The development of the crypto asset ecosystem is based on the revolutionary idea of technological substitution of trust.
The work model on which they are based emerged as an ingenious mechanism that combines networks, computing power and incentives for collaborative work to ensure the integrity of information, long with traceability and transparency in exchanges.
Additionally, since it places the management of financial resources directly in people’s hands, it proposes a different approach to electronic finance security.
However, despite the inherent advantages of blockchains, so far there are only projects, ideas and aspirations to create cryptocurrencies with the backing of a sovereign state.
With Petro, Venezuela aspires to become the global leader of an economic initiative that makes it possible to take advantage of the value of its natural resources in an innovative way by developing and promoting the adoption of a cryptocurrency in the country.
Petro is breaking in with a promising outlook, taking advantage of:
• The early maturity of blockchain technology
• A market of more than thirty million people eager for savings, investment and international
exchange instruments
• A world-renowned oil industry
• The participation of allied governments
• Enthusiastic promoters of cryptocurrency for the development of a new worldwide economy
Petro will have the capacity to overcome blockages, delays and limitations of the traditional financial system, favoring the growth of a new economic ecosystem based on trust, integrity, transparency, efficiency and speed that guarantees the technology of blockchains.
Due to the imposition of the US dollar as the international backing currency and the subsequent replacement of the gold standard with the fiduciary model, the world economy has suffered from uncertainty and instability caused by the foundation in a currency without a gold backing, which has been particularly harmful to emerging economies.
Since then, the need to strengthen local markets and to avoid dependence on unilateral decisions made in the major centers of power to stabilize economies has been recognized. This has led to a number of proposals to support national currencies with the most valuable natural resources of the countries -often located in emerging economies.
The combination of this historical background and the international recognition of the enormous potential of new technologies underpin the idea of Petro as an international currency developed and promoted by an emerging nation for the development of a decentralized, more egalitarian, inclusive and transparent global economy.
Digital cryptocurrency and tokens are not being fully exploited by important actors in society, such as public and private organizations. Both their convenience and the other advantages inherent to the blockchain that sustains them, make us think about the possibility of a massive adoption in the medium term, as long as the states favor the conditions for this process.
PETRO IS A MUCH MORE AMBITIOUS PROJECT THAN OTHER DIGITAL CONVERTIBLE CURRENCIES SUCH AS THE DIGIX (GOLD-BACKED) OR THE TETHER BACKED IN DOLLARS), BECAUSE IT OPENS THE OPPORTUNITY FOR USING OF OTHER ASSETS TO BACKUP THE CURRENCY. DUE TO THE CONDITION OF CRYPTO ASSET WITH STATE SANCTION (NON-CONTROL) ON ITS OWN PLATFORM, THE INSTRUMENT HAS A MASSIVE ADOPTION POTENTIAL, WITH AN APPROXIMATE OF 31 MILLION PEOPLE IN VENEZUELA ALONE, THAT IS, TEN TIMES THE SIZE OF THE GLOBAL MARKET FOR CRYPTOCURRENCIES (JULY 2017).
IN ADDITION, PETRO WILL ALSO ENABLE THE DEVELOPMENT OF OTHER CRYPTO ASSETS, OPENING THE POSSIBILITY FOR INNOVATORS AND GOVERNMENTS OF EMERGING ECONOMIES BASED ON NATURAL RESOURCES TO CREATE SIMILAR CURRENCIES THROUGH THE PETRO PLATFORM.
PTR will be divisible by 100.000.000 units. The minimum exchange unit will be called Mene (0,00000001).
Petro will have three facets:
A) MEANS OF EXCHANGE
It may be used to purchase goods or services and will be redeemable for fiat money and other crypto assets or cryptocurrencies through digital exchange houses.
B) DIGITAL PLATFORM
It can perform the functions of digital representation of goods and/or raw materials (e-commodity) and the creation of other digital instruments for national and international trade.
C) SAVINGS AND INVESTMENT FACILITY
Petro will be available for free exchange in electronic exchange houses (exchanges) around the world and will have the necessary characteristics to carry out direct exchanges (Atomic Swaps) in a safe manner and in accordance with the Venezuelan legal framework.
The Bolivarian Republic of Venezuela will require high standards of control to combat money laundering and client knowledge in authorized exchange houses.
One (1) issue and initial offer of the crypto asset will be made. Petro’s total issued and put on sale
in the initial offer during the first year will be one hundred million (100,000,000). There will be no
extraordinary issues without the approval of Petro’s holders in a vote conducted through the chain of
Petro blocks on the basis of one (1) Petro equal to one (1) vote.
Continue reading here
http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf
Announcement video in Spanish
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