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RE: Venezuela's $5b Ethereum Based PETRO ICO Whitepaper Released!
The potential pressure points impacting the success or failure of El Petro.
- The Blockchain -
- Clone of Ethereum or Adapted Version?
- Encryption
- signed transactions and messages versus encrypted messaging
- potential backdoors will keep the presale tokens unredeemed
- 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