El Petro’s sale will be divided into two stages: The Pre-sale and the Initial Coin Offer (ICO), and a total of 100 mln coins will be emitted and distributed as follows: 38.4% presale, 44% public sale and 17.6% will be stored by Venezuela’s Superintendence of Cryptocurrencies and Related Activities.
The Pre-sale will take place on the 20th of February and will last until the 19th of March, and it basically consists on the creation and sale of 38,400,000 Petros (PTR) on the NEM blockchain platform. The Pre-sale token will not be part of the Petro network until the Initial Coin Offer and distribution process ends and is merely a placeholder for the official token that will be later launched.
El Petro’s ICO will start right after the Pre-sale is over, on the 20th of March, and will last until all the eighty-two million four hundred thousand (82,400,000) units available are sold (Pre-sale + ICO). During the ICO, PTR Tokens will be priced at $60 (Current price of Venezuelan barrel) and will be created and sold through an auditable mechanism in the blockchain.
No additional tokens will be issued without the approval of Petro’s holders, in a vote conducted in the Petro’s blockchain on the basis of 1 Petro = 1 vote. Regarding its divisibility, el Petro will be divisible by 100.000.000 units. The minimum exchange unit will be called Mene (0,00000001 PTR).
The value of the entire el Petro issuance of 100 million tokens would be just over $6 billion (at current barrel prices) and the tokens will each be valued at a barrel of Venezuelan crude oil, according to the Venezuelan president. Therefore, el Petro’s market cap will always be calculated and depending on the price of the Venezuelan barrel.