Rice-Based Stablecoin Is Being Launched in Indonesia
PRESS RELEASE. Penjaga Lilin Nusantara, an Indonesian Cooperative in Malang – East Java is setting up Ricetron.com a Tron-based DeFi to tokenized rice-based stablecoin. The website aims to invite crypto enthusiasts to stake Tron and mint RET (Rice Economy Token), a governance token that will fund RIC (Rice Inventory Coin) stablecoin.
RET token holders will benefit from 30% of all transaction fees and profit-sharing of RIC DeFi, where once the DeFi platform running will be distributed back as Protégé Dividend to RET token holder wallets.
Total supply is 269,000 RET with only 190,000 RET minted through staking. It is a TRC-20 token, using a TRX blockchain where the speed and the fee of transaction are much better compared to ERC based token.
Indonesia uses BULOG (state-owned logistic company) to stabilize staple prices, which mostly focuses on rice. Due to lack of data reading skills, BULOG wastes 30,000 ton decayed rice every year, which amounts to almost 30 Million USD/year of the Indonesian government budget.
“The whole idea came from our meeting with a cooperative chairman named Mr. Steven Henry Raharjo. His cooperative has a rice savings program where with this program, he is able to make price stability for its members. Besides that, rice savers can also get additional rice at the end of the year as well as give zakat and donations to those around them who need it without having to spend any more money.” says Mr. Victorinus Widyanto, COO of Ricetron.
So, combined with Indonesia’s BULOG problem, the cooperative came up with an idea to tokenize premium-grade Rice and also take advantage of the recent cryptocurrency bull run. By creating rice based stablecoin, it gives people more access to rice (especially BULOG rice). In addition, RIC can also be converted to DeFi savings and collateral, and it guarantees RIC holders to fresh rice at the time of exchange, since it is backed by BULOG’s purchase order (voucher) with no time expiration. 1 RIC cryptocurrency equals 1Kg of premium grade rice, and more rice stablecoin will be launched in the future with different rice grades.
This project also benefits BULOG in creating consumers-based data, optimizing the agency rice procurement and the most important thing reducing the government budget loss yearly.
“Meanwhile RET will also be used as an anchor token for cooperative future projects. So people can participate to fund future projects by staking RET” says Mr Eka Suwandana, CTO of Ricetron.
Ricetoken.com started the staking program on 15th of January 2021, it is divided in 7 rounds. It is also now offering a Youtube Staking Contest, where 20 RET in total will be given as Prize. Checkout their telegram channel https://t.me/ricetron, for more information.
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