Learn how to use the Petro (PTR) Cryptocurrency of Venezuela - CoinMarketCap.Store

Learn how to use the Petro (PTR) Cryptocurrency of Venezuela

The Petro is the first cryptoactive issued by a State

Petro Logo.jpg

How to use PETRO?

To use PETRO you just have to open a PETRO wallet.

Once opened, your wallet will generate an email address that you can share with anyone who wants to transfer PTR to your wallet. In that electronic address you will be able to receive and deposit your PTRs.

If you wish to change your PTRs for another type of cryptoactive or fiduciary currency, you must only access any of the electronic exchange sites authorized by the Republic (for Bs / PTR operations) or any of the international exchange houses that accept PETRO.

Fundamental Principles of PETRO

Among the basic characteristics of the petro are:

  • State support for reserves of natural resources such as oil, gas, gold and diamonds

  • Possibility of international transactions

  • Registration of digital transactions through the Blockchain Observatory of Venezuela

  • Maintains encrypted mathematical algorithms that do not allow interception of agents external to yours

  • Electronic transactions without intermediaries.

  • Immediate transactions without commissions.

  • Possibility of being exchanged through virtual exchange houses

  • The petro is controlled by the Blockchain Observatory of Venezuela, attached to the Ministry of University Education, Science and Technology, and receives advice from OnixCoin, a Venezuelan company that founded its own cryptocurrency. According to Article 4 of Decree No. 3.196 published in the Official Gazette, a petro is equivalent to a "purchase-sale contract for one (1) barrel of oil from the Venezuelan crude oil basket or any commodities decided by the Nation". On December 27, 2017, five billion barrels of oil from the Ayacucho I block of the Orinoco oil belt were formalized as a backup for the petroleum. Gold and diamonds from the Orinoco mining arch will also be certified.

  • It is a partially pre-minted currency, so the following issues will be mineable in order to have control of all currencies under an initial auction-style currency (ICO) .The petro may be undermined by Venezuelan citizens with the use of common computers without special features.

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