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154,297 bilurs were issued as a result of the initial oil purchase of 1 million barrels. Current market cap at USD 53 million.
Bilur is the next generation cryptocurrency as it provides an innovative approach to value protection by backing up its value on stored physical energy. Which means that behind each bilur, there is a certain amount of energy commodities in storage to support it, thus reducing price volatility risk and other common problems hurting the rest of the cryptocurrencies as well as fiat money.
The concept behind bilur is that currencies need to be supported on valuable and tangible assets. With energy being essential to all production systems worldwide, the choice was clear.
Bilur is equivalent to energy, in other words: 1 bilur equals 1 TOE (Ton of Oil Equivalent), which in turn is equal to around 11.6 MWh of energy. In order to calculate the bilur/USD equivalency, Standard & Poor's Platts daily assessment of Dated Brent is used. Calculations are as follow:
1 bilur = 1 TOE
1 TOE = 6.48 oil barrels
1 oil barrel = USD 52.91 (Standard & Poor's Platts assessment for Apr 20th, 2017)
Then, 1 bilur = 6.48 barrels @ USD 52.91 = USD 342.86
By definition, for bilurs to be issued, oil or other energy commodities must be purchased first. For the initial issuance, 1 million barrels were purchased, which entitled the issuance of USD 52.9 million worth of bilur (154,297 bilurs).
As users and investors buy and sell bilur, the owners of the bilur trading platform monitor the balance and assess the need of expanding the energy reserves in order to issue more bilurs.
To provide the ultimate customer experience, the team behind bilur has developed the bilur trading platform implementing the latest blockchain and DLT technologies, with robust security features to eliminate any risk of fraudulent users and scammers. The decentralized nature of blockchain and the consensus peer-to-peer network make bilur a fair, transparent and incorruptible money system.
Buying and selling bilur is as simple as creating an account in bilurmarket.com and making a bank transfer for the initial amount of bilur you wish to acquire. Transactions with bilur are unlimited and free. Bilur holders can make as many transfers as they wish at no cost, the bilur platform does not charge transaction fees, only a minimal daily maintenance cost.