Topic: [ANN][PRESALE][ICO][PoS] Petro: REAL venezuelan oil backed ETH based crypto (Read 461 times)

Hey, guys!  I can't open these links:
Here you can see the official PETRO whitepaper in english (beta): http://elpetro.gob.ve/Whitepaper_Petro_en.pdf
Here you can see the official PETRO whitepaper in spanish (beta): http://elpetro.gob.ve/Whitepaper_Petro.pdf

Please, check if everything works for you. Thank You!

DO YOU HAVE ACTIVE AIRDROPS? And where can we buy tokens? Thanks

same prob here... how 2 buy?!?!?

Any info on how to buy it ?

Any update on ICO? Any website ? I see few other ANNs stating PETRO are the same?

I will surely buy from ICO because I want support Venezuela and his sovereign Government. This will be my contribute to say USA aggressor to stay in their land and stop to interfere.

Thanks for the info and also I saw this in news, obviously a solid project I can say now. Looking forward to know how and when to take part in ICO Good luck

Thats big realy nice!

It is on the website, also on the whitepaper, and also on the "Official Gazette" which is an official publication that gives mandatory character to every single law, decree and act issued by any Venezuelan authority.

You can download it here https://mega.nz/#!3QtmDL6b!1sX-RCFcRiybewJcKQVjyAg7T7sxAympJCHzZHyRaU8

Or search it using this: Gaceta Oficial 6346 del 8 Diciembre 2017

Being published on such Gazette, it becomes a matter of Compulsory compliance by the government. An obligation legally exigible

On that Official Publication, you can read an Official Decree with the following articles:

"ARTICLE 4. This Venezuelan Cryptocurrency the "PETRO", it is Venezuelan Oil quoted in the OPEC basket, as well as other commodities, among them gold, diamond, coltan and gas.

Each unit of PETRO will have as physical support, a purchase-sale contract for one (01) barrel of oil from the Venezuelan crude oil basket or any commodities decided by the Nation.

ARTICLE 5 °. The holder of the PETRO may exchange the market value of the crypto-asset for the equivalent in another cryptocurrency or in Bolivars at the market exchange rate published by the national crypto-asset exchange house.

The holder of the PETRO may change the market value of the crypto-asset by the equivalent in a cryptocurrency or by a fiduciary currency in International Exchanges.

The holder of each PETRO will own a virtual wallet, which will be entirely his responsibility, as well as all the risks associated with the handling and custody of the same."

Original text:

"ARTÍCULO 4°. Esta Criptomoneda Venezolana el “PETRO”, se trata de Petróleo Venezolano cotizado en la cesta OPEP, así como otros commodities, entre ellos el oro, diamante, coltán y el gas.

Cada unidad de PETRO tendrá como respaldo físico, un contrato compra-venta por un (01) barril de petróleo de la cesta de crudo venezolano o cualquier commodities que decida la Nación.

ARTÍCULO 5°. El tenedor de los PETRO podrá realizar el cambio del valor de mercado del cripto-activo por el equivalente en otra criptomoneda o en Bolívares al tipo de cambio de mercado publicado por la casa de intercambio de cripto-activo nacional.

El tenedor de los PETRO podrá realizar el cambio del valor de mercado del cripto-activo por el equivalente en una criptomoneda o por una moneda fiduciaria en los Exchanges Internacionales.

El tenedor de cada PETRO será poseedor de una billetera virtual, la cual será de su entera responsabilidad, así como todos los riesgos asociados al manejo y custodia de la misma."

This 100.000.000 Petros are backed offially and legally in oil by Venezuela
Other commodities could back other emissions of different coins possibly "atomic swappable" for now the government only focuses on oil backing. Later after studying the market they could issue similar coins backed by gold, gas, diamonds (resources higlhly available in Venezuela)

Here is a publication with the content. You can translate it using google translate for more information. It contains the full text of the previously quoted Decree
http://www.tuabogado.com/venezuela/secciones/derecho/informatico/decreto-3196-sobre-creacion-del-petro-y-la-superintendencia-de-los-criptoactivos-y-actividades-conexas-venezolana

Do you have any proof that the government supports Petro?

Yes it is officially backed by Venezuelan government.
100 million barrels out of the 300billion barrels they have according to OPEC data...
http://www.opec.org/opec_web/en/data_graphs/330.htm

Well not exactly. What you can get 1:1 Is a barrel of oil ;-)

But being a government promoted crypto, having an intrinsic value, it will be accepted as payment, so you can actually buy anything with petros (diesel and gas included) just like any other coin. The difference is that this one being government promoted aims to become widely accepted in the whole country (specially for government produced things as petrol, gas, diesel, paying the bills, etc) making efforts to be used also in other OPEC and ALBA members.

Reserve translation Vietnamese if you need pm me! I love it, this interesting project with the trust team and good idea! Joined and hope success!

https://twitter.com/Bill_Djons/status/958879037006467072
just one tweet, and I'll go further, if there is a desire to thank the addresses always find on my page on Twitter ... by the way ... Facebook and Instagram have banned advertising crypto and ICO ...

Where to purchase in the presale/ICO?

Is it like backed or supported by venezuelan government ? I see URL suffix has "gob."

I am not resident or know much of Venezuela, but if it is so then would be more than interested to take part in ICO.

As it's oil backed, can we buy Petrol/diesel/gas using the token in Venezuela ?

Hi. i am not used into making fancy post :-)

Here you can see the official PETRO whitepaper in english (beta): http://elpetro.gob.ve/Whitepaper_Petro_en.pdf
Here you can see the official PETRO whitepaper in spanish (beta): http://elpetro.gob.ve/Whitepaper_Petro.pdf

 Here is the official Petro website in english http://elpetro.gob.ve/index-en.html
 Here is the official Petro website in spanish http://elpetro.gob.ve/index.html
 (will improve on the next few days)

What do we know from this beta?

The economic potential and the fundamental foundation of the Venezuelan economy is its abundance of
natural resources, oil been the most prominent of them. The exploitation and commercialization of hydrocarbon
and some related products and by-products, generate 95% of the income of foreign currency for the country by
exports.

As the main source of electrical energy, and a vital part of other industries, such as pharmaceuticals, oil remains
a highly sought-after commodity in the world. Its market is approximately 1.7 trillion dollars annually.

To put it in perspective, the oil market is larger than the sum of all metal markets. This situation puts Venezuela
in a privileged position, as it possesses the largest proven reserves of crude oil (300,900,000,000 barrels), as
well as great advantages in terms of energy, including an electric system subsidized by the same oil revenues.
Such figures can be found on official OPEC Data:
http://www.opec.org/opec_web/en/data_graphs/330.htm

Petro will give investors the opportunity to enter the crypto asset market with an instrument of intrinsic value
that is safer, more stable and susceptible to a fundamental analysis because it is linked to a widely known
industry, and therefore, suitable to be used in large transactions and even as a store of value.

Each Petro will be backed by Orinoco Belt's Field #1 of Ayacucho Block, having a total of 100 million barrels out of a minimun of the 1,200 billion oil barrels left available in such reserve
It is a matter of obligatory compliance for the government since one petro will be backed by a sale contract on one barrel of oil by law, which means it will be internationally and legally exigible:
Here is the Oficial Publication (In Spanish only) available to be translated using google translate:

http://www.tuabogado.com/venezuela/secciones/derecho/informatico/decreto-3196-sobre-creacion-del-petro-y-la-superintendencia-de-los-criptoactivos-y-actividades-conexas-venezolana

Here is the Decree ready to be downloaded:
https://mega.nz/#!3QtmDL6b!1sX-RCFcRiybewJcKQVjyAg7T7sxAympJCHzZHyRaU8



INTENTION OF PROMOTING TRANSPARENCY AND GROWTH

Petro will operate with blockchain technology, following the highest standards to guarantee integrity, transparency,
auditability and governance. Thus, the crypto asset will generate trust among international investors
by having its foundation firmly established in a context of clear policies and a solid connection with the real
economy

Petro will have three facets:

A) MEANS OF EXCHANGE
It may be used to purchase goods or services and will be redeemable for fiat money and other crypto
assets or cryptocurrencies through digital exchange houses.

B) DIGITAL PLATFORM
It can perform the functions of digital representation of goods and/or raw materials (e-commodity)
and the creation of other digital instruments for national and international trade.

C) SAVINGS AND INVESTMENT FACILITY
Petro will be available for free exchange in electronic exchange houses (exchanges) around the world
and will have the necessary characteristics to carry out direct exchanges (Atomic Swaps) in a safe
manner and in accordance with the Venezuelan legal framework. The Bolivarian Republic of Venezuela
will require high standards of control to combat money laundering and client knowledge in
authorized exchange houses.

One (1) issue and initial offer of the crypto asset will be made. Petro’s total issued and put on sale
in the initial offer during the first year will be one hundred million (100,000,000). There will be no
extraordinary issues without the approval of Petro’s holders in a vote conducted through the chain of
Petro blocks on the basis of one (1) Petro equal to one (1) vote

PRESALE

The Pre-sale will start on February 20,2018 and will consist of the creation and sale of an ERC20 token on the
blockchain Ethereum platform. This process will promote and guarantee demand for Petro’s Initial offering,
which will be carried out later.

The tokens that meet the requirements of the ERC20 standard are non minable digital cards that are issued in
their entirety through an intelligent contract on this platform. The token will not be part of the Petro network
until it is redeemed or “burned”17 during the Initial Offer process. The token may be exchanged for Petro at any
time between the launch date and the closing of the Initial Offer.

INITIAL OFFER

Petro’s Initial Offer will be made later until the eighty-two million four hundred thousand (82,400,000) units
available for sale are exhausted.

Petro’s on sale during the Initial Offer will be created and sold through an auditable mechanism in the blockchain.
Restrictions

The Venezuelan State will not be able to make new emissions Petro. The design of the network includes the
possibility of generating an incentive for proof of stake (PoS). This feature will be initially disabled until ICO sellings finishes

ISSUANCE AND DISTRIBUTION

A total of one hundred million (100,000,000) Petro will be issued, from which eighty-two thousand four hundred million (82,400,000) will be offered to the market in two stages: a private pre-sale and a public Initial
Offer, and will be distributed according to the following proportions:
44.0% will be available for the initial public offering of the cryptoasset.
38.4% will be available for private sale
17.6% will be retained by the Venezuelan Superintendency of Currency and Related Activities (SUPCACVEN)

FUNDS DESTINATION

15% Petro Project: funds earmarked for technological development and promotional efforts to comply
with the announced roadmap.

15% Ecosystem development: Fund for the promotion of applications within the Petro ecosystem, which
will be proposed through SUPCACVEN and selected by Petro holders by voting through the blockchains.

15% Technological development: funds earmarked for investments in technology, infrastructure, special
areas and projects that contribute to the country’s economic advancement, with special emphasis on
applications of the blockchains to improve productivity and transparency in companies and state agencies.

55% Sovereign Fund: destined to the Republic for the support given to the use of Petro.

CONDITIONS AND INCENTIVES FOR THE INITIAL OFFER

Total emission: 100.000.000

Pre-sell
Tokens available: 38.400.000
Reference Selling Price: USD 6026,27 (discounts apply)
Start date and time: February 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT).
Closure date and time: March 19, 2018 at 23:59:59 p.m. (Venezuela time, -04:00 GMT).

Initial Offer
Total Petro available for sale: 44,000,000
Reference Selling Price: USD 60 (discounts apply)
Start date and time: March 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT)
Closure date and time: Until the Petros of the first emission are exhausted

INCENTIVES

An incentive system has been designed for investors who purchase Petro on a private sale basis. The
scheme is intended to stimulate early participation in the Pre-Sale to generate trust that will produce a
favorable effect on the market during the Initial Offer.

The plan is quite simple and involves degressive scales of discounts (Dv ) from the initial lot. This first
lot, which will be placed in the Pre-Sale, will have a volume of 3,400,000 Petro and will have a discount
on the reference price of crude oil in the Venezuelan basket. The following lots will have 5,000,000 Petro
and the discount will decrease successively for each lot sold, until the last lot, of 24,000,000 Petro, which
will have no discount.

Petro will be purchased in the following ways:

(A) By exchanging Petro ERC20 tokens purchased in the Pre-sale
(B) In the Initial Offer open to the participation of the general public
(C) In the secondary market once the Initial Offer process is completed

The purchase and exchange of Petro can be made from person to person, from portfolio to portfolio, in a
secure manner. It is beyond the scope of blockades or arbitrary limitations of third parties -unless it is in
the possession of a centralized entity, such as a trading house.

This ability of the Petro blockchain to execute direct exchange operations will allow the instrument to be
used as a means of direct payment to businesses, restaurants, goods and services companies.

However, it should be noted that digital exchange houses will play a fundamental role in monitoring the
prevention of illicit activities and combating money laundering, thus constituting the ideal means for
commercial, industrial and business activities of international trade in which Petro interacts with fiduciary
coins or other cryptoassets or cryptocurrencies