http://www.bbc.com/news/world-latin-america-42217798BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?
Personally, I see more inflation and Petro failing terribly.
Since this currency will be backed by oil, gas, gold and diamond I guess you can say this currency would be based on a proof of work system. Instead of having a computer do difficult math you have men mining for gold, diamonds and drilling for oil and gas.