Petro (PTR)— the most ambitious ICO

Before I start, lets take a look at crude oil price since 1946s. Crude oil price is like any other else like commodities, currencies, cryptocurrencies, bonds and stocks market, that experienced volatility in the market. Please refer to crude oil price chart below.

Crude oil price is currently trading at $65.23, already more the double the Jan 2016 price of $29.64. In my opinion though, over the medium term, crude oil price will try to retest the resistance level of $100–$120.

Now, lets take a look at Petro (PTR), the first crypto-asset backed by state of Bolivarian Republic of Venuela.

The PETRO (PTR) will be backed by the Bolivarian Republic of Venezuela and the wealth of its large crude oil reserves. More importantly, the Petro has been created in an innovative manner, using the highest standards in block chain technology and information security, thinking of a future where electronic asset-representations will enable more direct trade as well as government work within the framework of true financial and economic independence.

PETRO’s backing (from Whitepaper)
The most important contribution of PETRO to the cryptoassets’ market and the new digital economy will be the support offered by a sovereign state.

The Bolivarian Republic of Venezuela guarantees that it will receive PETRO as a form of payment for national taxes, fees, contributions and public services, taking as a reference the previous day’s Venezuelan oil basket price with a discount*. This will ensure that the buyer always has a return value adjusted to the value of his investment.

Payments in PTR will be accepted according to their value in bolivars at the rate resulting from the operations of authorized trading sites, determined by market mechanisms and in accordance with the legal provisions issued by the competent authorities of the Republic. In addition, the Venezuelan government is committed to promoting the use of PETRO in the domestic market and doing the efforts necessary to stimulate its acceptance throughout the world.

(Where the Petro/Bolivar rate will be determined through a weighted average by the volume of operations of all exchanges authorized by the Venezuelan government.)

*The conditions of this discount are explained in detail in the Whitepaper

**This percentage discount (Dv) is equivalent to the current discount rate at which the State sells PETRO, which will be at least 10% if more than 48,000,000 of PETRO have been placed on the market, and will be higher until this figure has been reached

About Petro (PTR) crowdsale:

Total emission: 100.000.000

17.600.000 PTR / (17.6%) will be retained by the Venezuelan Superintendency of Currency and Related Activities (SUPCACVEN)

Pre-sell

Tokens available: 38.400.000

Reference Selling Price: USD 60 ( Price of the Venezuelan basket barrel in the second week of January 2018. Subject to change according to market fluctuations and apply discounts)

Start date and time: February 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT).

Closure date and time: March 19, 2018 at 23:59:59 p.m. (Venezuela time, -04:00 GMT).

Initial offer

Total Petro available for sale: 44,000,000

Reference Selling Price: USD 60*

Start date and time: March 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT)

Closure date and time: Until the Petros of the first emission are exhausted

*Apply discounts as well.

Initial Offer funds distribution

15% Petro Project: funds earmarked for technological development and promotional efforts to comply with the announced roadmap.

15% Ecosystem development: Fund for the promotion of applications within the Petro ecosystem, which will be proposed through SUPCACVEN and selected by Petro holders by voting through the blockchains.

15% Technological development: funds earmarked for investments in technology, infrastructure, special areas and projects that contribute to the country’s economic advancement, with special emphasis on applications of the blockchains to improve productivity and transparency in companies and state agencies.

55% Sovereign Fund: destined to the Republic for the support given to the use of Petro.

For more details, please see other information about Petro (PTR) below.

Other information about Petro (PTR)

Website: http://www.elpetro.gob.ve/index-en.html

Whitepaper: http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf

Disclaimer: I only express my own opinions, views, insights and research. Risk is always part of any investment vehicle. So I advised that you should also do your part to understand it before investing and always managed the risk involve in order to maximize your returns.

Acknowledgement: I’m very thankful to the Lord for all the blessings and challenges he has given me. I would also like to thank my family, friends, critics, fellow investors at all other people who help me finish this project.

Happy Investing!

Sources: Petro, Macrotrends

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