Q: What has been the progress for Plutus in the past few months?
Robert: We have started work on building Plutus through a fork of the bitcoin blockchain. It has been very exciting for the team to see the product come to life.
The first 1000 blocks started with a proof-of-work consensus mechanism and now, it is on a proof of stake mechanism.
Q: How is the proof of stake mechanism a progressive step towards complete decentralisation?
Robert: With proof of stake, whoever holds the most balance is most likely to create the next block.
The beauty of this is that we are truly creating a decentralised banking platform that no central governing body to make any decisions. This prevents corruptionst. All transactions can be seen on explorer.plutuscap.com. It’s a fully open platform that will be the hallmark of how the finance industry should carry out transactions in the future so you know your assets are being protected.
Q: With decentralisation as the end goal, how can staking be most efficiently done to incentivise the community?
Robert: The minimum stake is set at 1000 Plutus coins and investors are welcomed to stake as much as they want. Whoever owns the most balance is most likely to create the next block, i.e. your stake is directly proportionate to the likelihood to build the next block. Using a UTX model, unspent transactions are used to represent the individual balances.
Q: With a large number of assets to be placed on this platform, how is security ensured?
Robert: The second tier of network, the master nodes, oversee the privacy features. There are currently two master nodes deployed on Alibaba cloud virtual machines. We all know Alibaba Cloud provides industry-leading end-to-end enterprise security services to ensure application security, data security, and platform security.
Q: Why do you think blockchain is the answer to the future of the finance industry?
Robert: It’s straightforward — the answer lies in decentralisation. Traditional players in the industries have long benefited from our assets and controlled how much we can earn. With what we have built, anyone can start their own node through the main network and start producing blocks. From the master node, anyone can download the binary.
Q: What does decentralisation mean for the way Plutus operates?
We are a collective, rather than a hired team, of developers that started this work because we believe in the vision of Plutus Capital. We want to free up existing financial slavery created by the current institutions to give you true financial freedom. Every one of us started working on the blockchain to get rewards in the form of tokens.
Q. How will your role in Plutus change, now that the product is live?
I’ve kickstarted the project with the vision in mind and my role now is to guide the growth of the chain. Plutus is 100% decentralised and there is no governing entity. Our progress is contributed by the community and this will give access to billions of underprivileged the ability to grow their assets through the blockchain.
I will continue to champion for the commercial adoption of the Plutus chain and the masternodes will now be responsible for the security layer of our platform. Plutus will be a product of free market forces from here on.
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.
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