Did Petro, The Venezuelan National Cryptocurrency Copied Altcoin Dash?

by | Oct 5, 2018 | Cryptocurrency, Cryptocurrency News

Petro| Venezuelan National Cryptocurrency | Petro Whitpaper | Dash | Multinodes

Venezuela’s Petro(PTR), the world’s first national cryptocurrency should have been a milestone in the crypto world but the uncertainty surrounding the oil-backed coin defies it from becoming the pioneer. In its latest controversy, an Ethereum developer claims that the recently released whitepaper has taken substantial amounts from Dash (DASH).

 The Venezuelan president  Nicolas Maduro recently published the whitepaper for the national cryptocurrency Petro, while announcing it’s release on 5th November. A keen Ethereum developer Joey Zhou observed some peculiar similarities between Petro’s whitepaper and the altcoin dash, including the salient features such as instant send, masternodes, consensus combination, an X11 mining algorithm.

Zhou could not ridicule the similarities as a coincidence and took to his Twitter account stating:

“Lol Venezuela’s new Petro token is a blatant dash clone (at least the whitepaper, page 11).”

 

To support his findings Zhou linked to a graph that’s prominent in both the whitepaper (page 13 in the PDF) and the Dash Github. The Petro whitepaper Under the heading “Technical Description” (Section 11.6, “Staking o Tenecia”), describes a consensus algorithm combination of Proof-of-Work (PoW) and Proof-of-Stake (PoS), bearing a major resemblance to that of the dash. Petro allocates 85% of its rewards to masternodes or  “Nodos Maestros,” while the remainder is left to the users.

In all objectivity, Dash’s breakdowns are not nearly as skewed.

Sunacrip

Featured prominently in the whitepaper is Sunacrip, a self-proclaimed autonomous entity that looks into cryptoasset-related matters of Venezuela. Masternodes are of let importance in Dash’s governance and Petro has a similar feature. However, Sunacrip is provided a relatively more power than masternodes. For example, while the whitepaper claims masternodes will “make decisions in the network and support transactions carried out by themselves,” Sunacrip is allowed to change the consensus for the network’s “convenience.”

Upon one’s way of judgment, this could be dubbed as a straight case of plagiarism or a friendly open-source lifting. Notably, If Petro did what  Zhou claims, then dash was the appropriate choice to get ‘inspired’ from. Dash observed a double-digit price bump recently which could be attributed to the rush of Venezuelans aimed at escaping the hyperinflation.

A deeper look into Petro concludes a few more similarities with the world’s 12th-largest cryptocurrency by market capitalization. Amongst Dash’s critical feature in instant send and X11 mining and Petro mimics these features. The features described as “most important” to Petro are “the instantaneous sending (less than five seconds) of the transactions, which represents an innovative advance with a significant impact compared to existing cryptocurrencies.” Conveniently the statement omits, Dash, the most famous crypto using masternodes.

Read more: Bitcoin Trading Volumes On A Steady Rise Amidst Venezuelan Economic Crisis

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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