Quote from: DCEBrief on December 29, 2017, 06:37:03 PM

Venezuela to Launch Petro Digital Currency Within Days

https://dcebrief.com/venezuela-to-launch-petro-digital-currency-within-days/

I find this whole scenario absolutely fascinating and am really hoping that at least the infrastructure and coding is solid, and the petro does indeed get released soon.

1) Venezuela has the 'first to market' advantage for a nation to introduce their own cryptocurrency.

2) I believe it will also be the cryptocurrency backed by the highest real-world value.

3) Unlike other considerations for a national cryptocurrency, there is no likelihood that it will be pegged against the country's fiat currency.

In combination, these three qualities are breaking new ground in the industry and will be a valuable test case for any states that follow. I've had a quick look for information on how to mine the petro and found nothing. I suppose I shouldn't be surprised because if it is intended for daily use, then POS is the far superior option. POS is also the best option to ensure people in all economic circumstances are able to participate without expensive hardware. I'd like to know what code their blockchain technology is based on.

I'd also be glad to know the mechanics behind the backing of $US267 billion. If I were to mine an early block and hold 1 percent of all existing petro, would I then be able to assert my claim to $US2.67 billion dollars worth of oil?