Venezuela: The first State Kryptowährung comes with Petro, ICO launches on the 20.2 have
Venezuela has published the white paper for their planned Kryptowährung Petro. An analysis of the first State ICOs.
The Government inflation-ridden Venezuela has scheduled the launch of the country’s own Kryptowährung Petro [19459012reportedaswe]. The idea that lies behind it, goes back to the late 2013 President Hugo Chavez. Petro – short PTR – to develop a commodity-linked Kryptowährung, which should develop independently of the dollar:
“thanks to the position of the US dollar as the internationally used currency banks and removing the gold standard the world economy suffers Uncertainty associated with the instability of the currency. That was damaging for the economies of developing and emerging countries.”
to which Venezuela wants to realize the vision of a currency bound to the value of the oil now with the Petro. Thus, the country has the objective to emit the first coin, its value using the oil reserves of the country is covered. The step is probably the last hope for a country that expects an inflation rate of 13,000% for the year 2018 .
With the Petro, the Venezuelan Government wants to create an independent, transparent and open digital economy parallel to the Bolivar. The goals are ambitious: by binding to the price of oil, the crypto-Petro should henceforth as investment -ability, savings and ability be the intergovernmental financial transfer.
By running the token on the Ethereum Blockchain sold in the pre-sale, they want to take advantage of the technology. Continue to Venezuela according to the white paper, hopes to create more transparency, but also faster transactions, efficiency and thus more confidence with the next Kryptowährung.
Petro-white-paper does not enter into the deep
ICO as well as a Kryptowährung, which publishes Venezuela, have some interesting properties. With more than 30 million people exists a lot of future customers. Here, one can hope other than other Kryptowährungen acceptance by Governments, which are in a partnership relationship with Venezuela.
For the crypto eco-system, it is certainly a knighthood, that a State is planning the emission of a Kryptowährung on the basis of an ERC20 token sales, expressed positively in the white paper about the underlying technologies and applications. Anders as publications benevolent in other, à la “Blockchain Yes – Bitcoin no”, interested in Venezuela for the use cases of the Petro and token sales.
The technological details of the Petro are except for the mention of a possible implementation of a proof-of-stakeholder mechanism and the use of smart contracts not further described. As well, the team remains unknown.
Finally is not convincingly clarified how these form a stable coins by Digix or tether is different. While it emphasizes that Petro prepared the way for the use of other attachments as gold or US dollars, but they cannot give a guarantee.
Venezuela and the oil
the coupling of a Kryptowährung on a raw material sounds convincing in the first moment. Especially in a country which has the largest reserves in the world for 2013 with 300 billion barrels of oil reserves.
What is however not included in the white paper, are variables and risks associated with this coverage through oil related. Here are some examples: So oil is a heavily used resource, but has lost value since the financial crisis also by 50%. Similarly, the stability of the oil price is questionable (in the year 2016 has been noted, that Bitcoin is more stable than gold). Also, the secession of the dollar is not entirely warranted by the coupling, oil is traded in US dollars but still. Moreover, fall factors such as mining in the weight that is lower in other countries. From a range of socio-economic factors that do not necessarily guarantee the hoped-for stability of the Petro chain themselves.
as demonstrated, the white paper raises far-reaching questions with regard to technical, but also social and economic. However, the ICO for the Petro has an important signal effect. If the planned project ultimately works or not: the economy of Venezuela will flow at least through the ICO. As you can also see Zimbabwe in the case of Kryptowährungen are an important anchor for crisis countries. More countries will follow with security. Thus impulses for the entire ecosystem of the crypto used, the presale for the Petro’s but testifies to a pervasive adoption of Blockchain & co.
runs from February 20 to March 19 on the official website the starting price is at $ 60. During the initial coin offerings early investors should be rewarded: who strikes early, gets a discount.