Petro is a sovereign blockchain-based crypto asset issued by the Bolivarian Republic of Venezuela and backed by oil assets. The crypto asset aims at promoting an independent and transparent digital economy that is open to the direct participation of the citizens. It also seeks to develop crypto assets and innovation in Venezuela and developing countries that have great potential. This will result in a global financial system that is fair and collaborative, which will encourage growth and trade among developing economies that rely on raw materials.
Petro Coin State Support
Petro has a backing of an actual asset and contributes to the cryptocurrency market and the digital economy through the support offered by the Venezuela sovereign state. In order to promote the use of the crypto asset in the domestic market, the Bolivarian Republic of Venezuela guarantees that it will accept Petro as a means of payment for taxes, fees, and contributions, which in turn guarantees that the holders of Petro will have a value adjusted to their investment.
Three features make up Petro:
- Means of exchange
Petro can be used purchase goods and services. It is also redeemable for fiat money or cryptocurrencies through the crypto exchange house.
- Digital platform
It can represent goods or raw materials and create a digital instrument for trading nationally and internationally.
- Savings and investment facility
Petro will be available in crypto exchange house for carrying out exchanges safely and in accordance to the legal framework of Venezuela.
Petro Coin Accepted Token
Petro will be distributed to the economy through the Petro (PTR) token. The petro tokens have a NEM blockchain, which means that they are non-minable digital cards and only issued through a smart contract on the platform. The PTR tokens are purchasable during the Pre-sale and the Initial Coin Offering. Once the Initial Coin Offering is closed, the tokens will be available on secondary markets. Token holders can use the tokens to make direct payments to businesses, restaurants, goods and services companies.
Funds collected from the ICO will be used to develop Petro and its ecosystem to encourage its adoption. Transparency in the usage of the funds is ensured through the Smart contract in the blockchain.
Benefits of Petro (PTR)
Transparency: All the activities using Petro will be monitored by digital exchange houses in order to prevent fraudulent activities and deal with money laundering activities.
Cheaper transaction fees: PTR operates on the NEM blockchain, which has lower transaction fees compared to Ethereum. The NEM blockchain results in predictable and affordable rates.
Faster transactions: The NEM basis of petro can process up to 4000 transactions per second, which is faster than Ethereum that can only process 20 transactions per second.
Incentives: Investors who purchase the tokens during the early stages of the Pre-sale will receive discounts. There will also be discounts during the ICO.
Usability: The token can be widely used, as it is an accepted form of payment is the Venezuelan government. It can also be used to make payments for products and services in business, restaurants and goods and services platforms.
Elimination of intermediaries: Petro will allow the users to transfer value and information without having to involve third parties.