Venezuela Petro Cryptocurrency (PTR) (English Whitepaper)
Petro (PTR) has its origin in the idea of president Hugo Chavez of a strong currency backed by raw materials. Its background dates back to proposals for global financial and monetary coordination prior to the hegemony of the US dollar, which resurfaced after the financial crisis of the late 1990s.
The blockchain allows the transfer of value and information, without third parties, they provide the tools to successfully face the challenge of creating platforms and financial instruments that are transparent, efficient and inclusive.
Petro will be a sovereign crypto asset backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent, transparent and open digital economy open to direct participation of citizens. It will also serve as a platform for the growth of a fairer financial system that contributes to develop- ment, autonomy and trade between emerging economies.
Venezuelan oil assets will be used to promote the adoption of crypto assets and technologies based on the country ́s block-chain. The State shall promote and encourage the use of Petro with a view to consolidating it as an investment option, savings mechanism and means of exchange with State services, industry, commerce, and citizens in general.
The Venezuelan population will have at their reach a technology that will allow them having a valuable reserve and robust means of payment to stimulate savings and contribute to the country’s development.
Petro will be an instrument for Venezuela’s economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer international financial system.
Introduction
The adoption of blockchain technology in the global marketplace is not simply a temporary trend or fashion, but a firm and continuous shift towards a future in which the management of personal, institutional and potentially state finances will become easier, straightforward, quicker and more transparent.
Two of the applications of this technology, cryptocurrency and tokens, stand out in popularity. Such instruments are convenient for a global society because they allow greater efficiency, speed and freedom in all types of transactions, especially for international trade.
Its use has generated a universe of opportunities that have the potential to alter conventional business prac- tices, especially in industries based on intermediation for exchange or verification, such as finance, trade, manufacturing and even in areas of human knowledge that usually adopt technological innovations in longer terms, such as law and politics.
There is still a critical mass of cryptocurrency adoption among investors, entrepreneurs, consumers, institutions and even governments, as an alternative to value and information transfer: by early 2017, the number of crypto- currency assets users worldwide was estimated to be around three million 4. However, the explosive growth in supply, market capital and initial offers (ICOs) 5 6 are clear indicators of significant growth in the user base over the past year 7.
The development of the crypto asset ecosystem is based on the revolutionary idea of technological substitution of trust. The work model on which they are based emerged as an ingenious mechanism that combines networks, computing power and incentives for collaborative work to ensure the integrity of information, long with traceability and transparency in exchanges. Additionally, since it places the management of financial resources directly in people’s hands, it proposes a different approach to electronic finance security.
However, despite the inherent advantages of blockchains, so far there are only projects, ideas and aspirations to create cryptocurrencies with the backing of a sovereign state. With Petro, Venezuela aspires to become the global leader of an economic initiative that makes it possible to take advantage of the value of its natural resources in an innovative way by developing and promoting the adoption of a cryptocurrency in the country.
Petro is breaking in with a promising outlook, taking advantage of:
• The early maturity of blockchain technology
• A market of more than thirty million people eager for savings, investment and international
exchange instruments
• A world-renowned oil industry
• The participation of allied governments
• Enthusiastic promoters of cryptocurrency for the development of a new worldwide economy
Petro will have the capacity to overcome blockages, delays and limitations of the traditional financial system, favoring the growth of a new economic ecosystem based on trust, integrity, transparency, efficiency and speed that guarantees the technology of blockchains.
The objective of this document is to describe the technical foundations of Petro’s development as an instrument for exchange, savings, investment and technological platform. The following will establish the historical-social and economic bases that inspire the development of the instrument, the structure of the global and national market in which it will be used, the issue method and policies that will consolidate its use are set out below.
Venezuela Petro Cryptocurrency (PTR) English Whitepaper pdf:
Petro PetroDollar XPD whitepaper
