Mr. Market was paying a $31,002.70 Coin Price for PLC Ultima (PLCU) on 16 June 2022. Hence, Mr. Market paid more for PLCU than BTC. Mr. Market paid $20,606.50 for Bitcoin (BTC) on 16 June 2022.
So what is PLC Ultima and is it worth $31,002.70? PLC Ultima is a massive blockchain technology infrastructure project that aims to build a worldwide payments system.
The hope at PLC Ultima is to transform cryptocurrency from a speculative asset into a payment solution. To that end, PLC Ultima is adapting the Litecoin (LTC) blockchain for mass use.
What is PLC Ultima?
For example, PLC Ultima’s Block Explorer and Middleware solutions will support mobile and desktop wallets.
They hope the Block Explorer and the Middleware will serve as a gateways to the PLC Ultima ecosystem. To that end, users can use Block Explorer and Middleware to explore any block, any transaction, or any address without revealing private keys.
Instead of mining, PLC Ultima uses minting to create coins. PLC Ultima uses smart contracts to create strict rules that govern transactions. They claim those rules can guarantee automatic payment and rewards to users.
Ultima currently offers mobile wallets for Android and iOS platforms. The wallets use private key encryption with a six digit PIN code. They stored the private key only in the smartphone.
The PLC Ultima Ecosystem
Another PLC Ultima Solution is Ultima Farm. Ultima Farm is an application that lets users create new coins by storing coins in their wallet.
They claim the more coins the user holds in a farm wallet, the more new coins the wallet mints. Hence, each user gets two wallets, a Farm Wallet and a Mobile Wallet for transactions. Ultima Farm is available for both Apple iOS and Android.
Another feature called Ultima Minter creates the PLCU coins. They describe the Ultima Minter as a digital certificate that allows Ultima Farm to access coin minting. The hope is to allow users to mint coins through their phones.
Another tool is the Platin Hero. The Platin Hero is a crowdfunding platform in the PLC ecosystem. The hope is ordinary people will crowdfund projects through Platin Hero.
The PLC Ultima Payment Solutions
The PLC Ultima ecosystem also contains the PlatinSale global marketplace which allows users to buy and sell goods for cryptocurrencies and fiat currencies. Platin Deal allows users to become merchants and sell through PlatinSale. They claim PlatinDeal is the largest infrastructure project in the PLC Ultima Economy.
The Platin Passport service serves as a single entry point for all products in the PLC, PlatinHero, and PlatinDeal. Another service is Platin Pay is a cryptocurrency payment service. PlatinPay provides payment solutions for online stores and websites. They hope to create PLCU Point-of-Sale (POS) terminals for retailers, Ultima Wallet ATMs, Ultima Vending Machines, and a PLCU Debit Card.
They claim PLC Ultima has two patents on blockchain technology. However, skeptics will note that there are many blockchain projects out there with similar plans and none of them have worked out.
What Value does PLC Ultima (PLCU) have?
Mr. Market gives PLC Ultima (PLCU) some value. CoinMarketCap named PLC Ultima the seventh most trending cryptocurrency on 11 June 2022.
In contrast, PLC Ultima was CoinMarketCap’s 2,817th largest cryptocurrency on 16 June 2022. CoinMarketCap gave PLC Ultima a Coin Price of $31,002.70, a Market Cap of $6.822 billion Market Cap, a $340.047 billion Fully Diluted Market Cap, and a 24-Hour Market Volume of $4.573 million on 16 June 2022. They based those numbers on a Self Reported Circulating Supply of 212,606.51 PLCU and a Maximum Supply of 11 million PLCU.
In contrast, CoinBase gave PLCU Ultima (PLCU) a $30.913.47 Coin Price, no Market Cap and a $7.0 million 24 Hour Market Volume on 16 June 2022. PLCU is an extremely volatile cryptocurrency, CoinBase gave it an all-time high Coin Price of $113,579.24.
I think PLC Ultima is a cryptocurrency speculators need to avoid because there is no evince Ultima has achieved any of its claims. There is no evidence, Ultima is building a payments infrastructure or that PlatinSale and PlatinDeal platforms exist and can achieve Ultima’s goals.
Thus, PLC Ultima makes many claims but offers no evidence to verify those claims. Speculators need to stay away from PLC Ultima until its builders verify those claims. I think PLC Ultima is not worth $31,002.70 and will not reach that value soon.
Originally published at https://marketmadhouse.com on June 16, 2022.
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