Venezuela Announces “Petro” Cryptocurrency

Venezuelan Flag
Venezuela seeks to issue an oil-backed cryptocurrency.

Venezulan leader Nicolas Maduro announced on state TV that Venezuela will create its own cryptocurrency. Maduro announced the “21st century has arrived!” as he introduced the public to his idea during his portion of a 5-hour state TV slot. The new cryptocurrency will be called the “Petro”. Venezuela plans to back their cryptocurrency with their substantial nature resources including oil, diamonds, and gold. The hope of the Venezuelan government is that this will allow them to skirt US sanctions and conduct business with the world.

The Venezuelan bolivar has lost a remarkable 57% of its value in the last month alone as it continues its slide into oblivion. Wealthier Venezuelans are now mining and using cryptocurrencies as an alternative. Will the government cryptocurrency solve the Venezuelan currency crisis? It is difficult to know but it seems unlikely a government managed cryptocurrency will be any more successful than a failed government-managed fiat currency. Will the Venezuelan government even be able to successful implement this “Petro” cryptocurrency in its current state of dysfunction? Time will tell.

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Ethereum Rising

Ethereum is a great cryptocurrency.
Ethereum is a feature-rich technology and cryptocurrency.

The Ethereum project is on the rise. The popular cryptocurrency, Ethereum, is rising in both price per token and public popularity. The recent release of Solidity 0.4.19 has several bug-fixes but nothing nearly as exciting as the Ethereum project offers overall. If you are involved with cryptocurrency then you have probably heard of smart contracts. Smart contracts are contracts built with computer software. They are largely self-enforcing. Ethereum uses the EVM or Ethereum Virtual Machine to process smart contract byte-code (pre-compiled code designed to run on a virtual machine) distributed across thousands of nodes. This is an exciting project with a much broader scope than Bitcoin. Imagine contracts that execute themselves with no enforcement from a court — talk about introducing a whole new paradigm in business globally! This can bridge tons of problems of business and put a lot of lawyers out of business.

I encourage our readers to check out Ethereum if they are considering cryptocurrency investments. Bitcoin, Litecoin, and Ethereum compose the “cryptocurrency triad” that serves as a vanguard for the industry as a whole. Read more about the Ethereum project at Ethereum.org.