I'm from Venezuela and i find the petro really sketchy... why do you ask? well I've sort of followed the developments and the government is not really clear about what they want to do with it.
There's also the issue that one of the heads of the cryptocurrency team doesn't believe in digital scarcity and wants to "print" as many petros as necessary to revive the country! also your average Venezuelan will probably barely notice any benefits from this, if you don't have US dollars you were not able to participate! and let me tell you, 1$ dollar is almost 1/3 of the total minimum wage here!
But don't get me wrong, i love the idea behind a state backed cryptocurrency.... I just don't trust the Venezuelan government running this cryptocurrency... They WILL print more, just like they increased the VEF supply in December by Trillions, so will happen with the petro eventually.
Thats definitely the worry that they will issue more and more and send inflation further into overdrive there. Best wishes for you and your country, I know it must be so tough for so many right now.
I've not read the whitepaper but I would assume that Petro's will come into existence at a controlled rate in the same way as Bitcoin and other crytocurrencies. I thought one of the points of cryptocurrencies was that the supply was fixed and could not be manipulated. There will only ever be 21 million (I think) bitcoin for example. This number is set and cannot be changed and neither can the rate at which they become available through mining. There might be peaks and troughs in how many are mined but the difficulty level is adjusted at set intervals to ensure the supply is fixed as much as possible.
The Petro might be different of course and I am going to have a look at the whitepaper now to see if I am talking rubbish.
Just had a quick look at the whitepaper and it appears as if there will only ever be a total of 100,000,000 Petro available and no more will be created.
Basically they are just going to redo what central banks do with fiat currencies!