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The PETRO (PTR) will be backed by the Bolivarian Republic of Venezuela and the wealth of its large crude oil reserves. More importantly, the Petro has been created in an innovative manner, using the highest standards in block chain technology and information security, thinking of a future where electronic asset-representations will enable more direct trade as well as government work within the framework of true financial and economic independence.


Petro (PTR) has its origin in the idea of president Hugo Chavez of a strong currency backed by raw materials. Its background dates back to proposals for global financial and monetary coordination prior to the hegemony of the US dollar, which resurfaced after the financial crisis of the late 1990s. The blockchain allows the transfer of value and information, without third parties, they provide the tools to successfully face the challenge of creating platforms and financial instruments that are transparent, efficient and inclusive. 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. Venezuelan oil assets will be used to promote the adoption of crypto assets and technologies based on the country´s block-chain. The State shall promote and encourage the use of Petro with a view to consolidating it as an investment option, savings mechanism and means of exchange with State services, industry, commerce, and citizens in general. The Venezuelan population will have at their reach a technology that will allow them having a valuable reserve and robust means of payment to stimulate savings and contribute to the country’s development. Petro will be an instrument for Venezuela’s economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer international financial system.
                                    

                                            Why PETRO?

During the last 4 years Venezuela has experienced the biggest financial crisis in its history, a situation that has resulted in a devaluation of its national currency, the bolivar.

Within the framework of policies to strengthen monetary sovereignty and promote welfare by bringing power closer to its citizens, the government of the Bolivarian Republic of Venezuela has decided to embark on an ambitious project for the future, with the vision of turning the country into a blockchain-based solutions development hub for emerging economies.

The Petro will be the foundation of a policy to promote development, infrastructure and training of young people in electronic mining, coding, cryptography, network security and economics 4.0, that will enable the exploitation of Venezuela and other developing countries’ most valuable assets in a new world of transparent, deconcentrated and manipulation-free markets, all thanks to technology.

                        PETRO[/b]’s backing (from Whitepaper)
The most important contribution of PETRO to the cryptoassets’ market and the new digital economy will be the support offered by a sovereign state.

The Bolivarian Republic of Venezuela guarantees that it will receive PETRO as a form of payment for national taxes, fees, contributions and public services, taking as a reference the previous day's Venezuelan oil basket price with a discount*. This will ensure that the buyer always has a return value adjusted to the value of his investment.

Payments in PTR will be accepted according to their value in bolivars at the rate resulting from the operations of authorized trading sites, determined by market mechanisms and in accordance with the legal provisions issued by the competent authorities of the Republic. In addition, the Venezuelan government is committed to promoting the use of PETRO in the domestic market and doing the efforts necessary to stimulate its acceptance throughout the world.

Whitepaper http://petro.gob.ve/Whitepaper_Petro_en.pdf (http://petro.gob.ve/Whitepaper_Petro_en.pdf)

                                           How to use PETRO?
The only thing needed for the of PETRO is to open a digital PETRO wallet.

Once opened, your wallet will generate an email address that you can share with anyone who wants to transfer PTR to your wallet. You will be able to receive and deposit your PTRs in this e-mail address

If you wish to exchange your PTRs for another type of cryptoasset or fiduciary currency, you only need to access any of the electronic trading sites authorized by the Republic (for Bs/PTR operations) or any of the international exchanges that accept PETRO.

                                   ISSUANCE AND DISTRIBUTION
A total of one hundred million (100,000,000) Petro will be issued, from which eighty-two thousand four
hundred million (82,400,000) will be offered to the market in two stages: a private pre-sale and a public Initial
Offer, and will be distributed according to the following graph:


                                      ECOSYSTEM DEVELOPMENT

The State will actively assume the commitment to promote the adoption of Petro, encouraging the growth ofits national and international user base. The national government is committed to stimulating a strong endogenous demand that benefits the stability of the crypto-asset’s market value. The policies to be applied for the promotion of Petro will also be aimed at increasing the platform’s attractiveness as an instrument for the development of innovations and applications that contribute to the growth and financial autonomy of Venezuela with projection to other emerging economies
based on raw materials.

Among the initiatives are the following:
• The Venezuelan State, through the Superintendency of Cryptocurrencies, will take the necessary actions to promote the exchange of Petro in international cryptocurrency trading houses, with special emphasis on those that operate legally in emerging countries and allied nations.
• The use of Petro will be promoted by PDVSA and other public and joint ventures, as well as national public entities and regional and local governments.
• The payment of extraordinary labor commitments and benefits in Petro will be encouraged, as well as accumulated social benefits, provided they have the expressed individual approval of the benefitted worker.

                                              INTRODUCTION

The adoption of blockchain technology in the global marketplace is not simply a temporary trend or fashion, but a firm and continuous shift towards a future in which the management of personal, institutional and potentially state finances will become easier, straightforward, quicker and more transparent.1 2 3 Two of the applications of this technology, cryptocurrency and tokens, stand out in popularity. Such instruments are convenient for a global society because they allow greater efficiency, speed and freedom in all types of transactions, especially for international trade

                                                       ICO
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-. Perhaps the best-known case is the case of Bancor, the stable-priced international unit of account, based on a balanced basket proposed by John Maynard Keynes and other leading economists in 1942, with the aim of safeguarding the global monetary system against balance-of-payment crises and exchange-rate instability, anticipating the effects of the United States’ dominant position in the Bretton Woods agreements. In 1969, special drawing rights (SDRs), supplementary reserve assets and unit of account created by the IMF based on a claim that a basket of currencies (currently USD, EUR, GBP, Yen, and Yuan) appeared. More recently, following the 2008 global financial crisis, initiatives such as the Sucre - a unit of account and value for ALBA countries - and proposals from China and the Association of Southeast Asian Nations (ASEAN) countries emerged.In 1969, special drawing rights (SDRs), supplementary reserve assets and unit of account created by the IMF based on a claim that a basket of currencies (currently USD, EUR, GBP, Yen, and Yuan) appeared. More recently, following the 20088 global financial crisis, initiatives such as the Sucre - a unit of account and value for ALBA countries - and proposals from China9 and the Association of Southeast Asian Nations (ASEAN) 10 countries emerged. The combination of this historical background and the international recognition of the enormous potential of new technologies 11, 12 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.


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.

                                      PETRODESCRIPTION

Petro (PTR) will be a sovereign crypto asset backed by oil assets and issued by the Bolivarian Republic of Venezuela on a blockchain platform. Its launch will spearhead the promotion of an independent, transparent digital economy, open to direct citizen participation, which will serve as a platform for the development of crypto assets and innovation in Venezuela and other emerging countries with great potential.

Petro will have three facets:

 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.

 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.

 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.

 

                         INITIAL OFFER OF THE CRYPTOASSET

Basic conditions

Total emission: 100.000.000

Pre - Sell
Tokens available: 38.400.000
Reference Selling Price: USD 6026,27
Start date and time: February 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT).
Closure date and time: March 19, 2018 at 23:59:59 p.m. (Venezuela time, -04:00 GMT).

Initial Offer

Total Petro available for sale: 44,000,000
Reference Selling Price: USD 60*
Start date and time: March 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT)
Closure date and time: Until the Petros of the first emission are exhausted


                                              INCENTIVES

An incentive system has been designed for investors who purchase Petro on a private sale basis. The scheme is intended to stimulate early participation in the Pre-Sale to generate trust that will produce a favorable effect on the market during the Initial Offer. The plan is quite simple and involves degressive scales of discounts (Dv ) from the initial lot. This first lot, which will be placed in the Pre-Sale, will have a volume of 3,400,000 Petro and will have a discount on the reference price of crude oil in the Venezuelan basket. The following lots will have 5,000,000 Petro and the discount will decrease successively for each lot sold, until the last lot, of 24,000,000 Petro, which will have no discount.

Social link

Web ENG http://thepetroptr.com/ (http://thepetroptr.com/)

Web SPN http://petro.gob.ve/index.html (http://petro.gob.ve/index.html)

Facebook  https://www.facebook.com/elpetrooficial/ (https://www.facebook.com/elpetrooficial/)

twitter https://twitter.com/petro_coins?lang=es (https://twitter.com/petro_coins?lang=es)

Telegram https://t.me/elpetrooficial (https://t.me/elpetrooficial)

PETRO has already been born to live Venezuela! I will buy it in etherdelta! ;D ;D

in what exchange I can acquire it, it is true that it will be in etherdelta

Any other crypto enthusiasts here in Caracas, or Venezuela in general? Send me a message please.

Total shitcoin clusterfuck by communist dictator Maduro will not last in the free market. The only good thing about this shitcoin is that it will be easier now for venezuelans to dump it for BTC on exchanges, I don't see any other use. And this is assuming that you can freely trade it around which I really doubt. I would be surprised anyone can freely dump their PTR for BTC. Why would Maduro allow for that if they want total control over the citizen's money?

I have managed to buy a petro in etherdelta https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH, we are very happy for the birth of the living petro chavez and our mature pre-mature 8) ;D ;D ;D

the petro is world history, what is heard is that it is in etherdelta some orders of sales at the price of offers, it is a good achievement of the bolivarian revolution of mature nicolas

so they buy the petro de maduro are thieves

I'm Venezuelan and am appalled at the fact that some in the crypto community appear to be taking the word of a totalitarian dictator and helping him fund the oppression of my fellow citizens. Venezuelans are starving because of Maduro's communist policies, and know that if you buy the petro, Venezuelans will pay with their lives.

For those that think that this can be an opportunity to shift the economy around, the government has been in power for 20 years, and all they've done is leave us poor and hungry. They show no signs of wanting to change, opening up society or the economy. After total control of our oil, of our private industries, and of the narco trade, the Venezuelan government is desperate for funding and wants to scam foreign investors like yourselves using this cryptoasset.

The government also routinely threatens and mistreats the petro developers after they were naive enough to think they could create a truly decentralized coin for Venezuelans.

You can read more about the petro here:

https://www.caracaschronicles.com/2017/12/08/enter-the-petro/

https://www.caracaschronicles.com/2018/01/31/whats-next-worthless-petro/

Or read the opinion of a Bitcoin Core dev: https://twitter.com/jmcorgan/status/965960864552534017

Do not fund hunger and death.

Thank you.

Why is the pre - sell price over 6k and the initial offer is 60*? Is that a typo? What is 60*?

Things getting interesting
Let's see what happens next

Im also confused on this PETRO (PTR). based on etherdelta price 1 Petro is trading at a price of 0.0628 USD. The website is not secured (no Https) the telegram members are 195 people only. Better to watch and collect more data before buying in.

Be careful this is the real webpage of this project http://www.elpetro.gob.ve/index-en.html probably those token sold at etherdelta is not genuine

I already made my first investment in PETRO PTR through etherdelta EXCHANGE link :https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH (http://[Suspicious link removed)  buy at the offer price to sell at 55 $ This link was published by the superint saludos

I believe Americans should be worried about investing in this. The USA is considering this as funding a regime/ terrorism. Just be cautious, and I suppose hope the country doesnt pump and dump this or the price of oil falls through its boots with renewable energy and all that.

Something fishy going on. There's two different users promoting two different smartcontracts in this forum.
This is the other thread: https://bitcointalk.org/index.php?topic=2880880.0
Be careful, I would stay away from this scam.

Greetings from Germany today manages to buy my first PETRO PTR through etherdelta 1.5 ETH it is spoken that you can upload a lot of greetings I could buy in etherdelta here in link https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH (https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH)

I'm interested in buying some petro coins

  :'(

Greetings from Norway

I already have my PTR can buy them with ETH
I was reading in other forums and talk about a very high risk investment but can leave good profits of up to 1000%

the link is the etherdelta already mentioned
there are some offers >:( ;)

link https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH (https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH)

This coin is probably the most risky coin ever released as we don't know how they are going to spend all money invested. We don't know its it is legally backed or not. America hates Venezuela government etc..

While I think this idea was a brilliant move on the part of the Venezuelan government, I would not buy into the PETRO. There really is not point in cryptos that are backed by oil. Oil is volatile, crypto is volatile, Venezuela is volatile. All of these factors are a recipe for disaster. Say what you want, but any crypto backed by anything should be viewed with skepticism. The reality is you will never be able to take possesion of the assets that are supposedly backing the crypto. I would love to see someone try to collect on 1000 barrels of oil. That would be hilarious. 

The site looks like it made by 10 years old kid   , I know that most people clam they bought into this is just useless newbie accounts that are probably fake . This looks like pure shiticoin . Not even spend sometime to make it look a little legit .  I think avoid at all costs is the right things to do .

So when price for oil raise PTR will also?

I believe that the crisis first of all begins in the minds, and only then in the economy. And you can fill the country with gold, oil and other assets, but if the government is incompetent, then no subsidies and cryptocurrencies will help to revive the economy.

I don't see any value of this coin.
This government may be out of ways to control their inflation issue.
This won't survive on free market.

I don't know if it's good that a nation had made a official crypto currency backed by petrol or if it's bad that the country b which has done in is in a grand financial condition. What do you think guys ?

no interested for buy. based on oil price + controlled directly by the government

I think the risk of investing in PETRO is very high, because the country is facing sanctions from the United States, and I think it's pretty dangerous to issue this token just to avoid U.S. sanctions.

I will look forward to this project, but i don't think its really that good as you may think. It's probably an act to take some money for his Country to avoid default. We all know their economic background. Hope i'm wrong, i wish you success.

It is a nice initiative by the Government of Bolivia. I hope that Petro is successful, it would be important to bring more people closer to the world of cryptocurrencies and give more credibility to the whole industry

I will strongly advise anyone from investing in this coin as you will be directly supporting the current government of Venezuela. Not to mention that you might be breaking the laws of your country as Venezuela is facing sanctions from many countries.

A true socialist country would distribute the coin amongst all the citizens equally and allow for foreign investors to purchase this coin and drive up the value. This is most certainly not the case.

I am also monitoring this cryptocurrency as it was back up  by Venezuelan government. If this succeed,  many government will follow. Many government are also mo monitoring this ICO in my opinion, and in a short period of time  we will be seeing that several government will be using this platform in raising funds. I think Turkey issued that they will have their own ICO together with IRAN and others.

You can read here:

After Venezuela’s Petro Success, Turkey Pitches its Own Crypto (https://www.icoexaminer.com/ico-news/venezuelas-petro-success-turkey-pitches-crypto/)

https://www.icoexaminer.com/ico-news/venezuelas-petro-success-turkey-pitches-crypto/

I may even have more trust on Tether than Petro, though I won't buy either.

Venezuela is an example to other states in this regard. other states will take their coins to the market in turn

I agree with you there man.
And I thought Putin coin when showing up here was bad this is far more worst. :-\

If your buying this coin are directly funding a government that enjoys destroying it's people by opressing them.
Atleast Putin in Russia does not hide this and infact flaunts it openly to their puppet president in office Trump.

It is incredible how many people speak badly of this currency, without knowing that it has been the first step to take us towards the future. Do not see it as a currency of the Government of Maduro! see it as a currency of a nation! and that has made cryptocurrencies more accepted worldwide.

Do not be so pessimistic and negative! >:( >:( >:(

I invite you to invest in the future this is your link: https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH

Umm? you can trade Petro on EtherDelta?

The fact of the birth of cryptocurrency in Venezuela is very interesting. Actually I can't help wondering that it really happened but I am afraid that Petro will be used by Maduro's government like an instrument of corruption.

In fact, no matter if it's a bad idea or a good one, it can become a revolution in the crypto world. Nobody has done this before. And this is definitely a positive trend. However, what if this cryptocurrency will be hacked? Will the country disappear? Will it be bankrupt? What will happen? I do not yet know how this project will develop.

Please don't say that it can become a revolution in the crypto world.  It will not be.  This is a fucking scam and is ruining the crypto world, the whole concept is bullshit.  No wonder the country is falling apart, they have scammers running it.

They do it for profit so i wouldn't invest in it.

From what I understand:
a) the coin is not fully developed yet
b) it will eventually be based on the NEM blockchain

So, I am not sure how it could be available as an ERC-20 token on Etherdelta? 
I suspect both this, and the Telegram ICO, will both see more than their fair share of scam attempts.

The coin has already concluded it's pre-sale and the issuer claims to have raised over $5 billion on the presale.
The coin is based on NEM platform while initially it was planned to be an ERC token as the ETH congestion is not easing.

They do it for resolving their problems. And you can`t invest in it if you are not citizen of Venezuela

This PETRO token on EtherDelta is a scam and not the official cryptocurrency of Venezuela: https://etherdelta.com/#0x1ec10eab27b76968cd8b854914cc6eb9f886ce27-ETH
The original coin has symbol PTR and it has it's own wallet, so it's not ERC20 token.