Home Alt Coins Venezuela’s Oil-Backed Petro Appears to Be a ‘Blatant’ Copy of Dash

Venezuela’s Oil-Backed Petro Appears to Be a ‘Blatant’ Copy of Dash

6 min read

Venezuela’s oil-backed cryptocurrency Petro (PTR) seems to be a “blatant” copy of Dash, because it has the identical mining algorithm, comparable options, and a half of its whitepaper seems to have been lifted from that of the privacy-centric cryptocurrency.

As first identified by Ethereum developer Joey Zhou on Twitter, the oil-backed cryptocurrency’s whitepaper has on its 11th web page a picture that seems to have been copied instantly from Dash’s Github repository.

Petro whitepaper

Digging deeper into the oil-backed cryptocurrency’s whitepaper seems to present the Venezuelan authorities took extra than simply a picture from the 12th-largest cryptocurrency by market cap.

In the doc, the federal government explains the cryptocurrency will use the X11 mining algorithm, identical to Dash does, and can embody an “Instant Send” characteristic that, per the whitepaper, is energetic by default.

While the Instant Send characteristic is current in Dash, Venezuela touts it’s one of Petro’s “most important characteristics.” The whitepaper reads:

“One of the most important characteristics of the Petro, is the instantaneous sending (less than 5 seconds) of the transactions, which represents an innovative advance with a significant impact compared to existing cryptocurrencies. This feature is activated by default and will work from the first transaction, adding the address to a blank list.”

The Petro could have a 4MB block measurement, with 60 seconds between every block. Its consensus algorithm can be a hybrid between Proof-of-Work (PoW) and Proof-of-Stake (PoS). The doc particulars the community could have masternodes (Nodos Maestros), which can “make decisions in the network and support transactions carried out by themselves.”

Curiously, Dash’s community is well-known for having masternodes, a lot in order that — in accordance to Masternodes.online — it’s by far the primary reputable cryptocurrency that makes use of them, an achievement that seemingly wasn’t arduous, since many cryptocurrencies with masternodes are alleged to be scams.

Dash splits its community’s rewards between masternodes (45%), miners (45%), and its treasury (10%). The Petro is about to distribute 85% of the community’s rewards to masternodes, with 15% returned to the person in an “initial phase.”

This mannequin, per the whitepaper, might be at any time modified for the “network’s convenience” by the SUNACRIP, a corporation created to “regulate the activities that are executed  by natural and/or legal persons connect to cryptoasset.”

Petro’s progress

As CCN has reported, the Venezuelan authorities has been giving the Petro varied use instances, presumably in an try to pump demand. Earlier this 12 months, it revealed it “may” charge for exports in it, and subsequently ordered local banks to adopt it.

The oil-backed cryptocurrency has been deemed an official alternate currency in the country. To make it simpler for Venezuelans, Venezuela’s central financial institution has launched an app to convert bolivars to the Petro-pegged bolivar soberano, a convential fiat currency.

Recently, the nation’s chief, Nicolás Maduro, revealed the Petro’s public sale can be in November, and that its official website has been launched. The cryptocurrency’s pockets app is now live on Google Play.

The oil-backed crypto has been extensively criticized. The century-old suppose tank Brookings Institute claimed it undermines legitimate cryptocurrencies as its pre-sale was primarily a manner for the federal government to bypass worldwide sanctions and usher in international capital.

Editor’s Note: Some statements have been translated from Spanish.

Featured picture from @NicolasMaduro

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