We envision worldwide usage of the Gluon platform. To facilitate widespread adoption and international use of the Gluon Platform, the company developed a unique approach to cyptocurrency payments and has developed a reward token to be used within the system to promote adoption and participation. Using cryptocurrency eliminates the need for currency conversions between traditional payment methods, and removes large risks associated with long settlement periods, unwarranted chargebacks, and fraud.
The fees associated with the cryptocurrency are far lower than those charged by credit card issuers and lower than those assessed by bank transfer. The reduced fee model will stimulate the use of the cryptocurrency within the app and GLU tokens are used to reward many types of participation including, but not limited to, the purchase of products, writing reviews, selling products to others using the P2P listing and payment system, creating useful content such as do-it-yourself guides and videos.
The GLU token will also be used to reward content providers who write articles and blog posts within the Gluon platform. Those who write articles on installing products for recommended repairs or for tuning purposes will make the application more robust; those who contribute content will be rewarded with GLU tokens. Customers can also earn rewards when they use the platform and pay for goods with GLU tokens.
The GLU token utilizes the Ethereum platform and smart contract system. The smart contract system is akin to a vending machine for the agreements associated with vehicle ownership. Consumers can pay with a GLU token, and the item, whether it is a part, a vehicle registration, or something else, gets ‘deposited’ in the user’s account. The use of the blockchain ensures that all transactions are secure, autonomous, and self-sufficient. A GLU token is issued with an eToken contract.
The company will create 200,000,000 GLU through the Smart Contract System. 75,000,000 will be retained by the company and 125,000,000 will be available for sale. There are wallet requirements for the purchase of GLU tokens. GLU are not being structured or sold as securities or any other form of investment product. The GLU retained by the company will be used to compensate employees and contractors, to incent the founding team and for other internal purposes.
In short, the Gluon payment platform provides advantages over other systems because processing fees are lower, fraud is reduced, currency conversions, chargebacks and settlement periods are almost eliminated, and they can be used as a reward system within the program.
Gluon utilizes the Ethereum platform and smart contract system. Smart contracts are trustless, autonomous, and self-sufficient. Instead of reinventing contractual relationships, smart contracts are making their formation and performance more efficient, cost-effective, and transparent. (https://bol.bna.com/what-is-a-smart-contract/). The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations. (https://blockgeeks.com/guides/smart-contracts/).
Blockgeeks.com outlines the benefits of smart contracts as:
Autonomy – You’re the one making the agreement; there’s no need to rely on a broker, lawyer or other intermediaries to confirm. Incidentally, this also knocks out the danger of manipulation by a third party, since execution is managed automatically by the network, rather than by one or more, possibly biased, individuals who may err.
Trust – Your documents are encrypted on a shared ledger. There’s no way that someone can say they lost it.
Backup – Imagine if your bank lost your savings account. On the blockchain, each and every one of your friends has your back. Your documents are duplicated many times over.
Safety – Cryptography, the encryption of websites, keeps your documents safe. There is no hacking. In fact, it would take an abnormally smart hacker to crack the code and infiltrate.
Speed – You’d ordinarily have to spend chunks of time and paperwork to manually process documents. Smart contracts use software code to automate tasks, thereby shaving hours off a range of business processes.
Savings – Smart contracts save you money since they knock out the presence of an intermediary. You would, for instance, have to pay a notary to witness your transaction.
Accuracy – Automated contracts are not only faster and cheaper but also avoid the errors that come from manually filling out heaps of forms.