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RE: Venezuela's $5b Ethereum Based PETRO ICO Whitepaper Released!

in #cryptocurrency7 years ago (edited)

The potential pressure points impacting the success or failure of El Petro.

  • The Blockchain -
    1. Clone of Ethereum or Adapted Version?
    2. Encryption
      • signed transactions and messages versus encrypted messaging
      • potential backdoors will keep the presale tokens unredeemed
    3. Transaction Rate
      • Venezuela would need to support ~ 350 tps to scale to an activity level of the USA
      • [(100 Bln e-txns per year / seconds per year) / population USA] * population Venazuela
  • Commodity Accounting Standards
    • pegged to estimated reserves or known reserves
    • Pre-Established procedures and Due process to modify basket mix backing up el Petro