Rice-based Stablecoin Launches in Indonesia – Bitcoin News Press Release

PRESS RELEASE. Penjaga Lilin Nusantara, Indonesian Co-operative in Malang – East Java is setting up Tron-based Ricetron.com DeFi to stabilize rice-based tox. The site aims to invite crypto enthusiasts to participate in Tron and the RET (Rice Economy Token) mint, a governance token that will fund RIC (Rice Inventory Coin).

RET token holders will benefit from 30% of all transaction fees and profit sharing of DeFi RIC, where once the DeFi platform running is distributed back as Protégé Dividend to RET ticket holder wallets.

The total supply is 269,000 RETs with only 190,000 RETs mined by staking. It is a TRC-20 ticket, using TRX blockchain where transaction speed and fee are much better compared to ERC based ticket.

Indonesia is using BULOG (a state-owned logistic company) to stabilize staple prices, which focus primarily on rice. Due to a lack of data reading skills, BULOG wastes 30,000 ton rotten rice every year, which equates to nearly 30 Million USD / year from the Indonesian government budget.

“The whole idea came from our meeting with a co-operative chair named Mr. Steven Henry Raharjo. His co-operative has a rice-saving program where he can make price stability for his members with this program. Apart from that, rice savers can also get extra rice at the end of the year as well as give zakat and gifts to those around them who need it without having to spend more money. “said Mr. Victorinus Widyanto, COO of Ricetron.

So, along with Indonesia’s BULOG problem, the co-op came up with an idea to streamline premium-grade Rice and also take advantage of the recent cryptocurrency bull run. By creating a rice-based stablecoin, it gives people more access to rice (especially BULOG rice). In addition, RIC can be converted into DeFi savings and collateral, and guarantees RIC holders to fresh rice at the time of the exchange, as it is complemented by BULOG’s purchase order (voucher) without expiration time. 1 cryptocurrency RIC is the equivalent of 1Kg of premium grade rice, and more stablecoin rice will be launched in the future with different rice grades.

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

“In the meantime RET will also be used as an anchor signal for future collaborative projects. So people can get involved to fund future projects by looking at RET ”said Mr Eka Suwandana, CTO of Ricetron.

Ricetoken.com started the gaze program at 15th from January 2021, it is divided into 7 rounds. It also now offers the Youtube Staking Competition, where a total of 20 RETs are given as a Prize. Checkout their telegram channel https://t.me/ricetron, for more information.

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