Venezuela’s Petro White Paper ‘Blatantly’ Copied Dash, Ethereum Developer Says

-
By Ana Berman
Venezuelan state-owned cryptocurrency Petro has apparently plagiarized parts of its white paper from the GitHub repository of Dash. Core developer of Ethereum Joey Zhou pointed this out in a tweet posted Tuesday, Oct. 2.

Zhou has tweeted that Petro, which has just been officially launched by president Nicolas Maduro, is "a blatant Dash clone." To illustrate this, he posted a link to the Venezuelan coin’s white paper, which had an exact copy of an image from Dash's repository on Github.

The "clone" image is not the only thing that Petro apparently borrowed from Dash. The technical description of the coin says that it will use the X11 Proof-of-Work (PoW) mining algorithm, the same that is used by Dash.

While many cryptocurrencies use common cryptographic algorithms – such as Bitcoin’s SHA-256 – Petro also uses "nodos maestros," or masternodes – a well-known mechanism used by Dash to regulate its ecosystem.

The last but not least of the coincidences is Instant Send – Dash's mechanism for fast transactions and also one of the most important characteristics of Petro, as per its white paper:
"One of the most important characteristics of Petro is instant send (less than 5 seconds) of the transactions, which represents an innovative approach and Petro's significant impact in comparison with existing cryptocurrencies."
The news comes shortly after Venezuela’s president announced the official sale of Petro, which is slated to start November 5.

Maduro has also stated that the oil-backed cryptocurrency is about to begin trading on six major crypto exchanges. However, as of press time, it has not yet been listed on any of the largest trading platforms such as Binance, OKEx and Huobi, according to CoinMarketCap.

Earlier in August, Ryan Taylor, CEO of Dash Core Group, has said that Venezuela had become the second largest market for Dash. According to Taylor, almost one hundred merchants in Venezuela begin to accept the coin each week, partly caused by the fast devaluation of bolivar – the nation’s official currency.

Published in:  https://cointelegraph.com/news/venezuelas-petro-white-paper-blatantly-copied-dash-ethereum-developer-says

Comentarios

Publicar un comentario

Entradas populares de este blog

A Race for Blockchain: IBM, Microsoft, Lenovo explore DLT

-
Imagen
Blockchain, cryptocurrency, and other innovative techs have significant disruptive potential. Within the course of time, this fact becomes obvious not only for community enthusiasts but also for traditional industry players. That is probably the major reason for world electronic bulls to explore the innovative possibilities to boost their own progress. Microsoft showed interest in blockchain technology back in 2018. They announced their plans to apply the technology behind Bitcoin (the leading crypto by market cap) in its decentralised IDs (DIDs) App. The company was support DLT-based DIDs through Microsoft Authenticator App. However, as of now, the project seems to be frozen.    Unstoppable IBM    IBM, another technological giant, has has shown interest in exploring blockchain and cryptocurrency techs even earlier, in 2015. As of now, the company is known to take part in several related projects.   In January 2019, Ford Motor company officially launched block
Leer más

Cryptocurrency Universe Expands Far Beyond Bitcoin

-
Imagen
The code base is increasing and improving every day as computer science graduates from top schools jump on board. By Aaron Brown A sort of “cryptobrawl” broke out last month at the Milken Institute Global Conference between economist Nouriel Roubini and panel participants more optimistic about the future of cryptocurrency technologies. I had the opportunity to participate in a partial rematch at Battle of the Quants, where Roubini was just as negative and DMS Governance's John D’Agostino presented a moderate defense. All of the heat concerns the border of crypto and traditional finance, but much of the important stuff is happening far from the border. For example, one of Roubini's claims is that advances in financial technology by existing financial institutions and startups are delivering on many of the promises of crypto-enthusiasts, and these will continue to transform financial markets. That’s true. However, many of those advances were spurred by the threat of
Leer más

Small-business owners more optimistic at the start of 2020, the NFIB says

-
Imagen
The numbers: Small businesses turned more optimistic about sales and profits in the first month of 2020, but they are still struggling to find qualified workers, according to a closely followed survey. The National Federation of Independent Business said its index of small-business optimism rebounded from a small dip in at the end of last year, rising to 104.3 points in January from 102.7 in December. Business owners were more confident that sales would continue to rise and help support higher profits, the NFIB said. What happened: The net percent of owners who expect higher inflation-adjusted sales in the months ahead rose by 7 points to 23%. By and large, business owners were nonplussed by the impeachment trial of President Donald Trump. A gauge that measures uncertainty was basically unchanged. The biggest worry of small businesses continues to be a shortage of skilled employees available for hire. A quarter of owners say it’s their No. 1 problem — more than taxes or re
Leer más