Penjaga Lilin Nusantara, an Indonesian Cooperative in Malang- East java is setting up Ricetron.com a Tron based DeFi to tokenized rice based stable coin. The website aims to invite crypto enthusiasts to stake Tron and mint RET (Rice Economy Token), a governance token that will fund RIC (Rice inventory Coin) stable coin.
RET token holder will benefit from 30% of all transaction fee 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. It is TRC-20 token, using a TRX blockchain where the speed and the fee of transaction are much better compared to ERC based token.
Indonesia uses BULOG (state owned logistic company) to stabilize staple price, which mostly focuses on rice. Due to lack of data reading skills, BULOG wastes 30,000 ton decayed rice every year, that amounts to almost 30 Million USD/year of 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 donations to those around them who need it without having to spend any more money.” says Mr. Victorinus Widyanto, COO of Ricetron.
So, combined with Indonesia’s BULOG problem, the cooperative came up with idea to tokenized premium grade Rice and also taking 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 exchange, since it is backed by BULOG’s purchase order (voucher) with no time expiration. 1RIC cryptocurrency equals to 1Kg of premium grade rice, with more Rice-based stable coins will be launched in the future with different grade.
This project also benefits BULOG in creating consumers-based data, optimizing the agency rice procurement and the most important thing reducing annual government budget loss.
“In near future, 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.com started the staking program on 15th of January 2021, it is divided in 7 rounds. Checkout their telegram:
https://t.me/ricetron , channel for more information. To Stake click
https://ricetron.com/?ref=TXSxY9ZAJDvnWcGmbT9GJEtrRqQiiF7NZPRET TOKENOMICTotal RET supply for Staking : 190,000 RET (72,7%).
79,000 RET are reserved for team and 10% referral.
Token Type : TRC-20
Total Supply: 269,000 RET
Maximum Staking period : 7 days for round 1, and 10 days for round 2 onwards.
Unstaking Fee: 10%.
Unstaking Fee Fund proceed to exchange listing, the rest will be used to buy Rice Bulog’s Voucher as underlying for RIC token.
RIC TOKENOMICTotal supply : infinite.
1 RIC = 1 Kg premium Rice, insured by BULOG VOUCHER and JAMKRINDO insurance.
Type of token : TRC-20
