*Note; this research IS concerning the Venezuelan government’s crypto coin PETRO (PTR). This is NOT and has NOTHING to do with the cryptocurrency coin PetroDollar (XPD). As these two coins are completely unrelated to each other.*
Date of introduction: ICO Pre-sale: 20 Feb 2018 – 19 March 2018
ICO 20 March 2018 – until all available tokes are distributed
Rank on Coinmarketcap: N/A
Current price: 60 USD || The price of 1 barrel of crude oil
Current circulating supply: N/A
Total Maximum Supply: 100 million PTR || 82,400,000 PTR is available to the public || While the remaining 17,600,000 PTR will be held by the Government of Venezuela
Type of token: ERC-20
Mineable: No, all PTR is pre-mined
Official Website: http://www.elpetro.gob.ve
What is PTR
Venezuela currently finds itself in a state of despair. Food, water and medical supplies are extremely hard to acquire while the rate of inflation of the national currency Bolivar is ever increasing with an astounding 536% jump in inflation from January – September last year. This is all happening while Venezuela is sitting on the largest oil reserve of the world, which has become unsellable (as a result of sanctions).
In order to find a way out of this socioeconomic and political crisis, currently ruling President Nicolás Maduro has ordered the creation of a national Venezuelan cryptocurrency named; Petro (PTR). This CryptoCoin will be specifically designed to evade current sanctions and to enable the selling of the vast amounts of Venezuela’s crude oil.
The Venezuelan President stated: “Petro is born and we are going to have a total success for the welfare of Venezuela. – The largest and most important companies and blockchain in the world are with Venezuela, we are going to sign agreements.” – President Maduro
How exactly will this be achieved? The general idea for Petro is as follows; currently all the world’s oil is valued, bought, and sold in USD. For Venezuela, this poses a problem as its experiencing heavy sanctions from the United States, thus why not come up with a digital and faster competitor (and possible even replacement) to the USD?
Hence why Venezuela will accept PETRO as a payment currency for their oil, meaning that other countries do not have to transfer their national currency to USD but simply buy PETRO with their own currency or other crypto currencies (which will be cheaper) and can purchase barrels of crude oil with this.
Furthermore, besides PETRO being a currency to purchase crude oil, the Venezuelan government will promote and encourage the use of PETRO in the domestic market and amongst its citizens, making it possible for inhabitants of Venezuela to use PETRO as an investment option, savings mechanism and means of exchange with State services, industry, commerce, and citizens in general.
General statement / explanation of PTR: ‘’ Petro will be a sovereign crypto asset backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent, transparent and open digital economy open to direct participation of citizens. It will also serve as a platform for the growth of a fairer financial system that contributes to development, autonomy and trade between emerging economies.’’
Lastly, unlike most other cryptocurrencies, PTR is backed by underlying assets. In this case; Crude oil, gas, gold, and diamonds. The main asset being oil, PTR enjoys a backing of a total of 5.3 million barrels of crude oil which equals to around 300,000 million USD.
Venezuelan Dictator / President
- Nicolás Maduro
Super intendant of PETRO
- Carlos Vargas
HQ located in Caracas, Venezuela
Exchanges offering PTR
Unknown as still in Pre-sale
- Observatorio Blockchain VE (Venezuelan Blockchain company)
- Gobierno Bolivariano de Venezuela (Ministry of Technology Venezuela)
- Superintendencia de los Criptoactivos de Venezuela (Venezuelan crypto currency authority)
- Petro Platform
- Day-to-day use of Petro amongst all inhabitants of Venezuela
- Backed by an underlying asset (oil and minerals)
- Oil will still be the primary energy need for the next 25 years, with demand increasing to almost 100 million barrels a day.
- As Petro will be aiming to be of day-to-day use amongst the Venezuela inhabitants, this immediately is a 31,5 million people target market.
- If Maduro loses the election in April 2018, PTR will likely be banned and removed.
- Considered to be controversial by a lot of people, countries, and governments
- How can a country successfully launch and manage a crypto currency used to sell their oil supply, while they are in economic / political crisis and hyperinflation?
- As all PTR coins are pre-mined, there are 82,400,000 for sale to the public immediately, which equals to 4,944,000,000 USD. Seeing as Venezuela is in economic crisis, how can one be sure this is not a quick way of getting money and disbanding Petro upon reaching the hardcap.
|February||Initial tests to the PETRO blockchain|
|Publication of contracts and legal structure of PETRO|
|March||Private sale of the -token- PETRO1|
|Changes and adjustments of the PETRO network|
—–Launch of the PETRO ICO and swap of the tokens to the PETRO platform——–
|April||PETRO network final tests|
|Arrival of PETRO to digital exchanges|
PTR explained (video)