Oil club is a smart contract miner that adheres to the oil and gas sectors’ norms. Club members can earn up to 14 percent in daily prizes and engage in continuously developing techniques to maximize earnings based on market conditions. Ziyen Energy pioneered the notion of oil sector tokenization through the ZiyenCoin Security Token Offering.
Ziyen Energy founded Energy Tokens in 2019 in conjunction with renowned blockchain, data analysis, tokenization, regulatory, and trading experts to build the Energy Tokens Asset Trading Platform. The Energy Tokens Asset Trading Platform uses permission-based blockchain technology to tokenize ownership interests in energy-producing assets.
Economics of Smart Contracts
The world’s confirmed oil reserves are 65 trillion barrels, which, based on current usage, is enough for 47 years, ignoring current oil extraction of roughly 80 million barrels per day.
Why are oil and gas prices rising?
Because the price of oil is primarily determined by scarcity and geopolitical ties, the price margin is very speculative and overstated. Despite the fact that the world possesses 47 years of oil reserves, artificial scarcity, sanctions, logistical bottlenecks, and increasingly speculative approaches push up the price. The same idea applies to the oil club smart contract, in which members with OIL decide whether to accept immediate gains from their WELLS extraction share and drive down the oil price or to create scarcity by reinvesting in the lease of the WELLS and driving up the price.
So, what exactly are WELLS?
WELLS are virtual shares of an oil drilling well that are used to extract oil in petroleum, or in the setting of a smart contract to mine rewards in the form of OIL, which is displayed in its price connection to BNB. The more WELLS a leaseholder has, the more OIL is mined.
WELLS are leased and so cannot be sold.
How much do OIL and WELLS cost?
The price of OIL and WELLS varies according to market conditions. If you reinvest the OIL…