PETROLEUM - the first decentralized petrol company token, based on the Ethereum Blockchain.
Contents:
How does the PETROLEUM work?
The ERC-20 token, based on PETROLEUM Ethereum, is a convenient and instant way to store, buy, sell or transfer investments.
Industry networks become more complex as the number of participants increases. How it works:
- the total value of 2,000,000,000,000 OIL tokens is equal to the sum of the world's petroleum reserves;
- every month the platform burns the required number of OIL tokens, corresponding to the monthly oil consumption in the world.
Assets, goods and services are exchanged within these supply chain networks and value is created through transactions, governed by contracts. For the network to function properly, transactions must be accurately noted in the recording system and be available to all participants. This recording system is often referred to as a ledger, although it is usually a digital record.
Description of the blockchain for work
A young Canadian-Russian programmer Vitalik Buterin launched Ethereum in 2015. It is a blockchain platform that allows people to send and receive funds without the need for a third party like a bank. Its advantages:
| Contract | The Ethereum project was the first blockchain protocol to show the world the so-called “smart contract” technology that allows strangers to negotiate in an environment where there is no trust. The technology is based on predetermined conditions and once they are met, the smart contract can release funds automatically without the help of an intermediary. |
| Coin | Ethereum also has its own cryptocurrency Ether. In total, there are just over 100 million coins in circulation. While there is no limit on the number of issued coins, there are suggestions in the community for a future limit on the number of coins. |
Like Bitcoin, the Ethereum blockchain is decentralized, which means no one controls it. This prevents any individual or authority from changing the data that is published on the blockchain. Instead, transactions are confirmed by the Ethereum community, which in turn is rewarded for contributing to its additional computing power.
Additional information
For more information, contact tech support on the company's Twitter channel. You will solve any of your problems here, as well as you will familiarize yourself with the company's Roadmap, the terms of promotions and sweepstakes.