Golden Outpost | Venezuela may have upgraded the hard fork of petro

Golden Finance News, on May 5, the Venezuelan government oil company shut down Petro on the grounds of maintaining the blockchain. It is reported that the petro currency underwent a hard fork or chain split (Chain Split) on the maintenance day.

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According to the report, the petro coin block explorer showed that on the day when the Petro blockchain was offline for maintenance, the petro coin produced a new "genesis block". According to another official Petrocoin block explorer, Petro's genesis block was born on October 13, 2018, which means that these are two different blockchains.

Golden Noon News | A list of important developments at noon on August 18: 7:00-12:00 Keywords: Xiao Gang, blockchain patents, ETC hard fork, Polkadot

1. Industrial and Commercial Bank of China and Bank of China have successively issued a number of blockchain-related patents.

2. ETC core developers will discuss the hard fork proposal on August 21.

3. V God: Ethereum cannot be reduced to money. It is people outside of Ethereum who regard ETH as money.

4. The market value of Bitcoin surpasses Bank of America and ranks behind PayPal.

5. Polkadot will start the transfer at 00:40 on August 19, Beijing time.

6. From 2020 to 2025, Guangxi plans to implement 36 large blockchain projects.

7. Coinbase released the ERC-20 Standard Token Security Review Guidelines.

8. Xiao Gang: The "Digital China" and "Digital Economy" under construction are bound to produce new types of digital asset exchanges. [2020/8/18]

In this regard, Anibal Garrido, a lecturer in cryptocurrency trading at the University of Carabobo in Venezuela, said that the first thing I thought of was that there were many errors in the previous Petro blockchain. Based on these errors, the Venezuelan authorities may have hard forked the Petro blockchain. upgrade.

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Garrido added, however, that the circumstances were unclear and likely would have been the case had the government not given an official explanation. But restarting the blockchain is completely counterproductive, and the reason for such a decision should be explained by the authority behind the Petro project.

According to public information, Petro (Petro) is an encrypted digital currency backed by oil issued by the Venezuelan government in 2018. Each petro is equivalent to 1 barrel of oil, with a total circulation of 100 million and a reference price of 60 Dollar. Unlike Bitcoin, petro coins do not need to be "mined" by consuming computer computing power and a large amount of electricity. All petro coins are pre-created, issued and sold directly by the Venezuelan government, similar to the public offering of stocks in the primary market .

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