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Rice Economy Token?
This token may be designed to supply rice in that country and I am sure that the token is also to be traded with basic food ingredients.
But there is one problem, namely what if the token supply and the rice supply intersect with others because the rice supply always goes up and down due to the seasonal supply.
I'm waiting for the best news from Rice token because it looks like this thread is worth discussing.
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Rice-Based Stablecoin Is Being Launched in Indonesia.
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.
The 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 the transaction are much better compared to ERC based token.
Indonesia uses BULOG (a state-owned logistic company) to stabilize staple prices, which mostly focuses on rice. Due to lack of data reading skills, BULOG wastes 30,000 tons of decayed rice every year, which amounts to almost 30 Million USD/year of the Indonesian government budget.
