Thousands of people are already taking their first step, to approach the new era, BLOCKCHAIN and CRYPTOCURRENCY. Because they are looking for technological and economic improvements, as it is very true that we are increasingly approaching digital evolution. The purpose of this post is to make a comparison of a CRIPTOMONEDA (PETRO), which the government of Venezuela wants or is going to launch in the digital currency market, I am taking the audacity to make the comparison with the CRIPTOMONEDA (STEEM), a digital currency with a track record in the market and with a BLOCKCHAIN very well structured and that promises a great evolution within the family of social networks.
What is PETRO?
The petro is a Venezuelan digital currency based on block chain technology and is backed by the reserves of various natural resources of Venezuela such as oil, gold, diamonds and gas. So far, each petro would be backed by a barrel of oil from the Venezuelan crude oil basket. It would be a partially preminated currency with future mineable emissions.
December 3, 2017, President Nicolás Maduro announced the creation of the currency after more than one year fifty Venezuelans had worked on the matter. Along with the announcement of the new digital currency, the Blockchain Observatory of Venezuela, attached to the Ministry of University Education, Science and Technology, would also be formally created, which would be the institutional, political and legal base and would be in charge of registering digital transactions. Under the Official Gazette N °. 41,296 dated December 8, 2017 created the Superintendence of Cryptocurrency and Related Activities, which will control and monitor the behavior and evolution of petro.
For the first issue of the petro, it has an endorsement of 267 billion dollars. Its entry into the market will be through the Superintendence of Cryptoactives and Related Activities through an initial auction or direct assignment. On Friday, January 5, 2018, Nicolás Maduro announced the issuance of one hundred million petros and informed that his white paper will be presented on January 14. Carlos Vargas, superintendent of petro, said that progressive sales will be made. He also assured that it is a partially pre-minted currency, so that subsequent issues will be mineable.
On January 9, 2018, the National Assembly debated the petro, declaring the first and next issuance of the cryptocurrency null and void. The deputy Alfonso Marquina said: "the petro is not a cryptocurrency. Represents a forward purchase / sale contract whose underlying asset is one barrel of oil. Tomorrow, the AN will declare its emission null and void, therefore it would not be required of the republic. "The Supreme Court of Justice of Venezuela maintains the declaration that the National Assembly is in" contempt "and its acts are of" absolute nullity ".
On January 12, 2018, Nicolás Maduro proposed the use of petroleum in the member countries of ALBA and Petrocaribe as a "measure of economic integration".
On Tuesday, January 16, 2018, the US Treasury Department warned US investors that the use of the petroleum could cause legal problems.
"My appreciation of PETRO" ...
In a supposed fact that this cryptocurrency goes on the market, I do not think it has prosperity. Due to the facts and functions that the Venezuelan government has implemented with its actions in the country, well, as it is doing a terrible political and economic work with the management of that country, I do not want to imagine what will it be like? Managing the currencies of the digital world. I read and investigated the legal basis of cryptocurrencies and did not find any research results, in which a government administered a cryptocurrency. To the evidence I refer the situation of Venezuela is generated by the fact of poor political and economic decisions of the current government.
Imagine for a moment that the assets of thousands of people are invested in PETRO, because, supposedly will be shot by Venezuelan resources in this case: 1 PETRO is equal to 1 BARREL OF PETROLEUM, that at OPEC price (Organization of Exporting Countries of Oil) is at $ 55. It reads and is believed to be very lucrative. Until by decision of the president of Venezuela orders the expropriation of all those who are not friends of Venezuela. Due to different thoughts, about your system or just trying to provide a solution to any problem.
What is STEEM?
Steem is the cryptocurrency of the social network Steemit, where users can earn through the publication of content.
There are three (3) asset classes in Steem:
STEEM:
Liquid, interchangeable in exchanges (Bittrex, Poloniex, and the OPENLEDGER of BitShares) It can be transferred from an exchange to the portfolio of a user, who uses his account name as the address.Steem Power (SP):
It is not liquid it implies a long-term commitment with the Steemit network. The more SP the user has, the greater their rewards for curating content.Steem Backed Dollars (SBD):
Liquids, interchangeable in exchanges and in the internal market of Steemit. Designed to have a stable value of around USD $ 1. They can be converted to STEEM directly in the portfolio.
Payments:
Payments are made 7 days after the publication / comment is created. You can claim your rewards in your wallet after 7 days.
Payments can fluctuate (raise and lower) until the final payment is reached.
Payments for publications are divided between the author (at least 75%) and curators (up to 25%).
The author's reward is paid 50% in Steem Power and 50% in liquid STEEM / SBD.
Authors also have the option to refuse payment, or receive a payment in Steem Power 100%!
"My appreciation of STTEM" ...
It is a cryptocurrency that has been growing, with great worldwide support. Due to its almost perfect execution as BLOCKCHAIN. It should be noted that its new system of interweaving communities. And generate a different proposal where countries and cultures are or easily where you can share knowledge and knowledge, with an evaluation and economic reward, says more than a thousand words.
Steem offers all the direct and indirect benefits that may exist, within the world of cryptocurrency, in Venezuela the steemian community is growing very quickly due to its successful record and its great execution when it comes to meeting its objectives.
