Petro (PTR) New White Paper Clears Up Some Aspects Regarding The Venezuelan National Cryptocurrency

The Venezuelan government has been developing a price structure that uses Petro (PTR) as a unit of measure. Bank balances have begun to show their equivalence in Petro cryptocurrency and, little by little, the prices of products and services are made public with their equivalent in this crypto. However, Venezuelans still do not have precise information about the payment process that will be followed using this instrument, nor about the technological infrastructure that will be used for this purpose.

Although Petro (PTR), the Venezuelan cryptocurrency backed by oil, has been developing since last year, there is still no clarity as to how it would be implemented in the national economy. A new version of the White Paper was recently published, revealing technical details and the ecosystem of consumption and flow of this cryptocurrency.

In some shopping centers in the city of Caracas, Venezuela, the price of parking fees has been published in Petro (PTR), while the government of the South American country also published a table of certain products’ costs and their equivalent in Petro (PTR).

So far, the Venezuelan government has not informed its citizens about the digital payment platform that will use this cryptocurrency. And although a version of the Petro (PTR) wallet was launched, until now, it has not been possible to carry out operations with the cryptocurrency.

The new Petro (PTR) White Paper clears up some aspects regarding this Venezuelan cryptocurrency

According to the latest version of the White Paper, in addition to using a “hybrid consensus” and the X11 algorithm, it was established that its price would not be backed only to oil, but also to other Venezuelan commodities. 50% of PTR value will depend directly on oil, 20% on gold, 20% on iron, while 10% on diamonds.

As explained in the document, the cryptocurrency will have its own blockchain, which will use a hybrid consensus mechanism between Proof of Work (PoW) and Proof of Stake (PoS), and will have blocks of 4MB, which will be generated every 60 seconds. All these features are very similar to the current operation of Dash (DASH).

The confirmations of the transactions with Petro (PTR) will be made after 10 blocks, and the cryptocurrency will boast the InstanSend feature to guarantee the immediate sending of the operations.

Despite all these technical details, there are still not enough practical elements for Venezuelan citizens to know for sure how the Petro (PTR) cryptocurrency transactions will work.

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About the Author: Anna Galvez

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