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Rice-Based mostly Stablecoin Is Being Launched in Indonesia

01/20/2021
Rice-Based Stablecoin Is Being Launched in Indonesia

PRESS RELEASE. Penjaga Lilin Nusantara, an Indonesian Cooperative in Malang – East Java is establishing Ricetron.com a Tron-based DeFi to tokenized rice-based stablecoin. The web site goals to ask crypto fans to stake Tron and mint RET (Rice Financial system Token), a governance token that may fund RIC (Rice Stock Coin) stablecoin.

RET token holders will profit from 30% of all transaction charges and profit-sharing of RIC DeFi, the place as soon as the DeFi platform operating can be distributed again as Protégé Dividend to RET token holder wallets.

Whole provide is 269,000 RET with solely 190,000 RET minted via staking. It’s a TRC-20 token, utilizing a TRX blockchain the place the velocity and the price of transaction are a lot better in comparison with ERC primarily based token.

Indonesia makes use of BULOG (state-owned logistic firm) to stabilize staple costs, which principally focuses on rice. Resulting from lack of knowledge studying expertise, BULOG wastes 30,000 ton decayed rice yearly, which quantities to nearly 30 Million USD/12 months of the Indonesian authorities funds.

“The entire concept got here from our assembly with a cooperative chairman named Mr. Steven Henry Raharjo. His cooperative has a rice financial savings program the place with this program, he is ready to make worth stability for its members. In addition to that, rice savers may get extra rice on the finish of the 12 months in addition to give zakat and donations to these round them who want it with out having to spend any extra money.” says Mr. Victorinus Widyanto, COO of Ricetron.

So, mixed with Indonesia’s BULOG downside, the cooperative got here up with an concept to tokenize premium-grade Rice and likewise make the most of the current cryptocurrency bull run. By creating rice primarily based stablecoin, it provides individuals extra entry to rice (particularly BULOG rice). As well as, RIC will also be transformed to DeFi financial savings and collateral, and it ensures RIC holders to contemporary rice on the time of alternate, since it’s backed by BULOG’s buy order (voucher) with no time expiration. 1 RIC cryptocurrency equals 1Kg of premium grade rice, and extra rice stablecoin can be launched sooner or later with completely different rice grades.

This undertaking additionally advantages BULOG in creating consumers-based information, optimizing the company rice procurement and crucial factor decreasing the federal government funds loss yearly.

“In the meantime RET will even be used as an anchor token for cooperative future initiatives. So individuals can take part to fund future initiatives by staking RET” says Mr Eka Suwandana, CTO of Ricetron.

Ricetoken.com began the staking program on 15th of January 2021, it’s divided in 7 rounds. It is usually now providing a Youtube Staking Contest, the place 20 RET in complete can be given as Prize. Checkout their telegram channel https://t.me/ricetron, for extra info.

 

Media Contact: [email protected]


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