XPetroleum | Building the Trust Oil Economy with Blockchain

Februari 11, 2019

XPetroleum | Building the Trust Oil Economy with Blockchain

Since the invention of the internal combustion engine, oil and derivatives such as oil and gasoline have become some of the most valuable commodities on our planet. Without these resources, the existence of modern transport as a means of transportation would not have been possible. Moreover, oil is also used for a number of other processes, such as electricity generation, heat supply and much more. At the moment, to meet all the needs of mankind annually produces about 34 billion barrels of oil for a total of 1.7 trillion dollars.
It is important to note that oil is a non-renewable resource that needs to be protected. It is for this purpose that a project called XPetroleum is being created, which will improve the process of oil production and supply through the introduction of Blockchain technology.

Project objective

The main goal of the developers is to create a new generation oil platform based on Ethereum smart contracts, which provides the following opportunities for the oil industry:
confirmation of the authenticity of the product;
tracking place of origin;
transparency of operations;
lower cost;
high safety;
low transaction processing time;
elimination of intermediaries between the supplier and the consumer.

Principle of operation

The work of the XPetroleum platform will be provided by the Blockchain technology, which allows for the storage and exchange of data between participants on an equal basis. Due to the fact that this technology uses decentralization, the Xpetroleum platform will be able to completely eliminate the need for third-party services.

All actions within the platform will be carried out on the basis of smart contracts, which are concluded between two or more parties. These agreements may include many functions that are performed in response to certain actions of the parties to the agreement. Such a solution will ensure the security of operations and increase their transparency.

If necessary, each of the participants will be able to track the place of oil production, the time of its delivery, as well as a number of other parameters included in the process of trading this valuable resource.

The main currency of the platform will be XPL tokens, which can be stored on wallets that support the ERC20 cryptocurrency standard. It will be possible to buy these coins only during public sales.

Dates and details of the ICO

The developers of the project intend to release 80 million XPL coins, of which only 62 percent will be sold in public sales. The cost of the 1st token will be $ 0.15. However, the date of public sale will be announced by the creators of the platform in April this year after the release of Whitepaper 2.0.

Softcap project - 500 thousand dollars, hardcap - 5 million dollars.

The distribution of tokens and funds is as follows:

Conclusion

Given the scale of the oil industry and the lack of safe and reliable tools to perform operations in this area, the XPetroleum project can become very popular. It will reduce the costs of many refineries by eliminating intermediaries, as well as ensure the safety of financial transactions between the parties to the agreements.

Therefore, investing in XPL tokens can be one of the best solutions for investors.