Posted on

Venezuela’s Petro Cryptocurrency May be a Copy of Dash

562 Views
0 Total shares
Petro coin

Petro (PTR), the official oil-backed cryptocurrency of Venezuela appears to be an identical copy of the popular crypto Dash.

In fact, it appears to have the same features and mining algorithm. Even its whitepaper appears to have replicated many sections from the Dash whitepaper.

As a matter of fact, Joey Zhou, an Ethereum developer recently pointed out the similarities on Twitter. He said that the oil-backed crypto directly lifts an image from Dash’s Github repository and displays it on the 11th page of its whitepaper.

The Petro Cryptocurrency Whitepaper

Looking more closely at Petro whitepaper, it is immediately clear that the government reproduces more than just the mere image of Dash.

Moreover, Venezuelan government indicates that the Instant Send feature is one of the “most important characteristics,” of the cryptocurrency.  This feature is already present in Dash. The whitepaper states:

“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.”

Furthermore, Petro will feature a block size of 4MB with 60 seconds between each block. The consensus algorithm it will use is a hybrid between Proof-of-Work (PoW) and Proof-of-Stake (PoS). Moreover, the document states that the network will contain masternodes (Nodos Maestros). These will “make decisions in the network and support transactions carried out by themselves.”

However, Dash is also known for having masternodes. As per Masternodes.online, it is the topmost legitimate crypto that utilizes them.

Venezuela’s Push for Cryptocurrency

The government of Venezuela is developing several use cases for Petro to accelerate demand.

Additionally, the government declared the oil-backed crypto as an official alternative currency in the country. The central bank of Venezuela launched an app that allows citizens to convert bolivars to the Petro-pegged bolivar soberano.

The government activated the official website of the crypto. Furthermore, the crypto wallet is live and available on Google Play.

 

 

Want the latest crypto news? Join our Telegram Channel

Daily updates