Venezuela Petro ICO Whitepaper: Oil Backed Cryptocurrency?

Venezuela is getting closer to the date when they will finally release the whitepaper for their petro cryptocurrency. The document has been pending for a while now, which is predominantly due to waiting for president Nicolás Maduro to sign off. And according to recent reports, consumers will be happy with what they see.

The Petro campaign within the cryptocurrency world is expected to be one of the biggest projects around for investments. According to online claims, their profitability and widespread popularity is due to be bigger than Filecoin, Tezos, Telegram, EOS, and many other huge companies.

Just one of the Petro tokens is available for $60 and selling all of them during the token sale would be almost as much as what the company made during their 2017 ICO alone. Right now, it is more expensive than even the Bitconnect X token, which is valued at $50.

Most people will look at the whitepaper without being impressed by much. There are 22 pages of content, which is perfectly organized in a way that consumers understand. There is plenty of discussion about the blockchain, but it would not warrant a second look if it was new to the crypto world. However, it is much more than that – it is a government-issued cryptocurrency, and that concept alone holds a lot of weight.

The only thing that the whitepaper is missing is a roadmap, which most cryptocurrency companies possess. However, some people think that it is a little strange to see a government entity discussing the Coinmarketcap, token sales, and emissions. Within the whitepaper, consumers should be able to view:

• A chart with the percentage of gains and the daily volatility of various platforms in 2017
• The details regarding the 100 million PTR (petro tokens) that will become available, along with how they can be divided
• How many tokens will be available in the pre-sale (38.4% of the total) and the public sale (44% of the total)
• How to use PTR to pay for taxes, fees, public services, and other purchases
• Where the PTR tokens can be exchanged

The pre-sale for the PTR tokens will begin on February 20^th, and the public sale will be about a month later. There will be discounts available, though consumers will have to check back closer to the sales to see what they qualify for. No other tokens are planned to be established, though there might be another model introduced to create an opportunity for additional investors.

The whitepaper shows consumers that the token is not intended to be used in the same way as cryptocurrency is used with the dollar. In fact, it goes as far as to say, “the world economy has suffered from uncertainty and instability caused by the foundation in a currency without a gold backing, which has been particularly harmful to emerging economies.” However, there is no discouragement of Americans to join in on the investments, as it would benefit the Venezuelan economy.