The PLR Meta-Token For Dummies

The PLR Meta-Token For Dummies

Written by

Savannah Lee

July 3, 2019

In our quest to both maximize the utility of your PLR tokens and create a seamless crypto experience, we’re going meta…

The last token you’ll ever need…

*Make sure you’ve read about the Pillar Payment Network, where you can make the most of your meta-ness*

In our quest to both maximize the utility of your PLR tokens and create a seamless crypto experience, we’re going meta…

One token to rule them all

Inside your Smart Wallet, PLR will act as the primary unit of account and ‘reserve’ cryptocurrency that powers the Pillar Payment Network. It also powers the entire platform and ecosystem made up of other users and in-wallet services.

You can pay for everything, no matter what currency is accepted, by just owning PLR. PLR is like fuel for your entire crypto experience. You fill up your gas tank (which is technically you ‘staking’ your tokens) with as much fuel as you need to transact.

Your PLR will automatically convert into any other kind of token or cryptocurrency when you send it — even across different blockchains — making it the last token anyone will ever need.

For example, a merchant may only accept bitcoin, but you don’t own any. If you have the equivalent value in PLR tokens (an Ethereum-based token) you will still be able to “pay” in bitcoin, and that’s what the merchant will receive. This is similar to a credit card, which can be used to pay for anything regardless of what currency you own. Merchants will still accept your foreign bank card, and your bank converts it for you.

In this case, the conversion is done through our collaborators 0x, Uniswap, Shapeshift and Changelly, who will instantly swap your tokens for you in-wallet.

It’s a frictionless cryptocurrency experience, all powered by PLR.

All your transactions will live in payment channels, so they remain free, instant and private until you close the channel.

What can $PLR be used for?

Pay for goods and services

Users will be able to access and pay for services directly. We are growing our marketplace of merchants, service providers and dApps, who may want users to pay them in a particular currency, such as their native token. Users can still transact with those organisations and businesses just by using their PLR.

Businesses can easily be a part of the new digital economy by offering their services in the Pillar Wallet. There is no need to integrate any new infrastructure or understand how to process cryptocurrency transactions. We give you the functionality to accept crypto and provide the interface to manage and build your customer relationships.

Network Fees

Users will no longer have to own ETH to pay for network fees. Only PLR will be used to process these fees utilising a relayer network. Relayers act as gas tanks.

Pillar Payment Network

By owning and staking PLR, anyone can enjoy private, free and instant transactions via payment channels. We are the hub which facilitates these channels.

Asset Exchange

Own PLR to transfer and pay in any asset supported by the wallet. All you have to do is withdraw from your PLR tank balance.

The Smart Wallet will be dropping very soon, so make sure to…