Press release. Indonesian cooperative Penanga Lilin Nusantara established Ricetron.com in Malang – East Java Province, which is a DeFi based on Tron, a rice-based stablecoin for tokenization. The website aims to invite cryptocurrency enthusiasts to join Tron and mint RET (Rice Economic Token), a governance token that funds the RIC (Rice Treasury Coin) stablecoin.
RET token holders will benefit from 30% of all transaction fees and profit sharing of RIC DeFi. Once the DeFi platform is running, it will be distributed back to the RET token holder wallet as a Protégé Dividend.
The total supply was 269,000 RET, while only 190,000 RET was cast by riveting. It is a TRC-20 token and uses the TRX blockchain, which has much better transaction speed and transaction fees than ERC-based tokens.
Indonesia uses BULOG (a state-owned logistics company) to stabilize the price of staple foods that are mainly concentrated on rice. Due to the lack of data reading skills, BULOG wastes 30,000 tons of rotten rice every year, which is equivalent to nearly US$30 million per year in the Indonesian government’s budget.
“The whole idea came from our meeting with a co-op chairman named Steven Henry Rahaho. His co-op has a plan to save rice, through which he can guarantee stable prices for his members. In addition, rice savers can also get extra rice at the end of the year and donate zakah and donations to those around who need it without spending more money.” said Mr. Victorinus Widyanto, Chief Operating Officer of Ricetron.
Therefore, in conjunction with the BULOG issue in Indonesia, the cooperative proposed the idea of tokenizing high-quality Rice and also took advantage of the recent cryptocurrency bull market. By creating a rice-based stablecoin, it enables people to use rice more (especially BULOG rice). In addition, RIC can also be converted into DeFi deposits and collateral, and since BULOG’s purchase order (voucher) has no expiration time, it can guarantee that RIC holders can purchase fresh rice at the time of exchange. 1 RIC cryptocurrency is equal to 1Kg of high-quality rice, and more rice stablecoins of different levels will be launched in the future.
The project is also conducive to BULOG creating consumer-based data, optimizing the agent’s rice purchases, and most importantly reducing the annual government budget loss.
“At the same time, RET will also be used as an anchor token for future cooperation projects. Mr. Eka Suwandana, CTO of Ricetron, said: “So people can participate in funding future projects by investing in RET. “
Ricetoken.com started the stakeout plan on the 15thday In January 2021, it is divided into 7 rounds. Now, it also provides a YouTube stakeout contest, which will award a total of 20 RET as a reward.Check out their telegram channel https://t.me/ricetron, For more information.
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