[PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela

[taseenb]

It's very simple, they all talk about petro, not token or Ico, what I try to say is to get a token out, if Venezuela can already do the cryptocurrency, if you are a developer you know that to go from token to currency is something impossible, there are many good engineers in the country, are you Venezuelan? or of what Nationality? and sorry you learned blockchain, C ++, java, oracle where? There are many things that I say to you with property, that is why it is my alarm, I do not see multifirm algorithms, I do not see burning algorithms, just a simple token ERC20, which is done in 5 minutes, we are talking about the riches of a nation. Now if you understand me?

Yes, but we don't have detailed information at the moment. Anyway, rumours say Petro will be based on NEM.

Sit back and relax. We are all anxious and curious to get more information. Many people are working on it, many and in many different fields (not only development, also law, finance, public finance, banking). It's a large project and a massive challenge, not a startup toy. Updates will be released when things will be ready.

[LUCKMCFLY]

It's very simple, they all talk about petro, not token or Ico, what I try to say is to get a token out, if Venezuela can already do the cryptocurrency, if you are a developer you know that to go from token to currency is something impossible, there are many good engineers in the country, are you Venezuelan? or of what Nationality? and sorry you learned blockchain, C ++, java, oracle where? There are many things that I say to you with property, that is why it is my alarm, I do not see multifirm algorithms, I do not see burning algorithms, just a simple token ERC20, which is done in 5 minutes, we are talking about the riches of a nation. Now if you understand me?

Yes, but we don't have detailed information at the moment. Anyway, rumours say Petro will be based on NEM.

Sit back and relax. We are all anxious and curious to get more information. Many people are working on it, many and in many different fields (not only development, also law, finance, public finance, banking). It's a large project and a massive challenge, not a startup toy. Updates will be released when things will be ready.

If you need help, remember to ask for it, it is not weak to ask for help, this is the only option that the country has, it would be good to start restructuring everything from the whitpaper.

[happyminer1]

this is a really good question! This is a crypto different from the others! How can people expect a pump? even a X5 pump?
I think that the real purpose for this coin is to pay the bondholders..

Talks are underway to use the Petro also for not-only-oil trade in the ALBA countries (several small Caribbean countries and Bolivia, but others could join in the future). A sort of small local Euro.

They already have a kind of local euro, the sucre. After a promising start it turned to be a sounding failure. The main user was Ecuador with a maximum of 2077 transactions in sucre in 2012 going down to 14 transactions (worth $4,9 million) in the first half of 2017.

[STT]

Reminds me of Qaddafi when he first got into power, he setup an alliance with neighbouring countries.    Its hard to hold currency over multiple borders, the UK Sterling was originally fixed to EURO like standard called the ERM but it failed because of lack of support between the partners.  UK has not been part of the EURO since that time.   Speculators including famously George Soros picked it apart on its weaknesses.

It's very simple, they all talk about petro, not token or Ico, what I try to say is to get a token out, if Venezuela can already do the cryptocurrency, if you are a developer you know that to go from token to currency is something impossible, there are many good engineers in the country, are you Venezuelan? or of what Nationality? and sorry you learned blockchain, C ++, java, oracle where? There are many things that I say to you with property, that is why it is my alarm, I do not see multifirm algorithms, I do not see burning algorithms, just a simple token ERC20, which is done in 5 minutes, we are talking about the riches of a nation. Now if you understand me?

Yes, but we don't have detailed information at the moment. Anyway, rumours say Petro will be based on NEM.

Sit back and relax. We are all anxious and curious to get more information. Many people are working on it, many and in many different fields (not only development, also law, finance, public finance, banking). It's a large project and a massive challenge, not a startup toy. Updates will be released when things will be ready.

I found a list of the most successful ICO ever and on there is a token linked to a commodity, gold.    Seems worth mentioning for context to Petro and if it is at all similar in holding some standard
https://www.investinblockchain.com/10-most-successful-icos/

[happyminer1]

Only 6 days left until the end of the pre-sale!

Only 6 days left until the end of the pre-sale and pre-sale hasn't started yet!

If you doubt, please confirm in the white paper:

The Pre-sale ... will consist of the creation and sale of smart-asset on the NEM blockchain platform.

Not one petro-presale token on NEM was sold so far:

http://explorer.ournem.com/#/s_account?account=NCGBBZKOTERO3EXMPPCNDNDXZQQJXBEMWWO7MB66

(If this isn't the account, there isn't any other on NEM which would fit the description of the petro-presale or petro token.)

The ICO should start on 20th March.

Looking at the experience of the presale, there might be just a show without any actual start of the ICO. But we will see.

Hope there will be much needed tech updates soon!

I wholeheartedly agree.

[happyminer1]

Next Presidential election is on 22nd April, 2018, very soon.

The ONU doesn't recognize this elections

Venezuela has the most advanced electronic electoral system in the region (by far superior in terms of reliability and safety than any other).

This system was developed, implemented, maintained and certified for all the major elections in Venezuela from 2004 to 2015 by Smartmatic. About the elections for the fraudulent and unconstitutional "National Constituent Assembly" Smartmatic declared:

Based on the robustness of our system, we know, without any doubt, that the turn out of the recent election for a National Constituent Assembly was manipulated. ... We estimate the difference between the actual participation and the one announced by authorities is at least one million votes.

Please check the whole story at Smartmatic's site:

https://www.smartmatic.com/news/article/smartmatic-statement-on-the-recent-constituent-assembly-election-in-venezuela/

About the following two elections Smartmatic declared:

Smartmatic did not participate in the last two elections (Regional Elections of October 15, 2017 and Municipal Elections of December 10, 2017) ... Since the company was not involved in these processes, and given the fact that the company’s products are not under warranty and were not certified for those elections, Smartmatic cannot guarantee the integrity of the system, nor can it attest to the accuracy of the results.

This of course is true also for coming elections.

Please read the whole statement at the Smartmatic site:

https://www.smartmatic.com/news/article/smartmatic-announces-cease-of-operations-in-venezuela/

[taseenb]

Talks are underway to use the Petro also for not-only-oil trade in the ALBA countries (several small Caribbean countries and Bolivia, but others could join in the future). A sort of small local Euro.

They already have a kind of local euro, the sucre. After a promising start it turned to be a sounding failure. The main user was Ecuador with a maximum of 2077 transactions in sucre in 2012 going down to 14 transactions (worth $4,9 million) in the first half of 2017.

Sure, but the Sucre is very weak in a region dominated by the USD compared to a blockchain based currency, for obvious reasons. The Petro starts as a global currency by design anyway, like any crypto currency/token.

[taseenb]

Please read the whole statement at the Smartmatic site:

https://www.smartmatic.com/news/article/smartmatic-announces-cease-of-operations-in-venezuela/

That is totally ridiculous and obviously EVIDENCE FREE as almost everything the US propaganda claims: the electoral process in Venezuela is audited and controlled by ALL parties involved, and monitored by international observers. The elections are much more secure than in any other country in the region and certainly many countries in the world.

Smartmatic is simply a private company that has no access to electoral data, they had just provided a technical service. They are in no way representatives of any guarantee whatsoever, and their system would be compromised if they were able to access its data from London. Their statement last year was a pathetic sign of their corruption, so ridiculous that they were even making a "guess".

US funded Venezuelan opposition has ALWAYS refused democracy: they are now praying the UN to refuse to send the official observers requested by ALL candidates, including some opposition candidates. Why? Because they KNOW that observers will prove beyond doubt that the system is transparent and perfectly reliable.

[happyminer1]

Breaking news: The petro wallets finally have arrived. You don't need to register to get them ...

http://www.elpetro.gob.ve/

[taseenb]

[UPDATE] White Paper updated and Petro wallets available to download for all platforms (mobile coming soon)

Latest White Paper version is BETA 0.9: http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf

[taseenb]

Very important technical statement in support of NEM in the latest Petro White Paper. This seems to confirm that Petro will be base on NEM (and Ethereum has been discarded).

https://i.imgur.com/cQx1Kkv.jpg

From the latest version of the White Paper (BETA 0.9):

0.8 NEM BLOCKCHAIN ADVANTAGES

If we look at principles behind NEM, it’s probably most innovative blockchain. NEM blockchain is combining best
possibilities of Bitcoin, Etherium, and other blockchains, yet make it in truly secure, safe, fast, more cost efficient,
user and developer friendly way. With help of it’s standard software it can be used without help of developers of
IT experts to prove and check if andy electronic documents are genuine, notary services, secure and encrypted
messaging, creating crypto assets and smart contracts, getting rewards from network, that is similar to mining
cryptocurrency in other public blockchains, all this can be done in user friendly interface of NEM standard software.
Besides this NEM platform has an inbuilt editable multisig wallet that allows the highest level of security.

So why Petro uses NEM but not Ethereum as the main Blockchain?
Ethereum is a powerful and interesting blockchain, however, we have found many limitations for Petro:

1. Cost of working on Ethereum is high.
Transaction costs are too high compared to NEM and this may be an obstacle to build the ecosystem of blockchain
businesses around Petro. Working with ETH forces you to centralize many things, decentralization is overrated.
NEM public blockchain has predictable and very affordable rate and private chains ownership cost is just infrastructure.

2. Working on Ethereum is slow.
Ethereum executes up to 20 transactions per second (in front of the 3 of Bitcoin or 1,700 of VISA, for example). The
more use of the network and the current consensus algorithms (PoW-based), the more queues will be produced
and no improvement is expected. This produces that a transaction on ETH takes up to several minutes to consolidate,
or some hours.

3. ERC20 compatibility is overrated.
There are almost no tokens that speak to each other and generate associated value, beyond the few cases.

Benefits of using NEM

1. Developers community and Top Blockchain
NEM (New Economy Movement) or XEM (the token) is one of the most relevant projects by market capitalization.
There is a very important community of developers worldwide and they have product in production with large
companies like WeChat.

2. NEM is very fast and cheap
If we saw before that Ethereum runs up to 20 transactions per second, the version of NEM, Catapult, made in C++,
run up to 4,000 transactions per second.

3. You can develop internal blockchains with NEM connected to the MainNet
 We can consolidate n-thousand transactions per user in our own blockchain (zero cost of consolidation) and
connect it to the main network only to send and consolidate certain information.

4. Governance: NEM’s consensus algorithm (Proof of Importance, POI) is the way that NEM has of prioritizing the
relevance of the users (POI).
It uses original idea of what is called Proof of Importance. Its difference from others is that transactions are confirmed
not by nodes that have the highest computing power, but by nodes with the highest Importance in the
network. Importance is defined not only by how much cryptocurrency node has, but by how much transactions
owner of the node makes, and how useful are this transaction. This means that those, who produce value for
network get rewarded and have higher weight in voting and other processes.

5. NEM has an API-centric model, in nontechnical language, it’s developer friendly.
A very technical and also important aspect: Petro uses the power of NEM technology based on APIs. The compatibility
of all Petro apps is absolute and its integration will be very fast.

6. NEM has high-quality developer tools, including JavaScript and other programming languages libraries
Programming smart contracts with Solidity, that is used in Etherium knows how time-consuming it is and how hard
it is to make it secure. The report of Solidity’s errors, for example, is more than unfortunate. Using Javascript and
all popular languages is a step forward, and doing so on a well—structured library—as is the case of NEM is the
biggest advantage for fast growth of Petro ecosystem.

7. NEM Foundation
NEM foundation, from founders to developers predisposed to help and grow the community

[diimazavr]

Very interesting name of the platform and the token. This is a Russian name. It is interesting to know where this name comes from.

[happyminer1]

Please read the whole statement at the Smartmatic site:

https://www.smartmatic.com/news/article/smartmatic-announces-cease-of-operations-in-venezuela/

Both statements of Smartmatic are worthwhile reading, but if you ask whether Smartmatic has a case or not in the question of the manipulation of the elections to the fraudulent and unconstitutional ANC please read that one:

https://www.smartmatic.com/news/article/smartmatic-statement-on-the-recent-constituent-assembly-election-in-venezuela/

That is totally ridiculous and obviously EVIDENCE FREE as almost everything the US propaganda claims: the electoral process in Venezuela is audited and controlled by ALL parties involved, and monitored by international observers.

As the opposition (rightly) boycotted the sham elections, the process was only "audited" and "controlled" by those perpetrating the fraud. The Smartmatic statement explains it well, without taking any political stance.

[taseenb]

As the opposition (rightly) boycotted the sham elections, the process was only "audited" and "controlled" by those perpetrating the fraud. The Smartmatic statement explains it well, without taking any political stance.

For 20 years the opposition and the US have refused the results of elections, unless they won.
The criminal part of the opposition simply cannot win elections democratically (don't have the votes), therefore they need coups like 2002 or violence and foreign intervention.
I don't even reply to baseless, evidence free, biased statements anymore.

[taseenb]

Very interesting name of the platform and the token. This is a Russian name. It is interesting to know where this name comes from.

It comes from PETROLEUM (Petróleo in Spanish). What does it mean in Russian?

https://i.imgur.com/afj5JXh.jpg

[happyminer1]

As the opposition (rightly) boycotted the sham elections, the process was only "audited" and "controlled" by those perpetrating the fraud. The Smartmatic statement explains it well, without taking any political stance.

For 20 years the opposition and the US have refused the results of elections, unless they won.
The criminal part of the opposition simply cannot win elections democratically (don't have the votes), therefore they need coups like 2002 or violence and foreign intervention.
I don't even reply to baseless, evidence free, biased statements anymore.

It's difficult to win against a government which abuses power and manipulates elections. To speak all the times about "criminals" in the context of the opposition is part of the government propaganda.

[happyminer1]

Breaking news: The petro wallets finally have arrived. You don't need to register to get them ...

http://www.elpetro.gob.ve/

OK, let's calm down. What's the Petro wallet? Right: The Nano Wallet v2.1.2 with a different branding. The new white paper puts it so well:

NEM blockchain is combining best possibilities of Bitcoin, Etherium, and other blockchains, yet make it in truly secure, safe, fast, more cost efficient, user and developer friendly way. With help of it’s standard software it can be used without help of developers of IT experts to prove and check if andy electronic documents are genuine, notary services, secure and encrypted messaging, creating crypto assets and smart contracts, getting rewards from network, that is similar to mining cryptocurrency in other public blockchains, all this can be done in user friendly interface of NEM standard software.

[cryptoviagra]

The train is moving but no news yet of our ordered coins, if someone have informations thanks to share please. Cheers

[STT]

Why is a private company commentating and not the UN, I thought they were stated as observers.   Its obviously not a point in favour but even with zero evidence its quite obvious elections are false when the numbers give no semblance of opposition existing.   Always seems to be the case when democracy fails the fragile over inflated ego of those who take over is quite see through in their suppression of any dissent.   Where as any normal free country has people calling the leader an idiot constantly and are usually right :p

A successful economy deals with the negatives by open competition.   Innovation is rewarded with profit.  Crony capitalism destroys itself with inefficiency.   No outside enemy is making this true, its observable everywhere in the world.    Heres a good talk on the monetary failure of the Roman empire and how it undermined itself with a bias to the powerful over the ordinary citizen.   This Petro sure sounds very biased to a one way flow of funds, a bit like capital controls but I might be wrong and I hope its something amazing for Venezuela people

2. Working on Ethereum is slow.
Ethereum executes up to 20 transactions per second (in front of the 3 of Bitcoin or 1,700 of VISA, for example). The
more use of the network and the current consensus algorithms (PoW-based), the more queues will be produced
and no improvement is expected. This produces that a transaction on ETH takes up to several minutes to consolidate,
or some hours.

This does seem very reasonable talk through of why NEM might be superior to ETH as a backbone.   If Petro did take off then ETH really doesnt have the spare capacity to take a national currency being used to any wide extent ?

[taseenb]

It's difficult to win against a government which abuses power and manipulates elections. To speak all the times about "criminals" in the context of the opposition is part of the government propaganda.

No. It's difficult to win if you are a coup plotter criminal and people know it, many won't vote for you, even under a terrible economic crisis. The government simply gets more votes.

Not only: the opposition lost elections and political battles for 2 decades even with the (criminal) support, the sabotages and funding of the most powerful country on the planet and its billionaire media! Imagine the intellectual and moral level of the people who represent the current opposition, they're enslaved representatives of personal and foreign interests. That's why some are abandoning them and creating a new (hopefully democratic) opposition.