OilWellCoin is the first project in the world aimed at solving the problem of financing and developing the oil industry on the basis of blockchain technologies created by a group of professionals with more than forty years of experience in oil exploration, software development experts and professional lawyers. The basis of the project is the OilWell platform, which is designed to promote the liberalization and transparency of processes in the oil product market. The strategic goal of the OilWell project is to introduce innovative blockchain-based financing mechanisms into the oil production, refining and marketing industries, which will reduce the threshold for investors to enter the business and increase capital inflows into the industry. OilWell platform will allow anyone to become a member of the oil business.
To implement the plans of OilWell, the project team launches a blockchain platform that will create the necessary infrastructure for the development of the production, sale and transportation of oil operating with cryptoactive assets. Platform users will have the opportunity to purchase certificates issued by the OilWell group of companies that provide the right to a discount on the purchase of oil produced from the funds raised from the sale of these certificates. Issuing 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 platforms, one can 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. For the operation of the system 2 types of tokens will be produced: ERC20 token - OILD, produced on the basis of the Ethereum platform, involved in the sale of tokens during the period of free Token Sale. The token-asset is a “virtual certificate” on the blockchain platform izzz.io, which will be used as a safe and trusted repository of information about 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 certificates by exchanging them on the OilWell platform for OILD tokens.