Venezuela Publishes New Whitepaper for Petro Cryptocurrency

Nishanth Shetty

October 4, 2018 2:09 pm

Cryptocurrency News

Venezuela Publishes New Whitepaper for Petro Cryptocurrency | Coindelite News
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Nicolas Maduro, Venezuela’s president, has announced Petro cryptocurrency as the national currency on Monday. The President also claimed that Petro is already present in the world’s six leading international exchanges. A new whitepaper has also been published, and it states that petro is no longer 100 percent backed by oil but it is also supported by Venezuela’s other resources.

The Official Announcement of Petro

Venezuela’s television network Telesur quoted Mr. Nicolas’ announcement. Mr. Maduro said Petro doesn’t need to be mined as it already has a value. It is shielded with Venezuelan oil and mining wealth. He further included that Venezuela has made history by taking a step forward to launch Petro as a national currency and a platform to boost their financial authority.

The New Whitepaper

After the announcement, the Venezuelan government published a new whitepaper. It states that Petro will use Dash’s X11 mining algorithm for Proof of Work. The whitepaper also included that petro would use a staked master node system for Proof of Stake verification.

One of the new whitepaper’s pages explains the basic concept of the technology behind the petro. It also shows illustrations taken directly from the Dash and Bitcoin whitepapers.

Joey Zhou, the Ethereum developer, tweeted about the move taken by Venezuela’s government.

The white paper stated that petro is no longer backed fully by a barrel of oil. Now it is backed by 50 percent oil, 20 percent gold, 20 percent iron, and 10 percent diamond.

Telsur TV quoted Maduro saying that the petro is already present in the world’s six topmost international exchanges. Soon, petro will be having a great response.

Mr. Maduro included:

“All Venezuelans will have access to the petro and through it to make international purchases,” the news outlet quoted him saying, noting that “Petro coins are now a legal substitute to dollars in real estate deals as well as paying for goods such as airline tickets, hotels and the like.”

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