Maduro announced that it will be available in electronic exchange houses around the world
President Nicolás Maduro announced, in a radio and television appearance, that he will open the prevention of oil on February 20. The new cryptocurrency will be guaranteed by Venezuela's oil, gold and diamond reserves and is a digital asset created by the country to face the international financial blockade.
In his appearance, Maduro stressed that the sale of Petro was made through a token (digital solution) with ERC-20 features (common standard in the crypto community) and that is available in all electronic exchange houses around the world . The Venezuelan president also announced the launch of the page www.elpetro.gob.ve, where all conditions on the use and conditions of oil were published. In this regard, the president of Venezuela signed Petro's white paper to comply with international protocols regarding the creation of a cryptocurrency.
The operation of the Petro is regulated by the Blockchain Observatory of Venezuela and the cryptocurrency can be sawn by Venezuelan citizens in their usual computer, as well as being a candidate for fiduciary currencies, as already advanced by ecoin4dummies.com in this news.
The White Paper on Oil, published on the page www.elpetro.gob.ve, explains that the launch of Petro "is spearheading the promotion of an independent digital economy, transparent and open to the direct participation of citizens, that will serve as a platform for the development of cryptoactives and innovation in Venezuela and other emerging countries. "
Also, the white paper adds that "The total of Petros issued and put on sale will be one hundred million (100,000,000) .No extraordinary issues.". In addition, the PTR has three clear faces: as a means of exchange, as a digital platform and as a saving and investment instrument.
The issuance and distribution of PTR was sold as follows: Venezuela will issue a total of one hundred million (100,000,000) of Petro, of which two million million (82,400,000) were offered to the market in two stages: a Presale private and a public Initial Offer, according to the attached graph. 44% is available for the initial public offering of the cryptoactive. 38.4% will be available for private sale. 17.6% will retain it to the Superintendence of Cryptocurrency and Related Venezuelan Activities (SUPCACVEN).
On the other hand, the distribution of the funds that are collected will be distributed as follows, as shown in the attached graph:
15% Petro Project: funds destined to technological developments and promotion efforts that hope to comply with the roadmap announced.
15% Development of the ecosystem: fund for the promotion and promotion of applications within the Petro ecosystem, which has proposals through SUPCACVEN and selected by Petro holders through voting through the block chain.
15% Technological development: funds destined to investments in technologies, infrastructures, special zones and projects that contribute to the economic progress of the country, with special emphasis on applications of block chains to improve productivity and transparency in companies and public bodies.
55% Sovereign Fund: allocated to the Republic for the support granted to the use of Petro
Likewise, and according to the same sources, "the token ERC20 is pre-mined in an intelligent contract of Ethereum." At the beginning of the pre-sale process, all the issuance will be in the digital portfolios of the Republic. Finally, PTR can be allowed through the exchange of Petro ERC20 tokens acquired in the Pre-sale, through its acquisition in the Initial Offer open to the participation of the general public or in the secondary market once the Initial Offer process has ended.
