The PetroDollar is a cryptocurrency intended to deflate in relation to the world´s crude oil reserves. The total XPD supply is approximately a ratio of 10,000:1 of the total of un-extracted oil barrels, thus serving as an analog of the Oil/USD Trading pair.
Transactions on the PetroDollar platform will incur a transaction fee set to be destroyed in accordance with mathematical models of the oil market. The current Tx fee in the network is less than 2%, but will increase up to 15% in the year 2045, in order to keep up with oil reserve depletion rates worldwide.
The platform is based in the SHA-256D algorithm, and has a maximum coin supply of 63,993,275 XPD (approximately 10 thousand oil barrels per coin). Transaction times are set to five minutes, granting the platform the ability to process up to 288 blocks daily. Difficulties are set to be dynamically modified using the Kiimoto Gravity Well readjustment algorithm.
XPD coins can be obtained in cryptocurrency exchanges such as Cryptopia, YoBit.net, and Lykke. PetroDollars can be held using a QT wallet made available through Cointalk. The wallet is compatible with Linux, Windows, and MAC OS. Issuance of XPD and transactions are completely handled by the PetroDollar network, in a decentralized manner. Without the use of any fiat reserve currencies, the risk of purchasing power being diminished by political reasons is completely eliminated. Such a system would also prevent any country from imposing illegal international sanctions to any other country regarding their oil trade.
Since all the data in the XPD platform is stored in a blockchain, it can be used as research material for topics like oil price analysis, carbon accounting analysis, market analyses associated with investing, and more.
As of this writing, both sites listed as the project´s websites (petrodollar.org and thepetrodollar.org) are unavailable.