Analysis! Possible origins of Venezuelan Cryptomoneda Petro (part II)

By way of review, in the first part we speak of two models allowed by the Cryptomoneda mother Bitcoin that allow us to copy their source code and that are completely valid for the creation of the Venezuelan Cryptomoneda Petro. But they would not be able to solve the problems facing the country in economic matters.

Next we will analyze the creation of Petro by adhering to the Ethereum platform. When we talk about Ethereum we must obviate the first three fundamental principles that we referred to in the first part, which were necessary for the formation of a cryptomoneda, since this is a network. Where, Ethereum is the one that imposes an order and establishes the integration of all the economic models that under their domains are developing. In a nutshell you put the rules, rules or being something more technical establishes the standardization of everything.
The platform gives you high with a global identity, which is associated with a database and is reflected the confidence that is gained by the operation of the Cryptomoneda. Allowing the person who wants to make a transaction with the developer can see the level of confidence that he has until the time of the negotiation.

Ethereum is a decentralized platform on which intelligent contracts are executed. Then, the above definition makes it clear that Ethereum is not a digital currency (the native Cryptomoneda of Ethereum is called ether). In other words, Ethereum is a piece of code that could automatically transfer ownership of housing to buyer and funds to seller after reaching agreement, without need of a third party.
Ethereum tokens are simply digital assets that are built at the top of the Ethereum block chain. Developers benefit from the existing Ethereum infrastructure to build their applications, unlike those developers who choose to build a completely new block chain. At the same time, tokens strengthen the Ethereum ecosystem by driving the demand for ether, a native currency of Ethereum, necessary to drive smart contracts on which tokens are issued.
Ethereum tokens can represent anything: from a physical object such as gold (Digix), to a native currency used to pay the transaction fees (Golem). In the future, tokens can even be used to represent financial instruments such as stocks and bonds. The properties and functions of each token are fully subject to the use that is established for them: they can be used as payment to access a network or for decentralized governance over an organization, among many other possibilities.
Ethereum is a decentralized platform on which intelligent contracts are executed. Then, the above definition makes it clear that Ethereum is not a digital currency (the native Cryptomoneda of Ethereum is called ether). In other words, Ethereum is a piece of code that could automatically transfer ownership of housing to buyer and funds to seller after reaching agreement, without need of a third party.
Ethereum tokens are simply digital assets that are built at the top of the Ethereum block chain. Developers benefit from the existing Ethereum infrastructure to build their applications, unlike those developers who choose to build a completely new block chain. At the same time, tokens strengthen the Ethereum ecosystem by driving the demand for ether, a native currency of Ethereum, necessary to drive smart contracts on which tokens are issued.
Ethereum tokens can represent anything: from a physical object such as gold (Digix), to a native currency used to pay the transaction fees (Golem). In the future, tokens can even be used to represent financial instruments such as stocks and bonds. The properties and functions of each token are fully subject to the use that is established for them: they can be used as payment to access a network or for decentralized governance over an organization, among many other possibilities.
Tokens are often issued to the public through a general or open sale called the initial currency offer (ICO). ICO creators will issue tokens to others in exchange for ether or Bitcoin and also other Cryptomonedas. They can have a fixed supply, a constant inflation rate, or even an offer determined by sophisticated monetary policy. There have been many ICO recently and in a short time they have completely changed the way projects are financed. There is no mandatory distribution requirement, although if you are building a decentralized application ideally I would like the tokens to be owned by as many people as possible.

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But not everything is so simple, for Venezuela to enter this platform would need to meet the standards of ERC20, this would actually be the litmus test that actually want to perform with this cryptomoneda.

ERC20 is a standard interface that ensures interoperability between tokens. ERC20 tokens are simply a subset of Ethereum tokens that conform to certain parameters. To fully comply with ERC20 standards, the developer must incorporate a specific set of functions into his smart contract that, at a high level, will enable him to perform the following actions: 1. Get the full supply of tokens 2. Get account balance 3. Transfer token 4. Approve spend token
ERC20 allows perfect interaction with other smart contracts and decentralized applications in the Ethereum block chain. Tokens that with some (but not all) of the standard functions are considered partially compatible with ERC20 and could still interact depending on which functions are missing.
In general, a ERC20 token is not different from any other token, but also conforms to the standard Ethereum token.

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Adhering to this platform would be ideal for Venezuela, as it is handled as an argument in the international sphere, the distrust of its economy. I'll tell you why, Ethereum as I said before will allow you to register and create your Token, in this case is created the Petro, start with a reputation 0, we make our first 10000 transactions and if all are successful, this will allow the increase Gradual confidence before the buyers, of course! Fulfilling the regulations imposed by the platform, the benefits would be enormous to do it that way. If we gain trust, not better to use a more consistent term, if the international community is shown to be compliant through the Ethereum platform, Petro would be gradually gaining international confidence, allowing it to develop with solidity In the world of Cryptomonedas. (if they hesitate, they can look for those who regularize the Ethereum platform).
How would this benefit Venezuela in a general way? As a platform that integrates all economic forms (we would automatically be integrated into the network to make transactions with anyone), it would allow you to make purchases and sales transactions in a free way and with the support that would give you the Confidence generated in their currency, little by little more countries could join the alternative and even attach to that project. In a more explicit way Venezuela in this way could dodge in a complete and absolute way the economic blockades imposed and I could dare even to assure a growth in its economy thanks to this.
In this model, to operate the companies must start to create their ICOS but that would be in the future. And you could talk another time.

Another alternative can be through IOTA, which seeks to unite a common all through the data market. In short, it collects data from the web and creates graphs with approximately enough acceptable data on any subject, then companies pay for that data and share the profits among all the participants. As a new project could be integrated into this platform which would allow changes in its structure that would benefit both projects.

IOTA uses the Tange which is a software protocol that differs fundamentally from the blockchain protocol. The brilliance of the tangle is that the transactions are processed in parallel. The tangle differs from the chain of blocks mainly in two ways:
(>> 1) IOTA is able to achieve high transaction performance parallelizing validation. As the tange grows with more transactions, IOTA becomes faster and safer with the completion of the transaction happening more quickly as the critical mass of the network approaches.
2 The way consensus is achieved in a chain of blocks is through a rigorous mechanism that requires multiple parts to "compete" with each other in an attempt to add the next block and win the reward of that block. Because the "miners" and "users" are uncoupled entities, the block rewards paid to the miners will be mostly formed by the user's transaction rates. In the tangle, "miners" and "users" are no longer dissociated entities.
In order for a transaction to be confirmed in a block chain, a certain arbitrary time interval must elapse for the creation of the blocks. The tangle allows asynchronous payments, so there are no extrinsic arbitrary temporal restrictions at the end of the transaction.
The Tange is programmed into ternary which is a deviation from the traditional binary code. The ternary is much more efficient than the binary and provides some significant improvements in functionality. The tangle can be run on binary or ternary systems.

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This option for me seems to be very unattractive, but it can also be valid. I base myself on the time needed for development and adaptation to the platform, so the situation in the country is not in a position to wait long. Although it is not disposable.

They also have the option of entering private platforms, which require law enforcement. I want to clarify that these are not all existing platforms for the creation of a cryptomoneda but with them gives a global view of how it could be the origin of the new Cryptomoneda Petro.

We have presented as serious if we copy a source code of the bitcoins, a coin with international trajectory. Developing a Cryptomoneda through Ethereum that will start from scratch but allowing to demonstrate the capacities of the country and thus gain confidence in the international arena. On the other hand it would have the adherence to new platforms of generation of Cryptomoneda which would take a greater investment and time. Finally, the inclusion in private systems that would also be a good option.

For Venezuela it would propose the entry by Ethereum or by a private platform that surely would not prohibit the entry. If so, it would be very interesting to follow the development of this new era of the Venezuelan economy.

As my good friend would say @tincho "We only have to wait for the famous White Paper".

Thanks for reading me.