Petro (PTR) has its origin in the notion of president Hugo Chavez of creating a strong currency that is backed by the raw material.
It is a sovereign crypto asset issued by Venezuelan State and backed by oil assets as a spearhead for the development of an independent, open and transparent digital economy that is open to direct participation of its citizens.
Since its inception in February 2018, Petro has faced so many ups and down in its price, and is intended to supplement Venezuela’s plummeting currency.
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The Highest Price of Petro (PTR)
Since the beginning, Petro cryptocurrency has been reported to reach several price surges. And, the interesting thing about Petro’s price surge depends on the price of petroleum.
According to the reports, since the inception of Petro in February 2018, the Petroleum price reached by $76.41, so as the Petro price. And, this was the highest!
With such a significant price surge, the native cryptocurrency of Venezuela had come into the limelight, and started winning the heart of the country’s citizens.
The Petro Adoption
Petro also serves as a platform for the growth of a much fairer financial system contributing to the autonomy, development and trade among the emerging economies in the industry.
Venezuelan oil assets are used for promoting the adoption of crypto assets as well as technologies depending on the nation’s blockchain.
The state shall encourage and promote the use of Petro coin with a view to consolidating it as an investment option, means of exchange and savings mechanisms with State services, commerce, industry, and citizens in general.
The population of Venezuela will have a technology at their reach that will allow them to get a valuable reserve and robust means of payment for stimulating savings as well as contributing to the nation’s development.
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Petro: An Instrument for Venezuela’s Economy
Petro will be an instrument for Venezuela’s economic stability as well as financial independence, that is coupled with an ambitious as well as global vision for the creation of a freer, fairer and more balanced international financial system.
The Petro (PTR) Launch
The Petro launch is divided into two stages –
- A Pre-sale
- Initial Coin Offer
The Pre-sale started on February 20, 2018, consisted of the creation and sale of smart-asset on the NEM blockchain platform.
This process promoted and ensured the demand for Petro’s Initial offering, that was carried out later on.
The tokens which could meet the requirements of the mosaic on NEM blockchain technology standard were actually non-minable token cards issued in their entirety via an intelligent contract on the platform.
The Pre-sale token were not the part of the Petro network unless Petro distribution amid the Initial Offer process.
The token may be exchanged for Petro cryptocurrency at any time between the launch date and the closing of the Initial Offer.
Petro’s Initial Offer was made later to 82,400,000 units available for sale are exhausted. It’s sale during its Initial Offer was created and sold via an auditable mechanism in the blockchain.
The Venezuelan State was not able to make new emissions Petro. The ICO began on March 20th, 2018 and lasted until all the tokens were sold out.
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