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PETROLEUM (COIN:OIL) AS MANAGED ETHEREUM SMART CONTRACT TOKEN DESIGNED BY FIRST BITCOIN CAPITAL CORP TO BE LAUNCHED WITH EACH TOKEN INDICATIVE OF A BARREL OF OIL
PETROLEUM (COIN:OIL) AS MANAGED ETHEREUM SMART CONTRACT TOKEN DESIGNED BY FIRST BITCOIN CAPITAL CORP TO BE LAUNCHED WITH EACH TOKEN INDICATIVE OF A BARREL OF OIL.
About this update from First Bitcoin Capital Corp.
[{"type":"text","content":"TEL AVIV, ISRAEL / ACCESSWIRE / February 21 2018 / First Bitcoin Capital Corp (OTCMarkets:BITCF), a prolific generator of more than 100 unique cryptocurrencies has launched “Petroleum” coin designed to become a commodity-based utility token employing the Ethereum ERC20 BlockChain protocols with trading symbol “OIL” in order to provide a liquidity and management solution to global petroleum industry participants.In order to capitalize on the excitement surrounding Venezuela’s move to back its own cryptocurrency with that country’s oil reserves and to fulfill BITCF’s preparations prior to the oil-producing nation’s announcement, First Bitcoin Capital Corp wasted no time in setting the stage to beat Venezuela to market.The Petroleum (COIN: OIL) Smart Contract development creation occurred 2 months ago, as can be witnessed in the following Etherscan explorer link: https://etherscan.io/token/0xd938959d215d84b668d39848785d76d298466f19#readContractWhile a small amount of activity regarding Petroleum (COIN: OIL) may be seen on Ethereum explorers, those issuances and test transfer amounts identifiable are not available for cryptocurrency markets nor are any of these tokens yet backed by oil or any other asset. The Petroleum tokens will only begin trading on exchanges upon 1 barrel of oil supporting each outstanding OIL token through legally binding trust agreements in conformity with all relevant laws, rules, and regulations.The Company intends to exclusively incorporate Petroleum (COIN: OIL) into and have it function as an integral part of the upcoming PetroBloq energy trading platform which is being developed as a joint venture between Petroteq Energy, Inc and First Bitcoin Capital Corp.The growing trend and potential for tokenization of commodities are significant, based on the success of Tether (a coin that is backed by $USD and is trading more than $2 billion per day on international cryptocurrency exchanges in more than 400 markets) combined with the massive size of global oil reserves.First Bitcoin Capital’s CEO, Greg Rubin stated that “Petroteq’s and First Bitcoin’s revenue model for our joint venture known as “PetroBloq” includes earning fees from those oil producers that elect to utilize our Ethereum tokens as a means to achieve greater liquidity and manageability of their oil production. Intereste...