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 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/Web SPN
http://petro.gob.ve/index.htmlFacebook
https://www.facebook.com/elpetrooficial/twitter
https://twitter.com/petro_coins?lang=esTelegram
https://t.me/elpetrooficial
