Plutus’ successful testnet launch means consumers can become their own banks very soon.
Consumers speak of bank as an imperative service required for transactions and financing services. Is that still accurate in the world today?
We’ve seen many technology introductions to the financial industry still acting as banks and middlemen without solving the crux of issue caused by the existing processes. Consumers are made to continue accepting the same “improved” process and competitive transaction fees with merely just providing convenience to consumers. With information and data securely transacted at this modern age, financial institute and fintech are still entrusted with decision-making responsibilities with consumers’ finance.
Seeing beyond the current financial system
Cross border transactions have high interests and fees to the consumers. The process also takes ages, when it can be instant in the digital world. This is the result of inefficient intermediaries and processes required.
Banks earn by investing the money we keep in our accounts. However, we barely earn anything from the yields of these investments. The financial structure has made banks to be insolvent because there is no incentive to change the way things are.
Consumers need to do away with the assumption that banks are required in the process.
Intrigued? Now here’s the solution
Since banks are a problem, there needs to be a solution that allows for borrowing and lending without any intermediaries. And this solution is possible today.
Introducing Plutus, a solution that brings to you financial services through secured automation using blockchain technology. Plutus’ infrastructure answers the modern needs of users with higher efficiency and lowered fees.
Here are our promises:
- Minimal Fees: With automation, Plutus takes away the cost of middlemen and additional administrative fees;
- Dynamic interest rates: Depending on various factors, interest rates are calculated automatically. When Plutus’ earn, you earn;
- P2P lending with small amounts: No minimum burdens, just loan what you need;
- Efficient/instant transactions: You never need to wait for multiple parties to process cross border transactions;
- User protection and benefit: insurance fund is used to insure lenders event of default cases;
- Funds redistribution within the ecosystem: Guarantors will receive incentives from insurance fund. By playing a part in the ecosystem, you stand to gain from your contribution when the fund yields profit;
- Self-learning through AI: The system continues to improve so it gets smarter and provides consumers with better services.
Get ready for Plutus 2020
As of press time, testnet has been launched for the project. The speed of the chain is tested to be faster than Bitcoin and Ethereum, priming the platform to be suited for large scale transactions required in the financial industry.
Robert Wojciechowskiert, founder of Plutus Capital, says of the Plutus’ project, “For centuries, humanity has been oppressed by the financial systems imposed upon them. We believe that the key to unlocking economic equality, prosperity and financial freedom lies to changing the very foundation that financial institutions are building on. With Plutus, we are rethinking the ecosystem in a revolutionary new way.”
About Plutus Capital
Plutus Capital is backed by a decentralised financial system built on a public blockchain, where an individual can become a bank and enforce greater control of his own funds. This system relies on tamper-proof nature of ledger as well as smart contract and validation to ensure all processes are safe and secure.