Rewards Pool | Balance Reconciliation (#4)

In the last 5 months, Plutus Card holders spent over$160min value and earned ~$8m worth of rewards. On 25th July, Plutus will reconcile the rewards and transfer balance from thePluton Rewards Poolto account for rewards awarded to customers. BetweenJan 21st, 2023,andJune 30th, 2023,customers spent32,156,614.44 GBPand114,413,958.44 EUR, and earned exactly945,897.29 PLUfor rewards and perks.

Plutus will now reconcile the balance and transfer the945,897.29 PLUout of thePluton Rewards PoolintoPluton Rewards (Payout Vault). During the quoted dates,377,223.74 PLUwas withdrawn by customers to their personal wallets. The59,763.05 PLUawarded from the Plutus Treasury will now be returned to Plutus to be used for development, marketing, etc.

as originally intended. Since some of the card transaction data is proprietary, including data from our banking service providers, we are legally bound not to reveal the transaction details publicly. Therefore, we have appointed our UK accountant, Haggards Crowther, to confirm that the transfer of PLU is supported by the proprietary transaction data.

See Verification from Haggards Crowther > Plutus is working with such third parties (accountancy, legal, and self-custody firms) to uphold the integrity of the Rewards Pool that our customers depend on. Plutus customers earn PLU from spending; this is emitted from the Pluton Rewards Pool. Thus far, Plutus has been awarding PLU to customers from its Corporate Treasury (Development Fund) or hot wallets rather than directly from thePluton Rewards Poolwallet.

We are now reconciling the balances and, in the future, we will look to further streamline the process whereby all rewards will be emitted directly from the Pluton Rewards Pool. The original whitepaper describes the use of a smart contract to issue rewards from the Pluton Rewards Pool to customers. Smart contract technology is still in its infancy and the industry continues to be plagued by exploits.

Plutus felt uncomfortable jeopardising the security of Pluton Rewards with the use of a smart contract. Since its inception in 2015, Plutus has been an innovation leader, delivering never-before-seen services such as the world’s first crypto rewards token — it has paved the way for many others to emulate a similar model. We are determined to continue doing the same by improving accountability and removing the risk of a single point of failure that plagues crypto.

Haggards Crowther is a highly accredited firm of certified Chartered Accountants based in London. They are certified by the Institute of Chartered Accountants in England and Wales (ICAEW). We want to continue setting a precedent by verifying reward-related transactions with ICAEW-certified third-party accountants to help maintain trust and transparency.

It is rare for private crypto companies to take such steps, so we are proud to be one of the first. For full details, please read our Helpdesk articlehere > No, the tokenomic model remains the same, this is merely a balance reconciliation. However, the circulating supply will increase as rewards are transferred from thePluton Rewards Poolinto circulation.

No, this is the fourth Pluton Reconciliation.