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PRESS RELEASE. Penjaga Lilin Nusantara, an Indonesian cooperative in Malang – East Java, is setting up a Tron-based DeFi to tokenized rice-based stablecoin. The website aims to invite crypto enthusiasts to deploy Tron and mint RET (Rice Economy Token), a governance token that will fund RIC (Rice Inventory Coin) stablecoin.

Holders of RET tokens will benefit from 30% of all transaction fees and profit sharing from RIC DeFi, where once the DeFi platform is active it will be returned as Protégé Dividend to RET token holder portfolios.

The total supply is 269,000 RET with only 190,000 RET struck through restocking. It’s a TRC-20 token with a TRX blockchain where the speed and transaction costs are much better as compared to ERC based token.

Indonesia uses BULOG (state-owned logistics company) to stabilize base prices, with an emphasis on rice. Due to a lack of data-reading skills, BULOG wastes 30,000 tons of spoiled rice every year, which equates to nearly USD 30 million / year 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 he can achieve price stability for its members with this program. Additionally, rice savers can also get extra rice at the end of the year and give zakat and donations to those around them who need it without having to spend any more money. “said Mr. Victorinus Widyanto, COO of Ricetron.

So, coupled with the BULOG problem in Indonesia, the cooperative came up with an idea to tokenize top-notch Rice and also take advantage of the recent cryptocurrency bull run. By creating rice-based stablecoin, it gives people more access to rice (especially BULOG rice). In addition, RIC can also be converted into DeFi savings and collateral, and it guarantees RIC holders fresh rice at the time of exchange as it is backed by BULOG’s purchase order (voucher) without any time expiring. 1 RIC cryptocurrency is equal to 1 kg of premium rice, and more rice stablecoin will be launched in the future with different rice varieties.

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

Meanwhile, the RET will also be used as an anchor token for future collaborative projects. So people can participate to fund future projects by using the RET, ”said Mr. Eka Suwandana, CTO of Ricetron. started the stakeout program on 15th from January 2021, it is divided into 7 rounds. It now also offers a YouTube Staking Contest where a total of 20 RET will be awarded as a prize. Check out their telegram channel, For more information.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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