Venezuela will provide its cryptocurrency 5 billion barrels of oil
The Venezuelan cryptocurrency El Petro will be provided with 5 billion barrels of oil, the president of the country Nicholas Maduro told media. He called the oil field "Ayakucho-1” as the source of this oil for these purposes. One El Petro coin can be exchanged for one barrel.
Maduro does not exclude that in the future the national cryptocurrency will be provided by gold and diamond deposits.
The Venezuelan authorities first started talking about their own cryptocurrency in early December. They hope that this will help the country cope with the economic crisis and circumvent the sanctions. A team of specialists will soon be assembled, which will deal with development and mining of a new cryptocurrency El Petro.
I have posted something on this, you might be interested in that also. Here is the link to my post - What is Petro? What is its potential for Venezuela?
This is going to get very interesting. Is it a POW of POS blockchain or DPOS? @dan @dantheman any word on the street on the VNZ blockchain design?
I think it would be be neither. Since it is backed by Gold, Oil and other assets.
Don't the transactions have to be ensured to be in order, valid and somehow final?
Crypto all the way
You got a 0.95% upvote from @postpromoter courtesy of @cryptogecko!