Venezuela Releases Petro Whitepaper value of ”$5 Billion ICO”

Venezuela’s oil-backed cryptocurrency, the petro, is a step closer to reality following the release of the official whitepaper. The eagerly anticipated document outlines the token model and crowdsale mechanism that will be used to launch the ethereum-based project in February. Having been officially signed off by president Nicolás Maduro, the whitepaper is finally available for scrutiny and it doesn’t disappoint.



Bigger than Filecoin. Bigger than Tezos. Bigger than Telegram, EOS, and all the rest. In fact, the value of the petro token sale, if it hits its cap, will almost equal the total revenue generated in 2017 from initial coin offerings. With the price of one PTR provisionally fixed at $60, to correspond with a barrel of oil, Venezuela’s tokens are more expensive than even the $50 Bitconnect X is seeking in its current ICO. In fairness to the South American nation, its cryptocurrency is not a Ponzi scheme