OilWellCoin is the first project in the world aimed at solving the problem of financing and developing the oil industry in Russia and other countries on the basis of blockchain technologies. The project was created by a group of professionals with a combined experience of more than 40 years in the field of geological exploration of oil fields and oil production in Russia and in the world, as well as software development experts and professional lawyers. The basis of the project is the self-developed platform OilWellCoin (hereinafter referred to as OilWellCoin), an infrastructure operating with cryptoactive assets that will facilitate the introduction of blockchain technologies in the oil product market, and, as a result, its liberalization and transparency. Among the participants of the OilWellCoin project (hereinafter “the OilWellCoin group of companies”) are the oil producing company Demiurge LLC and the technology company Hadius Pro Marketing Pte. Ltd., which is the official developer of the platform OilWellCoin (https://oilwellcoin. io/) and distributor of discount certificates for products produced by Demiurge LLC
Lack of possibility of substitution / falsification of original discount certificates. • Transparent certificate tracking system. • Ability to not contain server infrastructure for data transfer and storage. • Reliable channel with redundancy. No expensive communication channels, database servers, etc. are required. • High network speed, support for more than 40,000 transactions per second in a specially configured environment (Confirmation of a transaction in Ethereum can take up to 10 hours). • Free transactions. • The LCPoA block generation algorithm (Limited Confidence Proof of Activity), tied to world time, reliably protects the network from spam and counterfeit transactions, while not demanding of computing resources. • Free data storage.
To ensure the operation of the system, two types of tokens will be released: 1. ERC20 token - OILD (Oil Discount), produced on the basis of the Ethereum platform, involved in the sale of tokens during the period of the free sale of tokens (Token Sale). 2. ТToken-asset - OILDC (Oil Discount Certificate) "virtual certificate", issued on the basis of the blockchain platform izzz.io, which will be used as a safe and trusted repository of information on issued paper obligations - certificates that provide discounts. To receive a discount when buying oil, you will need to obtain a paper certificate by submitting a virtual certificate to the company's information system. You can get virtual OILDC certificates by exchanging them 1: 1 on the basis of the OilWellCoin platform for OILD tokens. The issue of OILD tokens is regulated by Russian and international law, in connection with their binding to electronic discount certificates of an unlimited period of validity, upon presentation of which, within the framework of the OilWellCoin platform, it will be possible to receive a discount when buying goods - oil. If the holder of tokens does not buy the oil produced, he will be able to sell the token in the free market to interested parties. Such a scheme will allow you to create correct legal relationships with customers, while actively using the blockchain for transparency of transactions. The first project within the framework of raising funds from the sale of token certificates with further oil production and sale is planned by the OilWellCoin platform team to implement on the basis of its own oil and gas wells one of the company's sites
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