PRESS RELEASE. Penjaga Lilin Nusantara, an Indonesian cooperative in Malang – East Java, is setting up Ricetron.com a Tron-based DeFi for tokenized rice-based stable coins. The website is designed to invite crypto enthusiasts to put Tron and Mint RET (Rice Economy Token), a governance token used to fund RIC (Rice Inventory Coin) stablecoin.
RET token holders benefit from 30% of all transaction fees and profit sharing from RIC DeFi, where the current DeFi platform is returned to RET token holder wallets as a protégé dividend.
The total offer is 269,000 RET, whereby only 190,000 RET were marked by staking. It is a TRC-20 token that uses a TRX blockchain where the speed and transaction fee are much better compared to ERC based tokens.
Indonesia uses BULOG (state-owned logistics company) to stabilize staple food prices, which are mainly focused on rice. Due to a lack of data reading skills, BULOG wastes 30,000 tons of dilapidated rice every year, which is almost $ 30 million / year of the Indonesian national budget.
“The whole idea came from our meeting with a cooperative chairman named Steven Henry Raharjo. His cooperative has a rice-saving program which he can use to create price stability for its members. Also, rice savers can get extra rice at the end of the year, as well as give zakat and donations to those in their area who need it without spending more money. “Says Mr. Victorinus Widyanto, COO of Ricetron.
In combination with the Indonesian BULOG problem, the cooperative came up with the idea of tokenizing premium rice and also using the latest bull run for crypto currencies. The creation of rice-based stable coins will give people better access to rice (especially BULOG rice). In addition, RIC can also be converted into DeFi savings and securities and guarantees RIC holders fresh rice at the time of the exchange, as it is secured by the order (voucher) from BULOG without expiry of the time. 1 RIC cryptocurrency is equivalent to 1 kg of premium rice, and in the future more rice stable coins with different rice qualities will be introduced.
This project also benefits BULOG in creating consumer-oriented data, optimizing travel procurement by the agency and the most important reduction in annual household loss.
“In the meantime, RET is also used as an anchor token for future collaborative projects. This way, people can get involved in order to finance future projects through the use of RET, ”says Eka Suwandana, CTO of Ricetron.
Ricetoken.com started the stakeout program on September 15thth from January 2021 it is divided into 7 rounds. It is now also offering a YouTube staking contest in which a total of 20 RETs will be awarded. Checkout their telegram channel https://t.me/ricetron, for more informations.
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