On January 31, the Venezuelan government published on its official website the Petro blank book in beta version 0.9, which sets out the conditions under which the future Venezuelan cryptoactive will be developed. However, after having published the document, the portal www.elpetro.gob.ve appears fallen.
However, we were able to download the document in time to read it and share the information. The White Paper or White Paper details that the Petro will be an ERC20 token based on the Ethereum blockchain. This token will be distributed in a private pre-sale and then in an Initial Coin Offer (ICO). Stresses that the Superintendence of the Venezuelan Cryptocurrency (SUPCAVEN) will keep 17.6% of the Petro to be issued and the Venezuelan State with 55% of the funds raised in the ICO for a so-called "Sovereign Fund".
Last Tuesday, President Maduro announced that Petro's pre-sale will begin this February 20. This date differs from that recorded in the white paper, which states that it will be initiated on March 1 of this year.
A point that stands out in the white paper is the proposed formula for determining the price of Petro against the Venezuelan bolivar (VEF). The Petro / Bolivar rate will be the one established in the exchange offices authorized by the Venezuelan government, in relation to the price of a barrel of oil in the international market (Price of crude oil / Petro) and with a percentage discount (Dv) that will be fixed by the Venezuelan State. If analyzed, this could establish a new VEF exchange rate that fluctuates at the international market price.
Petro / Bolivar price determination formula. Source: Petro White Paper
As stated above, in CriptoNoticias we had access to a version of the white paper where it was registered that would be an Ethereum ERC-20 token, information confirmed in the official document. After completing the distribution phase of the tokens, the cryptoactives would migrate to the Petro network, which would be a bifurcation of the Decred blockchain. This last information was not maintained in the published version, but they did mention that it will be a network of federated nodes and possibly work with Proof of Stake or Proof of Stake, as established in the previous document. In the development map that they published on their website, they highlight that for the months of July they will integrate the Petro network with Counterparty, as we reported in our article.
Petro development map. Source: http://elpetro.gob.ve/
Regarding the modifications of the preliminary white paper with respect to the Petro network, sources close to the government indicated to CriptoNoticias that there is an ongoing dispute over which team of developers will carry out the technological implementation of this; the debate, which happens in the high government, seeks to choose between a group of Venezuelans, another group of Chileans and Argentines, and another group of Spaniards to continue with the development.
As reported by CriptoNoticias will be issued 100 million PTR that will be divisible into 100 million units, so the minimum unit will be 0.00000001 PTR, called in the white paper as "Menes". It was also informed about the distribution of the tokens that would be in a private pre-sale of 38.4 million PTR, a public sale of 44 million PTR and the remaining will be for the Superintendence of Cryptocurrency and Related Venezuelan Activities (SUPCACVEN).
Initially, the VIBE foundation would maintain part of the profits but this did not find correspondence in this latest version. In our article we also inform that the 55% collected in its ICO will go to the "Sovereign Fund" of the Venezuelan government for supporting the cryptoactive, as well as, the incentive system of discounts for the sale of the token.
It is important to note that the white paper published by the government seems to be a non-definitive version, since it is in beta 0.9 and has been published only 20 days before the private pre-sale announced by the Venezuelan government for this February 20.
Based on this, it is likely that you will make changes before that date. Neither have details been established as to which means the private pre-sale and its ICO will be made, nor will any recognized exchange house accept it in its portfolio.