The Petro White Paper tl;dr

For those excited with the Petro I’ll save you the pain of having to go through the whole (poorly-written) white paper, enjoy!

Executive Resume.

It seems that this coin was kind of the idea of Hugo Chavez who died 5 years ago, and it will save the country, not sure how.

Introduction

Blockchain is good and works based in trust.

1. Background

After Bretton Woods and the gold standard was eliminated, world economy is too unstable and Venezuela will deal with that instability with the Petro.

2. Technological Background

Explains (poorly) what a blockchain and tokens are.

3. An opportunity for Venezuela.

Even though we have one of the biggest oil reserves we need a crypto currency to save us.

4. El Petro.

· It’ll be divisible by 100,000,000, the minimum unit will be called Mene (0,00000001)

· Pre-sale will be of an ERC20 token and will start on March 1st.
 The token will not be part of the Petro network until it’s exchanged during the ICO. The token could be exchanged for Petros at anytime between the launching date and the closing of the ICO.

· The ICO will take place after the pre-sale and until all 82.400.000 tokens are exhausted. Petros will be sold through “mechanisms auditable in the blockchain”.

· Restrictions. Is a capped ICO. There will be a Proof-of-Stake mechanism enabled only in the regulatory body created for this (Superintendencia de la Criptomoneda de Venezuela) and “approved by Petro Holders”.

5. State Support.

· You’ll be able to pay taxes and state fees with Petros with a reference price of the Venezuelan barrel price of the previous day with a discount equivalent to Dv, a value published daily in the energy ministry website.
 
 This payments can be made in state-approved exchanges using the following formula:
 
Petro Price / Venezuelan Bolivar Price = (Barrel Price / Petro Price) x (Petro / Bolivar Price) x (1-Dv)
 
 or what is the same, 
 
Petro Price / Venezuelan Bolivar Price = (Barrel Price / Bolivar Price) x (1-Dv)

· The Bolivares/Petro exchange rate will be defined by supply and demand.

6. Ecosystem Development.

· The Venezuelan government will advertise and promote the Petro.

· The Venezuelan government will pay you in Petros.

· You can maintain your books in Petros.

· If you accept Petros, you will get tax credits and/or rebates.

International Advisors.

None (yet).

7. ICO

· There will be 100,000,000 petros, 38,4% for the pre-sale, 44% ICO and 17.6% for the government.

· The government will take 70% of the ICO money and use 30% for the “Petro project” and ecosystem.

· Each Petro will start with a reference price of US$60 during the pre-sale

· Pres-sale will start March 1st -04:00 GMT

· ICO will start with a reference price of US$60

· ICO will start March 29 -04:00 GMT and will last until all is sold.

· “All token will be pre-mined”

· There will be four (4) levels of discounts decreasing every 5 million tokens, then one additional during the last block of 24million tokens.

· The pre-sale tokens will also have a discount.

· Anyone can buy and sell petros.

Here is a link to the white paper in english, enjoy!