What is PetroDollar Coin?
introduction
The Petro dollar Coin to a cryptocurrency be coupled to the current price of oil. The original idea behind the PetroDollar is to be able to represent and trade the value of a barrel in the local currency. The PetroDollar Coin raises this idea to a technological level. It currently costs $ 0.009 and has a market capital of just under $ 600,000, of which just under $ 9,000 a day is traded. (As of: 14.12.2017)
PetroDollar Coin – The Cryptocurrency
The PetroDollar is a digital peer-to-peer currency. It essentially has four properties. First, it is a decentralized cryptocurrency . This is nothing special among cryptocurrencies . The basic idea behind this is not to make cryptocurrency administration dependent on individual, centralized institutions, which can be realized through a computer network. Second, it is transparent, which means that in a DLT transaction, they are publicly available in PetroDollar Coins. Third, the cryptocurrency is deflationary. It will always have a value of 1: 10,000 per coin and barrel. As a result, the cryptocurrency wants to deflate the global distribution of oil. Fourth, the blockchain of the PetroDollar Coins for research purposes. It always shows the current oil price, the size of the oil market and the respective CO2 balance of countries.
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PetroDollar Coin – Specifications
The cryptocurrency is melded with the SHA-256 algorithm and uses the Komoto’s Gravity Well algorithm. In total there should be 122,107,462 coins, equivalent to 10,000 barrels per coin. The transaction time is five minutes. In total, 288 blocks per day are milled. Transaction fees are calculated autonomously at an organic rate based on a mathematical model of the oil market. PetroDollar Coin has a current charge of 1.499% of the transferred amount, which will increase to approximately 15% in 2045.
What is the PetroDollar?
The US dollar is also known as the PetroDollar. In 1945, an agreement was reached to transfer the US dollar as a world reserve currency. During this time, oil was traded exclusively in US dollars. The money used for the oil trade is also called PetroDollar.
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Conclusion
The PetroDollar Coin is an attempt to raise the oil trading currency of PetroDollar to a digital level. Currently, however, the cryptocurrency seems to be slow to develop. Also, the Internet presence of the developers is either unreachable or not really trustworthy. Investors should consider whether to invest in the cryptocurrency. Moreover, the cryptocurrency has nothing to do with the plan of the Venezuelan government to establish a state cryptocurrency in order to get out of the financial crisis.
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