XPetroleum: A New Solution for the Oil Industry

The oil industry is one of the pillars of the modern world economy.

Its role can not be overestimated: thousands of kinds of goods are made from oil. It is not only fuel: gasoline, kerosene, oil, but also polyethylene, plastic, petroleum jelly, medicines, synthetic fabrics, paraffin - more than 6000 items in total. That is why oil production is such an important and profitable industry.

However, oil is a non-renewable resource. Every year its reserves are reduced. To improve the process of oil production, its transportation to the consumer and optimize trading operations, a new XPetroleumproject is being created , using Blockchain technology.

The meaning of the project

For the effective functioning of the oil industry, a number of tasks need to be addressed:

Ensure the safety of mining and transportation.
Create a system of quality control and authenticity of products.
Track mine.
Ensure the transparency of operations and reduce the time spent on their processing.
Reduce the cost of products and eliminate intermediaries in the producer-consumer chain.

This requires a new oil platform, which is being created at the moment by the developers. The basis of the platform are smart contracts Ethereum.

How it works

A feature of the Blockchain technology that the XPetroleum platform uses is its decentralization. This means that all participants in the process are equal, the contracts are concluded without the participation of third parties, and the storage and transfer of data is much better protected than in other systems.

Between the parties, the number of which, strictly speaking, is unlimited, smart contracts will be concluded. These agreements are multifunctional, the system responds to every action of each participant in the process, which is designed to ensure the transparency of operations, increase their safety and efficiency. At any time, it will be possible to track all the necessary parameters: the oil field, its quality, the speed and price of transportation and create the most favorable transaction conditions.

As a currency, the platform will use XPL tokens, for the purchase of which special public sales are organized. Using tokens will give great advantages:

You will not need to make currency conversion in international operations.
The speed of operations will increase significantly, as the XPL token transaction time is several seconds.
Significantly reduce the cost of transactions.
The oil market will become more transparent.
Due to the absence of intermediaries, the price of oil will not unnecessarily rise.

The standard for the tokens of this platform is ERC20, so they can be stored in the appropriate wallets.

Token and ICO

In the spring of this year, the launch of Whitepaper 2.0 is planned, and this will be the starting point in the project’s activities. 80 million tokens will be issued, 62% of which is sold at a public auction at an initial price of $ 0.15, and unsold are planned to be destroyed.

Also note the White Paper project, which is available at this link.

The project team

Conclusion

The oil industry in its present state is a profitable investment target, since the oil refining products make up and will form the basis of the world economy of the 21st century. On the other hand, this industry needs to be optimized, because investments in it at the moment with obvious benefits have certain risks. Participation in the XPetroleumproject can be a good solution due to the promise of introducing digital technologies into this sector of the economy, improving security and general optimization of the industry.