Venezuela Invites OPEC to Develop Oil Crypto Platform

President of Venezuela Nicolas Maduro invited all OPEC countries to jointly develop a platform for trading oil-backed crypto-currencies
07 February 2018   333

Venezuela itself is preparing to pre-sell its own "oil" cryptocurrency "petro", which can be used to pay taxes, fines and utilities. This is reported by

On Tuesday, at a meeting with Mohammed Barkindo, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Maduro invited all OPEC countries to unite and develop a platform for trading "oil" crypto-currencies.

OPEC Meeting
OPEC Meeting

PEC includes 14 countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

I will officially propose to the OPEC and non-OPEC countries that we adopt a joint cryptocurrency mechanism backed by oil.we will also support our cryptocurrency with precious minerals from our land. I have explained to Mohammed Barkindo the goodness of the petro. The cryptocurrency is the world of the future. I am very excited as well as the people of Venezuela.

Nicolas Maduro

President, Venezuela

Venezuela recently published a "white book" of its "oil" crypto currency. Private pre-sale will begin on February 20, and then in March, the ICO of petro tokens will start.

Maduro confirmed that in addition to the "5 million barrels of oil" Venezuelan crypto currency will be provided "precious minerals from our land".

The Bolivarian Republic of Venezuela guarantees that it will accept petros as a form of payment of national taxes, fees, contributions and public services. The Venezuelan government is committed to promoting the use of petro in the domestic market and making efforts to stimulate its acceptance throughout the world. The State will actively assume the commitment to promote the adoption of petro, encouraging the growth of its national and international user base.

Petro Whitepaper

The Venezuelan manager on cryptocurrencies also shared new details about previously announced Petro Containers and stated that they are intended for "massification of mining farms in secondary schools, universities, university villages and other places with a large population".

Electroneum to update its blockchain

Electroneum announced that new code will be released on May 30 as its blockchain reaches Block 307500
26 April 2018   50

Electroneum announced its fork is scheduled to take place at block 307500 on May 30. The fork is special as it will not result in two currencies: this is achieved by allowing all the exchanges and pools to update their software in advance. The update covers the following aspects

  • anti-ASIC code:

the implementation of such code will ensure security against any network attack

  • increase of transfer fee:

to ensure Electroneum blockchain withstands blockchain flooding, base fee will be increased to 0.1 ETN

  • block size increase before penalty:

the increase will allow miners to scale the blocks faster and get more transactions into a block

  • disabling of RingCT and Mixin:

disabling some privacy features with letting wallets remain private will get a less wait to fit a transaction into a block and a leaner blockchain size

  • 3 days mempool life:

it will ensure a reduction of the possibility of the returned transactions

Readers will be able to find the rest of the remaining details of the update here. As for the market indicators for Electroneum, here is what they look like at the moment of publication:

  • Average price   $0.024453
  • Market cap         $166,770,279
  • Volume (24H)    $1,234,100