Venezuela unveils the PETRO (PTR) crypto coin

Yesterday the website with the information, route map and technical paper of what will be the Venezuelan currency crypto called "EL PETRO"...

Said crypto currency could be divided into 100,000,000 units. The minimum unit of exchange will be called Mene (0.00000001).

The Petro (PTR) will be an ERC-20 format token (so we assume that it can be stored in any ethereum wallet) and will be backed by the Venezuelan oil reserves, the largest in the world, as can be seen in a shared graphic on the official site of the cryptocurrency.

Certified oil reserves

The WhitePaper compares 3 of the main cryptocurrencies currently on the market and highlights their volatility, this in order to emphasize that the price of EL PETRO should be more stable as it is matched to the price of a barrel of Brent oil ( Should we expect a price of $ 69USD more or less per token?).

Table with variations in BTC, ETH and XRP prices

The whitepaper mentions that the US dollar is a source of uncertainty and instability in the world. Petro hopes to solve this by offering to the nearly 31 million people in Venezuela an "opportunity to use other assets to help the economy."

The roadmap of EL PETRO marks milestones until the month of April: for those dates it should already be working and exchanging in the exchanges in which the Venezuelan government manages to place the currency.

The distribution of the expected income from the initial supply of the PETRO is as shown in the following chart.

The Petro (PTR) will be a sovereign cryptoactive backed and issued by the Bolivarian Republic of Venezuela on a block chain platform. Its launch will spearhead the promotion of an independent digital economy, transparent and open to the direct participation of citizens, which will serve as a platform for the development of cryptoactives and innovation in Venezuela and other emerging countries. This instrument will promote the emergence of a fairer, collaborative, autonomous global financial system that favors growth and exchange among developing economies:

THE PETRO WILL HAVE THREE FACETS:

a) Medium of exchange. It can be used to acquire goods or services and will be redeemable for fiduciary money and other crypto-assets or cryptocurrencies through digital exchange houses.
b) Digital platform. It could exercise the functions of a digital representation of merchandise and / or raw materials (e-commodity) and will serve as scaffolding to create other digital instruments oriented to trade and national and international finances.
c) Savings and investment instrument. Its stable value will encourage its use as a reserve of value and financial investment.

The Bolivarian Republic of Venezuela will demand high standards of combating money laundering and customer knowledge in authorized exchange houses. The total of Petros issued and put up for sale will be one hundred million (100,000,000). There will be no extraordinary emissions.

"PETRO will be an instrument for the creation of a freer, balanced and fair international financial system. "

[With texts taken from http://elpetro.gob.ve and the technical papers of the "EL PETRO" project that you can download here "Technical Papers"]

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