Abstract

OilReserve Coin (OILR) is a global digital reserve currency backed by tangible oil reserves. Physical assets provide unit holders with a value more stable than that of traditional cryptocurrencies, reviving the centuries-old concept of an asset backed currency. Users are able to use blockchain technology to securely, easily and cheaply transact while knowing that the tokens represent a real world asset in a stability model akin to traditional commodity markets - including their fluidity and market-making capabilities. This token utilizes the Stellar blockchain for token distribution along with traditional audit mechanisms to show Proof of Reserves.