Rewards Pool | Balance Reconciliation (#5)
In 2020, a community vote (PLIP) led to the allocation of 1 million PLU (5% of the total supply) to the Plutus Development Fund. This was secured in deep cold storage, alongside the Pluton Rewards Pool.
Over the past three years, a fraction of the Plutus Development Fund, equivalent to 250,000 PLU, has been prudently utilised for referrals and marketing.
As of now, the wallet contains the following balances:
Pluton Rewards Pool: 15,149,817 PLU
Plutus Development Fund: 750,000 PLU
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Total: 15,899,817 PLU
On August 22nd, 2023, a secure transfer of 250,000 PLU from the Plutus Development Fund will be executed. These tokens will play a pivotal role in fueling strategic marketing initiatives and referrals in conjunction with multiple new partners and customers for company growth, as we transition to a new bank-like service and expand into the U.S. This transaction will leave the Plutus Development Fund with a remaining balance of 500,000 PLU.
For more detailed insights, please refer to our updated tokenomics HelpDesk article located here.
Transparency Measures
We have appointed our UK accountant, Haggards Crowther, to oversee the transfer of funds from the Plutus Development Fund.
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.
FAQ
Can You Explain the Background Context?
In 2020, Plutus conducted a community vote, resulting in an allocation of 1 million PLU to the Plutus Development Fund. This fund was designated to include marketing and community growth. Currently, Plutus is transferring a fraction from the fund to drive marketing, including referrals and partnerships, aligning with plans to onboard the next million customers as we anticipate our U.S. expansion next year.
Why Are We Using A Third Party?
Since 2015, Plutus innovated, introducing groundbreaking services like the world’s first crypto rewards token with bank-like features — inspiring others to follow. We are committed in enhancing accountability and mitigating the single point of failure that plagues the crypto landscape.
Who Are Haggards Crowther?
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 Pluton 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.
What Are The Tokenomics?
For full details, please read our Helpdesk article here >
Does This Impact The Tokenomics?
No, the tokenomic model remains the same, this is merely a balance reconciliation. However, the circulating supply will increase as rewards are transferred from the Pluton Rewards Pool into circulation.
Is This The First Pluton Reconciliation?
No, this is the fifth Pluton Reconciliation, details of the first three can be found below:
