Vanuzealan Petro Cryptocurrency is one of the many forms of digital currency. Cryptocurrencies have been previously predicted to replace the local currencies due to their increasing value. Such a situation has currently observed in Venezuela. The provincial government has introduced it as an alternative to the local Boliver Fuerte currency since the country’s economy is shaking down to destruction. Where some of the government officials and locals are seen in favor of this initiative, the opposition is highly about it as an illegal form of money and a secure framework for corruption. Getting all these associated factors straight is one way of achieving an understanding of this cryptocurrency:
Current situation of Venezuela
Venezuela is a land of oil and mineral reservoirs. Over 50 percent of the total GDP of the country depends upon oil exchange and selling to the foreign countries. Venezuela once was one of the Top 5 wealthiest states in the 1950’s when it came to per capita income. However, after the reign of Hugo Chavez, the country has gone into a significant state debt. This has resulted in a sky-rocketing increase in inflation. The current President Madura has held on to Chavez’s policies resulting in worsening of the situation. Now, the country’s local currency, Boliver Fuerte, is worth nothing and trading through it results in more loss than benefit.
Petro crypto-currency worth
Vanuzealan Petro Cryptocurrency has opened new financial avenues in the international market. Attracting some investors from Saudi Arabia, Turkey, UAE, etc., has helped in stabilizing the country’s economic and social situation. Initially created to prevent and overcome US and EU sanctions, Petro has helped the country with a total of $735 million within 24 hours of the February pre-sale. One petro token, labeled as PTR equals a cost of one oil barrel as oil reserves back this currency. The approx. amount then comes out as 1PTR equals 60 dollars. Government is also offering subsidies on electricity bills and discounts on other goods and services.
Petro crypto-currency mining
The mining of petro is done via pre-mining sessions. Just recently 100 million Petro tokens were released. Presale took the 38.4 percent, 44 percent of petro was available on the crowd-sale. The remaining 17.6 percent has reserved the Superintendent of VIBE. VIBE is a land destination for institutional, political and legal matters.
Petro cryptocurrency VS Other cryptocurrencies
Unlike the Bitcoin mining, in which Bitcoin considered as an asset and not a convertible currency, Vanuzealan Petro Cryptocurrency is a replaceable and interchangeable currency with value. It has been expected to have a token with the name of ERC20 which will become a part of Ethereum blockchain.
Doubts and fears
Despite the increasing popularity of the Petro, some oppositional organizations have called it Government’s way of hiding the stolen money. The opposition also thinks that it is an illegal way of earning money and that every investor will regret investing in it. Also, the business-men are not sure whether to settle for Petro or not yet.
Vanuzealan Petro Cryptocurrency is a gateway to future money-innovation if it works as expected. The mining is currently under process. What can be done to reinforce new technology? Oracle Database is a great way to start as it lowers costs and maintain IT security.