An Indonesian cooperative, Guardian of the Archipelago Candle has developed Ricetron.com, DeFi's betting platform based on the TRON blockchain, aimed at issuing RET (Rice Economy Token) tokens, a governance token that will fund stablecoin, RIC (Rice Inventory Coin).
RET holders will receive a 30% profit from DeFi RIC transaction fees and sharing profits which once the DeFi platform runs will be redistributed as a Protégé Dividend to the RET holder’s wallet.
To date 190,000 RETs have been issued out of a total of 269,000 RETs. It is a TRC-20 token that uses the TRX blockchain where the speed and transaction fee are much better than the ERC token.
Previously, Indonesia expected the Logistics Management Agency (BULOG) to control price stability which focused on rice.
However, due to lack of data reading skills, it is estimated that the loss reaches 30,000 tonnes of damaged rice annually costing almost $ 30 million.
Ideas and suggestions from the chairman of Nusantara Candle Keeper, Mr. Steven Henry Raharjo also opened the opportunity for rice savers to receive additional rice at the end of the year, including giving zakat and donations to those in need without spending cash.
In addition, the RIC can be converted to DeFi savings and collateral with a new rice guarantee to the RIC holder during the exchange as it relies on the BULOG voucher without expiration.
1 RIC is equivalent to 1Kg of premium grade rice and it is expected that more stablecoin rice will be launched with various grades of rice.
This project also benefits BULOG in developing consumer data, optimizing agency rice turnover and most importantly reducing government budget losses every year.
