VENEZUELA ANNOUNCES PRE-SALE OF PETRO FOR THIS FEBRUARY 20

  During the Council of Ministers number 311 of the current Venezuelan government, President Nicolás Maduro signed the Petro White Paper and announced that the pre-sale of his Initial Currency Offer will begin on February 20

  During the broadcast, the executive announced the launch date for the first stage of the Initial Currency Offer (ICO) of Petro, the cryptoactive will be based on Ethereum's ERC-20 standard. He did not give details about who may participate but revealed that, during the first year, the amount of Petros in circulation will be greater than 100 billion units, equivalent to one barrel of oil each. The funds raised in the first stage will be used to develop on time the technological platform announced in the roadmap.

  In addition, the president signed the white paper that will serve as a guide for the development and operation of the cryptocurrency issued by the government, which will be available as of this Wednesday, January 31 for the general public. He said that the details can be found on the official website of the cryptoactive (www.elpetro.gob.ve), which is not yet available. He also stressed that in the official gazette and under the endorsement of the central bank, 5 billion barrels of oil have already been officially assigned as support for Petro, coming from field one of the Ayacucho block of the Orinoco oil belt.

      

Carlos Vargas @SupCarlosV # Today in Council of Ministers, Pdte. @NicolasMaduro "is signed the birth certificate" White Paper "of El Petro cryptocurrency where its conditions and operation are described" #ElPetroEsIndependencia @TareckPSUV @SupCriptoVe @hugbelpsuv # 30Ene

  During the meeting also mentioned the possible creation of a purse and a house of Venezuelan change, oriented towards youth. On the other hand, he explained that a large number of people have registered in the national database of miners, for which he plans a project which he did not give more details on than to specify the need for the identity card of the country - parallel identification document created by Maduro that includes a system of QR codes whose main objective is to know the socioeconomic status of the population - to participate in the project.

  Finally, he called on the entire population to participate in petroleum mining activities using farms called petrocontainers, especially members of savings banks of companies that make life in the country.

  This is striking because it had previously been established that the oil-backed cryptoactive would be launched pre-mined and that its consensus algorithm would be based on the Participation Test.

  Initially, the whitepaper or white paper on which the cryptoactive will be based would be launched on January 14. Maduro also announced that the network that will support what could be the first government cryptocurrency in Latin America will be centralized, since the state will be the one that has control of the transactions with the cryptocurrency since it will operate under a "security system of pre-mining".

                                  Source criptonoticias