They already have a kind of local euro, the sucre. After a promising start it turned to be a sounding failure. The main user was Ecuador with a maximum of 2077 transactions in sucre in 2012 going down to 14 transactions (worth $4,9 million) in the first half of 2017.

Only 6 days left until the end of the pre-sale and pre-sale hasn't started yet!

If you doubt, please confirm in the white paper:


Not one petro-presale token on NEM was sold so far:

http://explorer.ournem.com/#/s_account?account=NCGBBZKOTERO3EXMPPCNDNDXZQQJXBEMWWO7MB66

(If this isn't the account, there isn't any other on NEM which would fit the description of the petro-presale or petro token.)


Looking at the experience of the presale, there might be just a show without any actual start of the ICO. But we will see.


I wholeheartedly agree.

Sure, but the Sucre is very weak in a region dominated by the USD compared to a blockchain based currency, for obvious reasons. The Petro starts as a global currency by design anyway, like any crypto currency/token.

Breaking news: The petro wallets finally have arrived. You don't need to register to get them ...

http://www.elpetro.gob.ve/

Very important technical statement in support of NEM in the latest Petro White Paper. This seems to confirm that Petro will be base on NEM (and Ethereum has been discarded).

https://i.imgur.com/cQx1Kkv.jpg

From the latest version of the White Paper (BETA 0.9):

0.8 NEM BLOCKCHAIN ADVANTAGES

If we look at principles behind NEM, it’s probably most innovative blockchain. NEM blockchain is combining best
possibilities of Bitcoin, Etherium, and other blockchains, yet make it in truly secure, safe, fast, more cost efficient,
user and developer friendly way. With help of it’s standard software it can be used without help of developers of
IT experts to prove and check if andy electronic documents are genuine, notary services, secure and encrypted
messaging, creating crypto assets and smart contracts, getting rewards from network, that is similar to mining
cryptocurrency in other public blockchains, all this can be done in user friendly interface of NEM standard software.
Besides this NEM platform has an inbuilt editable multisig wallet that allows the highest level of security.

So why Petro uses NEM but not Ethereum as the main Blockchain?
Ethereum is a powerful and interesting blockchain, however, we have found many limitations for Petro:

1. Cost of working on Ethereum is high.
Transaction costs are too high compared to NEM and this may be an obstacle to build the ecosystem of blockchain
businesses around Petro. Working with ETH forces you to centralize many things, decentralization is overrated.
NEM public blockchain has predictable and very affordable rate and private chains ownership cost is just infrastructure.

2. Working on Ethereum is slow.
Ethereum executes up to 20 transactions per second (in front of the 3 of Bitcoin or 1,700 of VISA, for example). The
more use of the network and the current consensus algorithms (PoW-based), the more queues will be produced
and no improvement is expected. This produces that a transaction on ETH takes up to several minutes to consolidate,
or some hours.

3. ERC20 compatibility is overrated.
There are almost no tokens that speak to each other and generate associated value, beyond the few cases.

Benefits of using NEM

1. Developers community and Top Blockchain
NEM (New Economy Movement) or XEM (the token) is one of the most relevant projects by market capitalization.
There is a very important community of developers worldwide and they have product in production with large
companies like WeChat.

2. NEM is very fast and cheap
If we saw before that Ethereum runs up to 20 transactions per second, the version of NEM, Catapult, made in C++,
run up to 4,000 transactions per second.

3. You can develop internal blockchains with NEM connected to the MainNet
 We can consolidate n-thousand transactions per user in our own blockchain (zero cost of consolidation) and
connect it to the main network only to send and consolidate certain information.

4. Governance: NEM’s consensus algorithm (Proof of Importance, POI) is the way that NEM has of prioritizing the
relevance of the users (POI).
It uses original idea of what is called Proof of Importance. Its difference from others is that transactions are confirmed
not by nodes that have the highest computing power, but by nodes with the highest Importance in the
network. Importance is defined not only by how much cryptocurrency node has, but by how much transactions
owner of the node makes, and how useful are this transaction. This means that those, who produce value for
network get rewarded and have higher weight in voting and other processes.

5. NEM has an API-centric model, in nontechnical language, it’s developer friendly.
A very technical and also important aspect: Petro uses the power of NEM technology based on APIs. The compatibility
of all Petro apps is absolute and its integration will be very fast.

6. NEM has high-quality developer tools, including JavaScript and other programming languages libraries
Programming smart contracts with Solidity, that is used in Etherium knows how time-consuming it is and how hard
it is to make it secure. The report of Solidity’s errors, for example, is more than unfortunate. Using Javascript and
all popular languages is a step forward, and doing so on a well—structured library—as is the case of NEM is the
biggest advantage for fast growth of Petro ecosystem.

7. NEM Foundation
NEM foundation, from founders to developers predisposed to help and grow the community

Both statements of Smartmatic are worthwhile reading, but if you ask whether Smartmatic has a case or not in the question of the manipulation of the elections to the fraudulent and unconstitutional ANC please read that one:

https://www.smartmatic.com/news/article/smartmatic-statement-on-the-recent-constituent-assembly-election-in-venezuela/


As the opposition (rightly) boycotted the sham elections, the process was only "audited" and "controlled" by those perpetrating the fraud. The Smartmatic statement explains it well, without taking any political stance.

It comes from PETROLEUM (Petróleo in Spanish). What does it mean in Russian?

https://i.imgur.com/afj5JXh.jpg

OK, let's calm down. What's the Petro wallet? Right: The Nano Wallet v2.1.2 with a different branding. The new white paper puts it so well:

Why is a private company commentating and not the UN, I thought they were stated as observers.   Its obviously not a point in favour but even with zero evidence its quite obvious elections are false when the numbers give no semblance of opposition existing.   Always seems to be the case when democracy fails the fragile over inflated ego of those who take over is quite see through in their suppression of any dissent.   Where as any normal free country has people calling the leader an idiot constantly and are usually right :p

A successful economy deals with the negatives by open competition.   Innovation is rewarded with profit.  Crony capitalism destroys itself with inefficiency.   No outside enemy is making this true, its observable everywhere in the world.    Heres a good talk on the monetary failure of the Roman empire and how it undermined itself with a bias to the powerful over the ordinary citizen.   This Petro sure sounds very biased to a one way flow of funds, a bit like capital controls but I might be wrong and I hope its something amazing for Venezuela people


This does seem very reasonable talk through of why NEM might be superior to ETH as a backbone.   If Petro did take off then ETH really doesnt have the spare capacity to take a national currency being used to any wide extent ?