Private Equity Moris Beracha Wuani

By Moris Beracha .-The Venezuelan government has carried out a massive advertisement campaign nationally and internationally, to promote its crypto asset called “Petro”, which has taken center stage, since it is used and anchored to the local currency and accounting unit in the finances of the South American nation. Not only is the referred token commercialized in the country, which is backed by the huge oil reserves, but also digital entrepreneurs have decided to develop new cryptocurrencies that allow Venezuelans to protect their money in the face of a serious economic crisis that could not be controlled by the administration of President Nicolás Maduro. In this sense, the head of the Venezuelan Association of Cryptocurrency (Asonacrip), José Álvarez, has stated in different media “there is a modest number of successful developments beyond the petro in Venezuela.” It should be noted that in addition to bitcoin, dash and the bolivar, Venezuelans have ...

By Moris Beracha . - PDVSA’s partner companies involved in joint ventures, as well as financial analysts and investment bank economists, including consulting firms agree on questioning President Maduro’s announcement revealing that the Bolivar Soberano’s stability, which will start circulating on August 20, will be anchored to the oil-backed Petro (PTR) digital currency. “There is a very clear executive order issued by the US Government banning transactions involving Venezuela’s Petro and it is applicable to any transaction with the Venezuelan Government or PDVSA related to the use of that cryptocurrency,” said a source from one of the partner companies of Petróleos de Venezuela. “Neither Chevron, nor any of the European companies, including Rosneft, CNPC or Indian companies such as ONGC or Reliance will accept any transaction in Petros,” it said. According to the source, in several meetings, the PDVSA authorities have considered the possibility of using...

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. ...