Venezuela's Petro Pre-sale and ICO Dates Announced

38,4 million tokens of Venezuela's cryptocurrency Petro will be released during pre-sale from February 20 (04:00 UTC) to March 19 (04:00 UTC), while the ICO will be held from March 20
20 February 2018   208

Venezuelan cryptocurrency Petro received a mixed response from the country's population and from foreign investors. While the critics and the opposition think that it's just a way to not get sanctioned or kicked out of the office for Venezuelan President Nicolas Maduro, some foreign investors have really taken interest in the new oil-backed cryptocurrency.

Largest support is promised by Brazil as their businessmen are prepared to invest $300 million with a starting investment of $100 million. Also, according to Venezuela’s Minister of Foreign Trade and International Investment José Vielma Mora other countries such as Canada, Poland, Denmark, Honduras, Norway, and Vietnam, have expressed interest in utilizing Petro coin for international trade. All these countries as of now are willing to receive Petro in payment for food and medicine, which is desperately needed in Venezuela in current situation.

So, President Maduro has already ordered the issuance of first 100 million of Petro tokens for the upcoming pre-sale. It will take place from February 20 (04:00 UTC) to March 19 (04:00 UTC). 38,4 million tokens will be released for the pre-sale, and they can be converted to Petro coins at any moment between the coin launch date and the end of the initial offer.

ICO will be held from March 20 (04:00 UTC), so, a day after the end of the pre-sale. 44 million Petro will be available for purchase at $60 per coin, which is the price of a barrel of crude oil in Venezuela at the end of the second week of January. The price may be changed, according to the white paper.

On 20th February president of Venezuela reported on Twitter about the begin of pre-sale of El Petro.

According to the head of oil-rich Venezuela, this digital currency is designed to strengthen the economy of the country, suffering from the crisis and US sanctions.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   109

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.