Venezuelan Petro turns out to be a doppleganger of Dash

Venezuelan Petro turns out to be a doppleganger of Dash
Oct 4, 2018 by Rico Wise

Joey Zhou, a developer from Ethereum, has attracted the attention of the cryptocommunity to the fact that the whitepaper of Petro seems to have an image copied straight from the Github repository, which belongs to Dash.

Chasing down the rabbit hole, it turned out that the whitepaper of the Venezuelan digital currency lent a little more than merely an image from the #12 ranking digital currency by market capitalization.

The whitepaper claims Petro to utilize the X11 cryptomining algorithm, which is the same algo Dash utilizes, also including the “Instand Send” feature as well. This feature is also described as one of the “most important” for PTR currency.

Overall, it seems like someone though it would be a good idea to simply rip off an existing successful digital currency and hope no one would notice.

The government of Venezuela has been providing PTR digital currency with a variety of use cases, possibly trying to hype up the demand. Previously, it made an announcement about “possibly” charging for exports in PTR, and then ordered domestic banking institutions to adopt the currency.

Petro has been considered an official alternative for the national fiat currency of Venezuela. To simplify things for the citizens, the central bank of Venezuela introduced a mobile application, which converts bolivars into PTR-pegged bolivar soberano, a fiat currency.

The public sale for the Petro digital currency is scheduled for November, with its official web page already up and running, as well as the cryptowallet being already deployed on Google Play.

Petro is a notorious digital currency, which has been accused of undermining other legitimate digital currencies, because its presale was merely designed by the Venezuelan government to circumvent sanctions and attract the inflow of foreign capital.