Oil will continue to dominate the primary energy mix for the next 25 years, with demand increasing to almost 100 million barrels a day. Natural gas will see the strongest growth of any fossil fuel, with demand growing on average 1.429% per year.
PetroDollar is a peer-to-peer digital currency designed to deflate with relation to the world crude oils reserves. PetroDollar has a approximate 1:10,000 relationship to barrels of oil still existing in the ground, thus creating an analogy of the USD/OIL trading pair. Every transaction(Tx) broadcast over the PetroDollar network will be charged a transaction fee to be destroyed in line with oil depletion. Transaction fees are destroyed autonomously, at an organic rate based on a mathematical model of the oil market. PetroDollar has a current fee of 1.429% of the amount transmitted, increasing to approximately 15% in year 2045.
PetroDollar developers reserve the right to re-evaluate future destruction patterns in order to adapt them to real-world oil market dynamics as history unfolds. All changes from the base design will be justified by appropriate statistical references and computations which shall be provided.
In 1945 an agreement was established to assign the U.S. dollar as the world reserve currency. The agreement which gave the United States a distinct financial advantage was made under the condition that the U.S. dollar was redeemable for gold at $35.00 per ounce as International commodities where priced in U.S. dollar. The United States made this agreement within an honour system, as the federal reserve refused audits or supervision of its printing presses.
In the years leading up to 1970 expenditures in the Vietnam war made it clear to many countries that the US was printing more money than it held in gold and in response asked for their gold back. This event set of a rapid decline in the U.S. dollar. The situation climaxed in 1971 when France attempted to withdraw their gold and President Richard M. Nixon refused by defending the U.S. dollar.
In 1973, a deal was struck between Saudi Arabia and the United States in which every barrel of oil purchased from the Saudis would be denominated in U.S. dollars. Under this new arrangement, any country that sought to purchase oil from Saudi Arabia would be required to first exchange their own national currency for U.S. dollars. In exchange for Saudi Arabia's willingness to denominate their oil sales exclusively in U.S. dollars, the United States offered weapons and protection of their oil fields from neighboring nations, including Israel. The same offer was extended to each of the worlds key oil producing countries. By 1975 every member of OPEC. was in agreement to only their sell their oil in U.S. dollar.
The act of removing the U.S. dollar off away from gold and binding it to foreign oil forced every oil importing country in the world to start maintaining a constant supply of federal reserve paper. In order to obtain the federal reserve paper, real physical goods must be traded with the United States. This was the birth of the PetroDollar we know today. As the U.S. dollar continued to lose purchasing power, several oil-producing countries began to question the wisdom of accepting increasingly de-valuing paper currency for their oil supplies. Several countries have attempted to move away, or already have moved away, from the petrodollar system. Examples include Iran, Syria, Venezuela, and North Korea.
As more countries continue to move away from the petrodollar system which uses the U.S. dollar as payment for oil, we expect significant inflationary pressures to strike the U.S. economy. The current system of the petrodollar leaves every country, maintaining a constant supply of U.S. dollar at risk of holding a currency with diminishing purchasing power.
35+ Year mining protocol
Progressive Tx fee destruction
Total coins: XPD 121,074,628
"PetroDollar is designed to have a 1:10,000 relationship to barrels of oil still existing in the ground. Every transaction fee is destroyed with relation to the world oil reserve levels."PetroDollar Developer
"PetroDollar developers reserve the right to re-evaluate future destruction patterns in order to adapt them to real-world oil market dynamics as history unfolds. All changes from the base design will be justified by appropriate statistical references and computations which shall be provided."PetroDollar Developer
"The Digital PetroDollar provides a de-centralised, transparent, deflationary network for the World's oil industry, influencing fairer market prices independent of exchange rates. The coin is not so much a currency but an autonomous, organic mathematical model of the oil market."PetroDollar Developer