Petro (PTR) ICO Review – ICO Token News
Nowadays, adoption of blockchain technology is rapidly growing in the marketplace due to its outstanding benefits of making state finances easier, quicker, transparent and straightforward. Cryptocurrency and Tokens are the two key applications of blockchain technology that stand it out in the crowd. These instruments offer outstanding advantages to the global society by allowing greater efficiency, freedom and speed to different types of transactions especially in the arena of international trading.
This is a reason, in December 2017; Petro cryptocurrency was proposed to be adopted by Venezuela. The President of Venezuela Hugo Chavez has announced this strong currency backed by the raw material. The use of blockchain technology enables to transfer the value of information without any need of third parties and also offer efficient tools that successfully work to combat with the challenges comes while developing platforms and financial instruments.
Petro is a sovereign crypto asset powered and created by the Venezuelan State in order to develop independent, transparent and open digital economy where a citizen of the country can directly participate. Venezuelan oil will be utilized to promote the adoption of crypto assets and technologies powered by the country’s block-chain. The State will encourage the utilization of Petro with aim of combining it as an investment option for saving mechanism and as a mean of exchange with State services, commerce, industry and citizens in general. The ICO countdown has already begun for this token.
In this manner, a population of Venezuela should reach (according to Venezuelan government) to the technology that enables them to have a valuable reserve and trustable means of payment for stimulating saving and contributing to the development of the country
All about Petro ICO
The revolutionary idea behind the creation of crypto assets ecosystem is completed based on the technological substitution of trust. The crypto work model is based on an ingenious mechanism that contains the amalgamation of networks, incentives and computing power to deliver collaborative work that ensures the integrity of information, transparency in exchanges and easy traceability. Moreover, the cryptocurrency will place the management of financial resource in the hands of people and bring a different approach to electronic finance security.
With Petro, Venezuela is also aiming to become a global leader of an economic initiative that allows them to reap the benefits of their natural resources in an innovative way through developing and promoting the adoption of cryptocurrency in the country.
What is Petro?
Petro is abbreviated with PTR. It will become a sovereign crypto asset supported by oil assets and proposed by the Bolivarian Republic of Venezuela on the high-end NEM blockchain platform. The launch of PTR digital currency will help in promoting independent and transparent digital economy which encourage direct participation of the citizen and offer a platform for the development of crypto assets and innovation in Venezuela and other emerging countries with high possibilities. It will work as a efficient alternate that helps in emerging a fair and more collaborative global financial system in the arena of continuous growth, autonomy and trade among developing economies, especially which are based on raw material.
The Petro Ecosystem Is Mainly Based On Three Facts
Means of Exchange
The PTR digital currency may be utilized for the purpose of buying goods and services which will be also redeemable for any fiat currency as well as other cryptocurrencies or assets with the help of digital exchanges depends upon their ICO ratings.
This digital currency will perform the functions of a digital representation of goods and raw material as well as also create the other digital instruments for international and national trading.
Investment And Saving Facility
Petro will be easily available for free exchange at electronic exchange houses across the world. It will contain all important characteristics that help in carrying out the direct exchanges in a safe and secure manner according to the Venezuelan legal framework. The Bolivarian Republic of Venezuela will need a high standard of control that plays well in combating with money laundering and client knowledge in authorized exchange houses.
PTR is proposed with promising outlook, taking the advantages of:
- Early maturity of blockchain Technology
- World-renowned oil industry
- Participation of allied governments
- Huge market people who are eager for investment, savings and international exchange instruments
- Cryptocurrency promoters for the development of a new worldwide economy
The project will have great capabilities to overcome various problems such as blockages, delays and limitations of traditional financial systems. It will help in developing the growth of new economic ecosystem supported by trust, integrity, speed, transparency and efficiency assured by blockchain technology.
Why Petro is using NEM Blockchain?
NEM is one of the most innovative blockchains contain best possibilities of Bitcoin, Ethereum and other blockchains that makes it completely safe, secure and efficient. Moreover, it is also convenient to use for users and developers. Although, Ethereum is a powerful blockchain technology and many companies like Moneto, Flux, Freezone, Bunnytoken utilize it but PTR uses NEM because the project finds various limitations while working with Ethereum that includes:-
1 – Expensive cost of Ethereum
As compared NEM, transaction costs are too high with Ethereum and this may create a great barrier to develop blockchain businesses for Petro. When it comes to working with ETH it forces to make things centralized where decentralization is got overrated. On the other hand, NEM public blockchain is very predictable and comparatively affordable too.
2 – Ethereum working is slow
Yes! This is another factor that working process of Ethereum is very slow in comparison to NEM. The Ethereum blockchain is capable of executing around 20 transactions in a second. When network and current consensus algorithm (Pow-based) are utilized more, then more queues will be produced and there is no improvement process is expected. This is a reason why Ethereum transactions will take several minutes or some hours to get consolidated.
3 – ERC20 compatibility is overrated
There are almost no tokens that can communicate with each other and produce associated value in some of the few cases.
Advantages of NEM Blockchain Technology
The PTR will be operating on blockchain technology that assures to provide the high standard of integrity, transparency and governed. This is a reason why crypto assets will capable of developing a trust among international investors by establishing the foundation on the basis of clear policies and solid bond with a real economy.
1 – Developers Community and Top Blockchain
NEM (New Economy Movement) or XEM (the token) are the most efficient projects of the market cap. They are considered as an essential community of the developers across the world and have product in production with the leading companies such as WeChat.
2 – Fast And Cheap
The NEM transactions process is very quick as compared to Ethereum. The NEN version Catapult is designed in C++ and capable of running up 4,000 transactions per second whereas Ethereum can execute only 20 transactions in a second.
3 – Allow To Develop Internal Blockchain With NEM Connected To MainNet
The NEM allow to consolidating n-thousand transactions for every user in its own blockchain and connecting it with the main network for the purpose of sending and consolidating certain information.
4 – Governance
NEM’s consensus algorithm is based on POI (Proof of Importance) that prioritizes the relevance of the users. It mainly utilized the main concept of Proof of Importance. In this algorithm, transactions are not confirmed by the nodes that have higher computing power but it considers the nodes that have the highest importance in the network. The importance of nodes is defined with the transactions made by owners on the node and how the transaction is useful for the user. It means that who produce value or network will receive reward and get high weight voting and other processes.
5 – Developer friendly, API centric model have non-technical language
Petro is using the qualities of NEM technology which is based on centric model APIs. It is highly compatible with all the Petro apps and offers very fast integration process. The NEM is developers friendly and easy to use.
6 – NEM foundation
The NEM was designed with the aim of helping and growing the community
Contain High Quality Developer Tools
Petro Ecosystem Development
The national government is strongly committed to encouraging the strong endogenous demand that actually plays well in maintaining the stability of crypto-assets marketing value. The policies will be applied with the aim of promoting the PTR and increasing the platform value as an instrument used for developing the innovative applications that help in growth and financial autonomy of Venezuela.
Initiatives for the development of PTR ecosystem are as follow:-
- The Venezuelan State with the Superintendency and the Treasury of Cryptoassets will take important steps that help in promoting the exchanges of PTR in the international cryptocurrency trading houses.
- The PDVSA, national public entities, regional and local government as well as other public and joint ventures will support in promoting the utilization of PTR.
- Total emission : 100.000.000
- Tokens available : 38.400.000
- Reference Selling Price : USD 6026,27
- Start date : February 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT).
- Closure date : March 19, 2018 at 23:59:59 p.m. (Venezuela time, -04:00 GMT).
- Total Petro available for sale : 44,000,000
- Reference Selling Price : USD 60*
- Start date : March 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT)
- Closure date : Until the Petros of the first emission are exhausted
- Office responsible for
Cryptoassets management : 17.6%
- Pre-Sale : 38.4%
- Initial offer : 44.0%
Initial Funds distribution
- Technological development : 15.0%
- Ecosystem development : 15.0%
- PTR Project : 15.0%
- Sovereign Fund : 55.0%
There is no doubt that there are some countries around the world who are struggling with various problems especially Venezuela. To overcome their financial issues, a country is preparing to utilize the benefits of blockchain technology by introducing a cryptocurrency named as Petro. With this aim, Petro ICO is launching in the market where you can invest and contribute your support in its development.
Generally, investors face difficulties in understanding the technicalities of some projects which are supported by ICO offering and with Petro, it remains. It does not give a clear and transparent case how the government would use the funds without any corruption taking place. Venezuela is well-known for its enriched raw materials and supported the PTR cryptocurrency with it.
So, if you are seeking best icos to invest look for our trending page or ICO list as there is no relying on Petro ICO to bring anything to anyone, ever.
Nowadays, most of the companies like bunnytoken, etc. organize ico events to raise funds for their project development and growth. Check this if you want to grab more information on how to invest in ICOs.
- 112.2017Add compatibility with Classic Ether Wallet.
Start a Medium blog in Spanish teaching as use Petro to buy/sell goods and services. Education is our best weapon.
- 201.2018Bitfinex as the first exchange for Petro.
Didactic mobile to teach Ethereum ecosystem and how to use Petro. (First version will be for Android only)
- 302.2018Join Yobit or HitBTC exchanges.
Start research to launch Petro as a Monero fork coin. All investors will receive the same amount of Petro in the new blockchain.
- 403.2018Publish Petro Coin Whitepaper.
Launch Petro Coin testnet.
- 504.2018Launch Petro Coin main net.
Join to Bittrex or HitBTC.
- 604.2018Launch a web-based wallet and browser extension compatible with Petro and Monero.
Publish extensions for Prestashop, Magento, Woocommerce to receive Petro.
Get more exchanges.
(Apri'2018 - September'2018)