying with Bitcoin & Ethereum at any contactless-enabled debit card terminal already in use today. Additionally, every deposit you make rewards you in Pluton, a loyalty rebate token which can then be used to make further purchases without fees.
The PlutusDEX is a one-way peer-to-peer exchange (smart contract) that provides liquidity for the Tap & Pay app. The way this works is that PlutusDEX traders can escrow fiat currency such as GBP or EUR to purchase Bitcoin and Ethereum from the users of Tap & Pay mentioned above.
Our favorite aspect, however, is that the Bitcoin and Ethereum can be bought by other users with zero fees through the PlutusDEX. Our person-to-person system it much easier to add new currencies (both fiat and digital) depending on demand, and a 0% fee trading experience encourages exchanges and blockchain enterprises to use our API as well.
Tell us a bit about yourself. How did the idea about Plutus come about? What were some of the challenges that you faced when setting up the company?
My journey in FinTech began in 2013 when I first started one of the first licensed Bitcoin exchanges, followed by a cryptocurrency merchant payments platform called LazyPay.
Earlier that year, I had seen an invoice get filled within seconds across different timezones, all without the need for a centralised party. After this, I was immediately attracted to Bitcoin and fascinated by the features it had to offer.
At the time, there was already a growing niche of Bitcoin supporters and early adopters who wanted to spend the coins they had earned. However, merchant adoption proved far more challenging than anticipated, stalling due to the logistical and volatility issues. Even the largest Bitcoin companies couldn’t move it forward. Unswayed by rising hype, merchants decided that cash and debit cards worked just fine for them. It was and still is an uphill battle.
We were undeterred and still wanted to be able to spend our digital currencies wherever we wanted. And if possible, without having to get merchants involved altogether. After much deliberation, we finally found a way to do it.
In 2015, Plutus first set out to circumvent the issue of merchant adoption by connecting the blockchain to the Visa and MasterCard networks. This gateway makes digital currencies valid for payment at over 40 million debit-enabled points-of-sale worldwide.
This means that even though you are using digital currencies, the store owner or merchant will receive a bank transfer as usual and will not see any difference when compared to a regular debit card transaction.
What have been the company’s major achievements thus far?
Plutus has come a long way since our inception. When we began, we first wanted to gauge community demand. We knew that we needed the app we were making, but we didn’t know whether other people knew it too. From this idea forth, we decided to crowdfund the project. In a surprising result, we raised over 1 million USD from over 1000 users, and have grown to thousands of subscribers since.
We’ve also built an incredible team of tremendous people, from management to development, and entered into partnerships with leading service providers. Now we are right in the middle of the BETA programme, testing and tweaking our platform with the help of our community, drawing ever nearer to the first production-ready release of Plutus.
What kind of device is required to use Plutus? Do merchants need anything to accept Plutus payments or Plutons?
Pretty much all (relatively) new smartphone have built-in NFC. In fact, finding a smartphone without it
Is actually quite difficult nowadays.
To support Plutus, all merchants need is the regular contactless payment terminal that they most likely already have. This makes Plutus payments valid at over 40 million compatible points of sale in the world by default.
What can you tell us about your in-app cryptocurrency called Pluton?
Our platform Plutus Tap & Pay has an in app token called “Pluton”, which act as loyalty reward points on the platform. However, it is important to note that this is not intended to be a competitor of Bitcoin or Ether.
Rather, Plutons (or PLU for short) are actually a cashback program similar to frequent flier miles. This means that they can be used to make purchases on our platform just like BTC and ETH, with the added advantage of faster deposits and absolutely zero fees. Every time you make a purchase with BTC or ETH, you get 1-3% of your purchase back in Plutons.
Could you tell us more about where you see blockchain technology in the future?
We believe there is huge potential in blockchain technology to positively disrupt our standard methods of payments, trading, and other aspects of our lives. The industry is rapidly growing with a never-ending drive towards more automation, more decentralisation, and less friction. Over the coming years, we believe the use case will reach mainstream products where consumers could have a better user experience without the need to understand or be aware that the blockchain was utilised.
However, that said, private blockchains do not rely on a peer-to-peer network but if an organisation intends to utilise the technology for improved governance, automation and transparency internally then it can work if done right – for now, we remain skeptical.
Do you look at others in the FinTech industry as competitors or do you take a different view?
I have a different view - they help push the industry forward and help us to learn from their mistakes. In many ways, we are doing something completely different.
When you charge your Plutus account with digital currencies, you are actually transferring them directly to a trader on the DEX who has created an order to purchase them in return. This means that our customers can sell and buy digital currencies directly to and from other customers. As a result, Plutus never stores any digital currencies on the platform.
And with recent security concerns on the rise, the benefits of not holding funds are becoming increasingly clear as the blockchain space develops.
What have been the biggest hurdles faced by the company?
Red tape and creating a winning team - both in development and in management. In the blockchain space everyone is competing for talent, while regulators are still very skeptical. This creates a challenging environment.
What is your vision for the future of Plutus? Where do you see the company in 2-3 years?
The aim is to enable users to pay using crypto currency directly with smartphones at any merchants of their choice. And lower the barrier of entry for anyone wanting to buy Pluton, Bitcoin and Ether. This is why we created Plutus Tap and Pay and the PlutusDEX. We also wanted to create decentralise loyalty reward system called Pluton that awards customers for every deposit, which they can then spend anywhere. In the future, we believe the platform will be one of the largest platforms that enables payments via the debit card network in the peer-to-peer market.
We also aim to enable users to make a direct deposit in their Plutus account, using direct bank transfer instead of crypto, who will also receive a reward in Pluton, introducing new users to the blockchain ecosystem.
Initially, we will be releasing physical debit cards, NFC stickers. Our main product will be an iOS and Android app for making contactless purchases, trading and managing your wallets. We plan to add online payments and other nifty features as well.
What are you currently working on?
We are currently working on Plutus Tap & Pay, and the PlutusDEX. Both parts are interconnected and fulfill important roles in our ecosystem. Currently, our live payment systems are already undergoing internal testing. Once the stress-tests have been completed, the PlutusDEX will be released, followed by shipment of the official Plutus Debit Cards.
We are also looking to grow Plutus with new members in key roles - we are currently hiring.
If you could share one piece of advice with young FinTech entrepreneurs, what would it be?
Don't be scared to fail and be prepared to live “the ramen life”.
Website: https://plutus.it
If helping test the platform and coordinating how the future of Plutus Tap & Pay and PlutusDEX will look, why not join the BETA waiting list? http://beta.plutus.it
For more information about Plutus’ long-term ideas, please take a look at “Slingshot from Orbit: The Future Vision of Plutus.it”: https://medium.com/@PlutusIT/slingshot-from-orbit-the-future-vision-of-plutus-it-cf7b69f827ef#.wajh88j3e
Case Study: An Interview with Plutus.it’s CCO - Filip Martinka
Recently, Plutus has been making rounds in London and Berlin, presenting their technology for instant, peer-to-peer, decentralized payment platform. The company’s CCO - Filip Martinka tells us about how the project is coming along.
Why use Bitcoin over Ethereum?
We believe that there are useful aspects to both. The main reason we are using Bitcoin is for its already widespread usage, and Ethereum - for its ability to automate business logic. We want be able to adapt based on demand. Fortunately there are many other projects on the horizon that aim to be natively compatible with the Ethereum virtual machine, so porting the platform may be possible as well.
Why should more merchants accept Bitcoin as payment? What about Ethereum?
We believe that at such an early stage of Bitcoin’s development, convincing merchants is quite challenging. This is why our app is mainly intended for Bitcoin and Ethereum users who are tired of waiting for merchants to accept digital currencies and want to wield the ability to pay regardless of whether the merchant is involved.
Are you planning to integrate with other Decentralized Exchanges?
Initially, our platform will launch with an open API, meaning that 3rd party applications can interface with some features of our system. At the present moment, our development team is focused on finalizing our product. However, once we have a production-ready release, we will look into available options to expand our cooperation with other exchanges, developers and SaaS providers.
What is the reason, in your opinion, that merchant adoption of Bitcoin and cryptocurrencies has been so slow?
It appears that mass adoption is a slow process, and not necessarily a straight line.
Accepting digital currencies still takes a lot of effort, involves friction and regulation, and is often cost intensive. The main problem is that it is not possible for merchants to accurately predict how many Bitcoin purchases they will get in the early stages of adoption. Many get discouraged when they get none, or remove Bitcoin as a payment option for a combination of reasons including training expenses, fees, or technical difficulties.
What can Status do for Plutus?
We appreciate integration into any 3rd party apps, exchanges, or services. All we want is for our users to have optimum interoperability with platforms, and liquidity for our traders. If you have other suggestions please let us know.
How does Plutus benefit from the use of Ethereum?
Our one-way trading gateway integrates an Ethereum smart contract, which makes our platform more transparent and decentralized. Over time, we want to optimize costs, reduce friction, and make the platform more autonomous.
What is the goal you’re hoping to achieve with Plutus?
We want Ethereum, Bitcoin, and other digital currencies to become regular payment options in daily life.
Which other DApps do you think Plutus can benefit the most from?
Exchanges can plug into our platform as well. It will be interesting to see the result.
What do you see as the biggest hurdle(s) in gaining a critical mass for Plutus?
We have to wait for society to get more familiar with digital currencies - until it becomes a topic one can talk about without getting weird looks from strangers. In the beginning, people who earn their income online will be the first to fully adapt to digital currencies. But we believe that this will take less time than most people think.
How do you see Plutus helping people's lives?
Our main goal has always been to provide a convenient payment method, and an easy and affordable way to buy digital currencies.
Is there a level of technical knowledge required by the end-user in order to use Plutus?
Ideally, there will not be more than few clicks required to use any feature. Our team is always thinking of new ways to make Plutus easier to use and navigate.
What is the most exciting feature of Plutus in your opinion?
How it all comes together. The Tap & Pay users deposit Bitcoin and Ethereum, while traders purchase them on the PlutusDEX, and the merchants receive their usual payment from the traders. This makes it possible to add currencies based on demand, and connect other platforms.
What do you think is the most important factor that differentiates Plutus from the non-blockchain(/Ethereum) applications in your field?
The fact that Plutus does not hold any digital currencies, and simply acts as a gateway to connect users with each other and match their trades. This makes the platform more secure and adaptable. And in some ways, the peer-to-peer nature of our exchange makes it more like “localbitcoins” for example, rather than a regular centralized exchange.
What can people in the Ethereum community do to help Plutus?
The main thing would obviously be to use our app, or to purchase digital currencies through our gateway. If you are a developer or entrepreneur, note that our decentralized exchange will have an open API and 0% trading fees for buying any digital currencies, making it ideal for integration in 3rd party software.
