Petro grows as a unit of account in Venezuela but it can not be used yet.
The government of Venezuela has been developing a price structure that uses the petro as a unit of measurement. The bank balances have begun to show their equivalence in petros and little by little the prices of products and services are made public with their equivalent in this cryptocurrency. However, Venezuelans still do not have clear information about the payment process that will be followed with this instrument, nor about the technological infrastructure that will be used for that purpose.
Although the petro has been brewing since last year, there is still no clarity regarding the way in which it will be implemented in the national economy. Recently, a new version of the White Paper was published, revealing technical details and the consumption and flow ecosystem of this cryptocurrency, which has already begun to function as a unit of account. However, there is still no clarity on the subject, and Venezuelans are only witnessing the publication of prices, without having specific information about the petro as a means of payment in the domestic economy.
In some shopping centers in the city of Caracas, the price of parking fees have been published in PTR. Recall that the government of the South American country published a table of equivalences of the price of certain products of the basic basket in Petros.
In addition to anchoring salaries to the cryptoactive, the government reported that the completion of some paperwork associated with the passport must be paid with this cryptocurrency. As of November 1, the payment of the application or renewal procedure must be paid with petros.
However, doubts persist about how this cryptocurrency will be used. So far the Venezuelan government has not informed its citizens about the digital payment platform that this cryptocurrency will use to function. And although a version of the purse of this cryptoactive was published, until now, it has not been possible to carry out operations with the petros.
According to the new version of the White Paper, in addition to using a “hybrid consensus” and the X11 algorithm, it was established that its price will not be anchored only to oil, but also to other Venezuelan support commodities. 50% of the price will depend directly on oil, 20% gold, 20% iron and 10% diamond.
As explained in the document, the cryptocurrency will have its own blockchain, which will use a hybrid consensus mechanism between the Work Test (PoW) and the Participation Test (PoS) and will have blocks of 4MB, which will be generated every 60 seconds. All these characteristics are very similar to the current operation of Dash, which raises a third type of technical platform, after announcing the creation of a token in the blockchain Ethereum or Nem.
Confirmations of transactions with petros will be made after 10 blocks and the cryptocurrency will have InstanSend, a feature that will guarantee the “immediate” transfer of transactions. For the Participation Test, it was determined that the distribution of profits for the possession of petro will be made in a ratio of 85% for the master nodes and 15% for the rest of users.
Despite all these technical details, there are not yet enough practical elements for Venezuelan citizens to know for sure how the cryptocurrency transactions will work.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.