Ethereum Developer Claims Petro Cryptocurrency Copied Dash
An Ethereum developer is claiming the state-backed Petro cryptocurrency, a plaything to Venezuelan President Nicolas Maduro, has taken substantial amounts of its newly published whitepaper from DASH. Certainly, at least at 1st glance, it does appear there are close similarities between the altcoin and the world’s 1st national cryptocurrency.
NewWhitepaper Appears Great Deal in Common with Dash
Readers familiar with altcoin dash will identify its salient features: instant send, masternodes, consensus combination, an X11 mining algorithm, and so on. That these elements have found their way into the recently published Petro whitepaper caught the attention of at least one keen reader, Ethereum developer Joey Zhou. The coincidences appeared to be so strong in his reading and subsequent comparison that Zhou took to Twitter, announcing “Lol Venezuela’s new Petro token is a blatant dash clone.” He then linked to a graph that’s prominent in both the whitepaper and the Dash Github.
Under the heading “Technical Description”, the petro whitepaper seems to propose a consensus algorithm combination of PoW and PoS, which is similar to that of dash. Petro begins by allocating 85% of its rewards to “Nodos Maestros,” or masternodes, with the remainder left to users.
Masternodes, Instant Send, X11 Mining
Sunacrip, the self-proclaimed autonomous entity that oversees all of Venezuela’s cryptoasset-related matters, features prominently in the Petro whitepaper. For example, it is allowed to change the consensus for the network’s “convenience.” Yet the whitepaper claims masternodes will make decisions in the network and support transactions carried out by themselves. Though Petro supposedly has masternodes, a key part of dash governance, Sunacrip is given a lot of relative power.
Whether it’s straight plagiarism or a friendly open-source lifting might depend on who is judging the whitepaper. Venezuela has a history with dash, and as recently as this summer the world’s 12th-biggest cryptocurrency by market capitalization caught a double-digit price bump, apparently due to a rush of Venezuelans racing to escape notorious hyperinflation.
Petro shows what appears to be a pattern when it comes to dash similarities. Indeed, both instant send and X11 mining have been woven into petro, which are also critical features of dash. Described as “most important” to petro are the instantaneous sending of the transactions, which represents an innovative advance with a significant impact compared to existing cryptocurrencies.