Hi. i am not used into making fancy post :-)
Here you can see the official PETRO whitepaper in english (beta):
http://elpetro.gob.ve/Whitepaper_Petro_en.pdfHere you can see the official PETRO whitepaper in spanish (beta):
http://elpetro.gob.ve/Whitepaper_Petro.pdf Here is the official Petro website in english
http://elpetro.gob.ve/index-en.html Here is the official Petro website in spanish
http://elpetro.gob.ve/index.html (will improve on the next few days)
What do we know from this beta?
The economic potential and the fundamental foundation of the Venezuelan economy is its abundance of
natural resources, oil been the most prominent of them. The exploitation and commercialization of hydrocarbon
and some related products and by-products, generate 95% of the income of foreign currency for the country by
exports.
As the main source of electrical energy, and a vital part of other industries, such as pharmaceuticals, oil remains
a highly sought-after commodity in the world. Its market is approximately 1.7 trillion dollars annually.
To put it in perspective, the oil market is larger than the sum of all metal markets. This situation puts Venezuela
in a privileged position, as it possesses the largest proven reserves of crude oil (300,900,000,000 barrels), as
well as great advantages in terms of energy, including an electric system subsidized by the same oil revenues.
Such figures can be found on official OPEC Data:
http://www.opec.org/opec_web/en/data_graphs/330.htmPetro will give investors the opportunity to enter the crypto asset market with an instrument of intrinsic value
that is safer, more stable and susceptible to a fundamental analysis because it is linked to a widely known
industry, and therefore, suitable to be used in large transactions and even as a store of value.
Each Petro will be backed by Orinoco Belt's Field #1 of Ayacucho Block, having a total of 100 million barrels out of a minimun of the 1,200 billion oil barrels left available in such reserve
It is a matter of obligatory compliance for the government since one petro will be backed by a sale contract on one barrel of oil by law, which means it will be internationally and legally exigible:Here is the Oficial Publication (In Spanish only) available to be translated using google translate:
http://www.tuabogado.com/venezuela/secciones/derecho/informatico/decreto-3196-sobre-creacion-del-petro-y-la-superintendencia-de-los-criptoactivos-y-actividades-conexas-venezolanaHere is the Decree ready to be downloaded:
https://mega.nz/#!3QtmDL6b!1sX-RCFcRiybewJcKQVjyAg7T7sxAympJCHzZHyRaU8
INTENTION OF PROMOTING TRANSPARENCY AND GROWTHPetro will operate with blockchain technology, following the highest standards to guarantee integrity, transparency,
auditability and governance. Thus, the crypto asset will generate trust among international investors
by having its foundation firmly established in a context of clear policies and a solid connection with the real
economy
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
PRESALEThe Pre-sale will start on February 20,2018 and will consist of the creation and sale of an ERC20 token on the
blockchain Ethereum platform. This process will promote and guarantee demand for Petro’s Initial offering,
which will be carried out later.
The tokens that meet the requirements of the ERC20 standard are non minable digital cards that are issued in
their entirety through an intelligent contract on this platform. The token will not be part of the Petro network
until it is redeemed or “burned”17 during the Initial Offer process. The token may be exchanged for Petro at any
time between the launch date and the closing of the Initial Offer.
INITIAL OFFERPetro’s Initial Offer will be made later until the eighty-two million four hundred thousand (82,400,000) units
available for sale are exhausted.
Petro’s on sale during the Initial Offer will be created and sold through an auditable mechanism in the blockchain.
Restrictions
The Venezuelan State will not be able to make new emissions Petro. The design of the network includes the
possibility of generating an incentive for proof of stake (PoS). This feature will be initially disabled until ICO sellings finishes
ISSUANCE AND DISTRIBUTIONA 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 proportions:
44.0% will be available for the initial public offering of the cryptoasset.
38.4% will be available for private sale
17.6% will be retained by the Venezuelan Superintendency of Currency and Related Activities (SUPCACVEN)
FUNDS DESTINATION15% Petro Project: funds earmarked for technological development and promotional efforts to comply
with the announced roadmap.
15% Ecosystem development: Fund for the promotion of applications within the Petro ecosystem, which
will be proposed through SUPCACVEN and selected by Petro holders by voting through the blockchains.
15% Technological development: funds earmarked for investments in technology, infrastructure, special
areas and projects that contribute to the country’s economic advancement, with special emphasis on
applications of the blockchains to improve productivity and transparency in companies and state agencies.
55% Sovereign Fund: destined to the Republic for the support given to the use of Petro.
CONDITIONS AND INCENTIVES FOR THE INITIAL OFFERTotal emission: 100.000.000
Pre-sellTokens available: 38.400.000
Reference Selling Price: USD 6026,27 (discounts apply)
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 OfferTotal Petro available for sale: 44,000,000
Reference Selling Price: USD 60 (discounts apply)
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
INCENTIVESAn 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.Petro will be purchased in the following ways:(A) By exchanging Petro ERC20 tokens purchased in the Pre-sale
(B) In the Initial Offer open to the participation of the general public
(C) In the secondary market once the Initial Offer process is completedThe purchase and exchange of Petro can be made from person to person, from portfolio to portfolio, in a
secure manner. It is beyond the scope of blockades or arbitrary limitations of third parties -unless it is in
the possession of a centralized entity, such as a trading house.
This ability of the Petro blockchain to execute direct exchange operations will allow the instrument to be
used as a means of direct payment to businesses, restaurants, goods and services companies.
However, it should be noted that digital exchange houses will play a fundamental role in monitoring the
prevention of illicit activities and combating money laundering, thus constituting the ideal means for
commercial, industrial and business activities of international trade in which Petro interacts with fiduciary
coins or other cryptoassets or cryptocurrencies
