News

Venezuela’s Petro Copied Dash, Claims Ethereum Developer

a representative of Ethereum is claiming the state-backed Venezuelan cryptocurrency, the Petro, has taken substantial content of its newly published whitepaper from dash. At first glance, it seems there are big similarities between the cryptocurrency and the world first national cryptocurrency.
Those familiar with dash will detect masternodes, x11 algorithm, and other dash recognized features; these elements had found their way to its recently published whitepaper, and caught up the attention of Joey Zhou.
The coincidences seemed to be so strong in his reading and the subsequent comparison that zhou caught announced it on Twitter. he then connected to a chart that is shown in both the whitepaper ( page 13 ) and the dash GitHub .
Under the heading “technical description” the whitepaper describes a hybrid dashlike consensus algorithm. Masternodes earn 85 % of the rewards, with the rest left for the users.
Sunacrip, the self – declared autonomous entity that oversees all of Venezuela crypto – related matters, is present in the Petro whitepaper. Although Petro allegedly has masternodes, the key part of the operation is decided by Sunacrip. For example, it is possible for them to change the consensus on the grid. Yet the masternodes will “make decisions in the network and support transactions carried out by themselves”.
Whether it is a bad theft or a friendly open source leverage to lift this projects, it depends on who is judging the whitepaper. However, if the copy process had been so bold, dash would not have been the worst option, Zhou claimed.
Venezuela has a history with dash, and as recently as this summer the world’s 12th-largest cryptocurrency by market capitalization caught a double-digit price bump, apparently due to a rush of Venezuelans racing to escape notorious hyperinflation.
Diving even deeper into the depths of the Petro seemed to show the pattern when it comes to dash similarity .both immediate transactions and mining are participating in the Petro, which are also extremely important in Dash.
the most important features of the Petro is the “immediate sending” ( less than five seconds ) for transactions, ” which represents a significant impact in existing cryptocurrency processes”. A thing present also in Dash.

Related posts
BanksBitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsUSAxbtusd

Bitcoin Retakes $57K As Hundreds Of US Banks Prepare To Offer Crypto Trading And Custody To Clients

Bitcoin has recouped the losses from recent sell-off after news that the world’s oldest cryptocurrency is soon coming to hundreds of United States banks. Data from CoinMarketCap shows that bitcoin is hovering at $57,091.36 at press time, with 5.47% daily…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTJamie DimonjpmorganNewsxbtusd

My Clients Care About Bitcoin, I Don’t: JPMorgan CEO Jamie Dimon

The trajectory that bitcoin has seen over the last decade has been nothing if not interesting. There was a time where it was popular among top financial executives to denounce bitcoin and declare it is a scam or fraud at…
CoinbasecryptocurrencyCryptocurrency NewsFeaturedNews

How Coinbase is Driving the Crypto Market to the Richest Fintech Hands

Not every cryptocurrency proponent is a fan of the giant exchange platform Coinbase. But if sentiments are kept aside, it is crystal clear that the platform is leading the cryptocurrency market into some of the richest hands the industry will…