Hiring miners?
Doesn't sound very decentralized.
Wages instead of rewards, woah. Hold on, I don't think their govt is implementing the computational mining that we know of.
This project is really interesting, things can go really bad or revolutionary.
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What I don't get -
Are the miners supposed to supply their own rigs? If not, are they working with government-owned and operated rigs? If so, the wages might make sense, and the miners would more closely resemble technicians.
There's this big circlejerk going on right now that says blockchain=crypto=decentralized. Obviously, a government-backed and approved crypto is going to be much more centralized than a crypto whose main selling point is that it can safely pay for illicit activities. I'm of the belief that any publicity and adoption is good for the crypto economy as a whole, and I'm going to wait to see the actual effects of PetroCoin before passing judgement.