#PetroChallenge: the challenge that sought to verify the existence and use of petro

A specialist organized a contest called #PetroChallenge , which offered a prize of 100 dollars in bitcoins for those who demonstrated "the existence and effective use of petro". However, the challenge seems to have failed. Thirteen days after the date it ended, there are no results of the challenge.

The contest was launched by the Instagram social network by  Hung Cavalieri , a lawyer specializing in constitutional procedural law. The challenge ended on February 16 and did not offer details of the result, which may be due to a low participation. Within the rules of the contest was to reach a minimum of 200 participants. The organizer did not show whether they achieved the figure or not.

In one of the comments of the publication, Cavalieri explains that "no one" is the winner , and said that there are people who request to increase the deadline to enter, something that to date does not confirm if it will.

To participate in the #PetroChallenge, users had to have proven tests of the block explorer, confirm what goods or services can be purchased with the petro, as well as if it can be exchanged for other cryptocurrencies or also fiduciary coins.

The users could also participate with other modalities in that social network, so it can be a strategy to gain followers for the account of the promoter of the contest in instagram.

Another aspect that caught the attention of the challenge was its prize. One hundred dollars in bitcoins, a very attractive figure considering hyperinflation in Venezuela.


IS THE EXISTENCE OF PETROLEUM PROOF?

The #PetroChallenge does not seem like a crazy idea, although verifiable. The doubts generated by the petro are not a novelty. Since its launch, there are those who claim that it is not a cryptocurrency, because its value was subject to the barrel of oil and other natural resources of the country, and not to supply and demand.

Despite this, the asset has another price, which exceeds the value decreed by Nicolás Maduro by up to 422% . The latter is calculated in bolivars according to its value in dollars, which is $ 59.76 according to its website . Which would translate into more than 197 thousand bolivars, according to the official Dicom rate.

Even so, at the headquarters of the Sunacrip they claim to sell the petro. Even in the page of the cripoactivo it appears the quantity of blocks that they generate , although the information is very little. So proving the existence of the asset should not be difficult for those who have participated in any of these processes.

Last Thursday, February 21, Maduro established that the consular services in all the embassies of the world must be paid with the petro. He also informed that the National Association of Airlines can pay with said asset -or with any cryptocurrency- the fuel and the services associated with the airlines. This means that these large transactions should already exist.

However, few Venezuelans can make payments with the cryptoactive. While there are commercial places such as City Market or Traki that are accepting payments in cryptocurrencies such as dash or bitcoin, until now there is none that receive the petro.