Rice-Based Stable Coin Launched In Indonesia

MALANG, Indonesia, Jan. 26, 2021 /PRNewswire/ — Penjaga Lilin Nusantara, an Indonesian Cooperative in Malang- East Java is setting up Ricetron.com a Tron based DeFi (decentralized finance) as a tokenized rice based stable coin.

Ricetron aims to invite crypto enthusiasts to take a stake in Tron and mint RET (Rice Economy Token), a governance token that will fund RIC (Rice Inventory Coin) stable coin.

RET token holders will benefit from 30% off 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.

Using a TRX blockchain, the speed and the fee of transaction are much better compared to ERC based tokens.

Indonesia uses BULOG (a state owned logistics agency) to stabilize staple prices, which mostly focuses on rice.

Due to lack of data reading skills, BULOG wastes 30,000 tons in decayed rice every year, which amounts to almost US$30 million 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 sadaqah (donations) to those around them who need it without having to spend any more money,” says Mr. Victorinus Widyanto, COO of Ricetron.

Thus, the cooperative came up with idea to tokenize premium grade rice and also to take advantage of the recent cryptocurrency bull run.

By creating rice based stable coin, 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 the exchange, since it is backed by BULOG’s purchase order (voucher) with no time expiration.

One RIC cryptocurrency equals one kilogram of premium grade rice, with more rice-based stable coins to be launched in the future at different grades.

This project also benefits BULOG in creating consumer-based data, optimizing the agency rice procurement, and most importantly reducing annual government budget losses.

“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 Eka Suwandana, CTO of Ricetron.

Ricetron started the staking program on the 15^th of January, and it is divided into seven rounds.

They also now offer a Youtube Staking Contest, where 67.6 RET in total will be given as prizes.

Checkout their telegram: https://t.me/ricetron, channel for more information.