Important facts:
  • Everything seems to indicate that the government of Venezuela has blurred and has a new account with the Petro.

  • Users need to update their wallets to be compatible with the new format.

On May 11, the Venezuelan government reported on the reactivation and updating of the Petro’s technological platform. The new commissioning of the system was accompanied by a new setting, which included new interfaces and functions.

However, the entire history of transactions in the alleged blockchain has been silently erased, a change that is surprising for the unusual, especially for projects linked to a real blockchain, as this technology prides itself on immutability as one of its most notable features .

On May 5, the National Superintendency for Cryptoactive and Related Activities (Sunacrip) announced the cessation of operations on the Petro platform due to maintenance. This was observed in the block researcher last Monday, when the plant was reactivated. A new Genesis block that contains the date of the same day the system was closed.

According to the CryptoNews glossary of terms, the Genesis block is the name assigned to the first block that was created and verified on a blockchain. This block marks the birth of each cryptocurrency. Based on this definition It goes without saying that the Venezuelan government has silently created a new cryptocurrency It has the same name, a new interface, and other features that have been disclosed.

According to the announcements, the entire platform is operational. In this case, a wave of errors would have been left, including disappointments of users who have decommissioned the national cryptocurrency project.

The creation of a new Genesis block for the Petro would have apparently left the transaction history in a different chain, which is shown by the observation that The old Block Explorer records a creation date less than two years ago (October 13, 2018).at the same time as the official introduction of Petro as a trading currency.

So far, there has been no official statement regarding the update that would have created a new cryptocurrency behind the same Petro facade. What has been officially announced is that users of the PetroApp, the only wallet available for the Petro, They need to update their addresses to be compatible with their new format.

The changes and the silence of the government continue to raise doubts about the cryptocurrency project. The questions come from the technical side: Does the Petro really have a blockchain? The known models don’t usually paralyze their blockchain to maintain them. Changes in the chains are possible, but the nodes have to agree to achieve this and the changes are still registered.

Other doubts are about the possible unannounced change to the alleged blockchain. Will you continue experimenting with citizens as guinea pigs? Is it a blur and a new account?


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