Plutus: Cryptocurrency DEX (Decentralized Exchange) With No Fees?
What Is Plutus?
PlutusDEX is a decentralized cryptocurrency exchange on the Ethereum network, developed by Plutus. It facilitates the trading of Bitcoin, fiat currency and Plutons, which are the proprietary tokens of Plutus. Users can buy the tokens during the platform’s crowd sale or receive them as rewards for transactions using the Plutus mobile application.
The PlutusDEX exchange platform also seeks to become a link between Ethereum and traditional payment solutions. The PlutusDEX platform will utilize Ethereum dApps that will implement and facilitate trading between the application users and traders in its peer-to-peer trading system while matching the bids for Bitcoins and Plutons.
The exchange platform is accessible through the Plutus Mobile App that connects all the traders through an Ethereum network. The mobile application will also have a selection option that allows users to choose from the different fiat currencies that they can use to make payments. The app will also allow users to access the Virtual Debit Card account that provides users with multiple payment options, as it uses GBP, USD, or EUR.
How Plutus Crypto DEX (Decentralized Exchange) With No Fees Works
Traders on the exchange platform begin by setting up their accounts and verifying their data to prevent fraudulent traders from signing up on the platform. The traders will also have to deposit fiat into their escrow accounts, which ensures that traders who deposit Bitcoin have their buy orders instantly filled.
Through the Plutus mobile application, a user can input the amount of Bitcoin that they would like to deposit. PlutusDEX will then automatically match request with the best prices that traders on the exchange platform are providing together with their Bitcoin address and Pluton payment address.
If both traders and the user putting in the request are comfortable with the terms and prices, blockchain-based transaction verification is sent to PlutusDEX through the platform’s tracking server that interacts with Bitcoin and Ethereum blockchain. Once the payment is confirmed, the transaction is marked as complete. After which, the funds are deducted from the user’s escrow account and deposited into the prepaid virtual debit card found in the Plutus mobile application.
The merchants will then receive the amounts in their Plutus account or in their bank accounts if the method of payment agreed on was their preferred currency.
Easily Make Deposits
The platform simplifies the usage of its services by enabling users to make deposits either in British pounds or in Euros.
DEX allows its users to create buy orders, which in turn enables them to purchase cryptocurrencies directly from the Plutus Tap & Pay users without incurring any additional costs.
The decentralized nature of the exchange platform means that it does not hold any of its user’s cryptocurrencies to ensure autonomy and security of the funds. The users will have to provide an address of their own choice where their funds will be directly sent as soon as they make a withdrawal request.
The PlutusDEX allows users to purchase cryptocurrencies directly from other Tap-and-Pay network users without incurring any fees. This makes the platform cost-efficient when compared to other centralized exchanges in the cryptocurrency market.