Penjaga Lilin Nusantara, an Indonesian Cooperative in Malang – East Java is setting up Ricetron.com a Tron-based DeFi to tokenized rice-based stablecoin. 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) stablecoin.
RET token holders will benefit from 30% of all transaction fees 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 a 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 prices, which mostly focuses on rice. Due to lack of data reading skills, BULOG wastes 30,000 ton decayed rice every year, which amounts to almost 30 Million USD/year of the Indonesian government budget.
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