Rupiah Token (IDRT) is a crypto asset on the Ethereum Blockchain that gives you access to global crypto exchanges. You can always redeem 1 IDRT for Rp 1, giving it a stable price.
Since launching BNB / IDRTB trading pair at Binance DEX, we received many questions on how Rupiah Token users can swap their IDRT with IDRTB and vice-versa. Today, we are glad to announce that we have released Rupiah Token Swap service for registered users on Rupiahtoken.com!
You can access the Swap Token feature on our Dashboard as shown below:
Logged-in users can access Swap option at rupiahtoken.com Dashboard
Key points on our Rupiah Token Swap service
Our Rupiah Token Swap service is fast and fully automated! That means registered users can swap IDRT <-> IDRTB quickly, anytime.
Swap ratio of IDRT <-> IDRTB will always be 1:1
The process of swapping token requires us to internally pay gas fees in ETH and BNB. To prevent abuse of this automated system, we need to pass on the gas fee (converted to IDRT / IDRTB) to users. This fee is purely a function of BNB and ETH gas prices – it has nothing to do with the amount of IDRT/IDRTB you swap.
We are constantly BUIDLing to improve our products so we can serve customers better. With this IDRT Token Swap feature, you can move Rupiah Token between Ethereum (for Uniswap / DDEX) and Binance Chain (for Binance DEX) easily.
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
Follow our blog to stay up-to-date with our latest announcements!
We would love to invite you to join our AMA Session with Jeth Soetoyo and Anthony Thio, co-founders of Rupiah Token!
AMA will be held on: Date: Thursday, September 26, 2019 Time: 22:00 PM (UTC+7) // 15:00 UTC Location: https://t.me/BinanceDEXchange
Come and ask us your best questions!
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
Follow our blog to stay up-to-date with our latest announcements!
Binance DEX (https://binance.org) is a non-custodial, decentralized trading platform on Binance Chain. Unlike Binance.com or other centralized exchanges —where all user’s crypto assets are stored by the exchange— the Binance DEX does not hold user’s fund. Instead, trades are settled on-chain from wallet-to-wallet.
We will recommend you to use Trust Wallet, the official mobile wallet app used by Binance, for best trading experience.
Make sure the type of wallet you choose is a Multi-Coin Wallet.
Make sure the wallet has some BNB to cover transaction fee.
How to trade
There are two options to trade IDRTB on Binance DEX using Trust Wallet:
Option A: DEX Swap
DEX swap enables you to instantly trade BNB/IDRTB at market price in an instant. To use Binance DEX swap, see the following instruction:
Click on DEX tab on Trust Wallet.
Click on the button to change the pair, for now you can pick BNB/IDRTB trading pair.
Search for IDRTB in the search box.
Enter the amount you would like to trade from BNB to get IDRTB and click next to continue.
If you want to sell IDRTB to buy BNB, click the button to swap the pair.
Option B: Wallet Connect
WalletConnect enables you to connect your Trust Wallet to Binance DEX UI on your laptop/desktop. This way, you can use a full trading interface (complete with technical analysis, charts, etc), while using Trust Wallet to approve your transactions.
To use WalletConnect, see the following instruction:
Select WalletConnect and get the QR Code to connect your Trust Wallet to Binance DEX.
Scan the QR in your device’s Trust Wallet. Open scanner from the circled menu.
Select ‘Approve’ to proceed.
You can enable ‘Auto-Sign Transaction’ so it will not ask your manual confirmations for doing actions in Binance DEX. Do not close this page while you trade on Binance DEX.
Decentralized applications may be a bit overwhelming for some people at first, but it gives better peer-to-peer trading capability for the cryptotraders and blockchain community. Users should be aware of the security risks around centralized services and the importance of controlling and being responsible of managing their own crypto assets.
Happy trading!
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
Follow our blog to stay up-to-date with our latest announcements!
Transferring cryptoassets in Ethereum chain, wallet-to-wallet, need some fees known as “Gas” in term of Ethereum. IDRT as an asset in Ethereum chain is no exception to this. This mechanism is required to incentivize miners to include our transaction in an Ethereum block. But it may confuse new users in blockchain space because they have to learn new jargons to use blockchain-based services. Well now, you don’t have to worry about Ethereum gas to create an IDRT transaction anymore thanks to Argent wallet.
What is Argent?
Argent is a smart crypto wallet for Ethereum cryptoassets. It has some interesting features to get you on-board as soon as possible without the need to learn many blockchain and crypto jargons. You can lock and unlock your wallet whenever you need it, recover your wallet without using social recovery, set a daily transfer limit, an easy to read name service (ENS) for free, exchange ERC20 tokens using decentralized exchange services, and gasless transfer for any ERC20. As a non-custodial wallet, Argent has a great value proposition because they provide great UX without having to sacrifice decentralization by having custody on user’s assets. To learn more about this, visit https://medium.com/argenthq/the-private-key-to-mass-adoption-a7c7e4a9a268.
Argent wallet is still in open Beta at the moment, you can sign up but you will have to wait in their queue until you can use the wallet. But don’t worry, we are on partnership with Argent to make you able to jump the queue, limited for 50 registrants, visit this link to start using Argent wallet: https://argent.link/rupiahtoken.
How to send Rupiah Token without Gas?
Sending gasless IDRT transfer using Argent wallet is very simple. The following section will discuss how it works.
If you have IDRT in your Argent wallet, it will shows up immediately. If you want to transfer the IDRT to other wallet, click IDRT on the wallet.
It will show your IDRT balance and a button “Send IDRT” with a paper airplane logo, click the button.
It will show you the where your IDRT will be transferred to, you can choose via QR code scan, user’s ID on ENS, or saved contact on your Argent wallet.
Input the amount of Rupiah Token you want to send and click continue.
After clicking continue, the confirmation screen should appear. Check the amount of Rupiah Token you are going to send and receiver’s contact address. Notice the Fee is “Free – Paid by Argent”. No gas in this transaction will be incurred to you. Click send if you are sure with the transaction.
You can see the progress of your transaction here. Hit the button to see the transaction details.
When the transaction is completed, the button will disappear. But you can check the progress by navigating to “Identity” tab and click on “Activity”.
The IDRT balance will shows up in recipient’s wallet and safely received.
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
Follow our blog to stay up-to-date with our latest announcements!
To celebrate this occasion, we would like to invite you to join our IDRTBTrading Minigame!
We have prepared a ****total prize of 11,000,000 IDRTB. The competition will start on 16 September 2019 and lasts for 2 weeks – get ready by reading the details below!
Minigame Rules
Trading Minigame event will be held for 2 weeks, from Monday 16 September 2019, 18:00 GMT+7 until Monday 30 September 2019, 18:00 GMT+7.
Eligible winner (address) must have at least 1,000,000 IDRTB average daily trading volume over the whole event period.
Eligible winner (address) must also hold at least 1,000,000 IDRTB at the end of the competition.
Trading volume refers to sum of Buys and Sells of IDRTB, excluding wash trades.
Prize Structure
Three eligible addresses with the highest trading volume will win 1st, 2nd, and 3rd place.
In addition, ten eligible addresses chosen at random will obtain 100,000 IDRTB each.
Total Prize: 11,000,000 IDRTB
1st Place — 5,000,000 IDRTB
2nd Place — 3,000,000 IDRTB
3rd Place — 2,000,000 IDRTB
10 x Random Winner — 100,000 IDRTB each
Terms & Conditions
Trading volume of each account on BNB/IDRTB will be recorded at the end of the minigame on Monday 30 September 2019, 18:00 GMT+7.
No registration needed to join. Winners will be based on Binance Chain Address used for trading
Winners’ announcement and prize distribution will be done within 3-4 working days from the end date.
Rupiah Token employees or any affiliated parties are not eligible to join the minigame.
Wash trading is prohibited! Any participant doing wash trading will be immediately disqualified.
Rupiah Token reserves the right to cancel or amend the event and the rules at our sole discretion.
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
Follow our blog to stay up-to-date with our latest announcements!
Jakarta, 14 September 2019 – Rupiah Token team is pleased to announce that IDRTB, our BEP-2 stablecoin that we issued on the 74th Indonesian Independence Day, has received full validator approval to be listed as the first non-USD stablecoin trading pair on Binance DEX!
Our first trading pair is BNB / IDRTB, and trading will be live on Monday, 16 September 2019. Starting today, we have opened IDRTB purchase on https://rupiahtoken.com, so stock some IDRTB and get ready to trade!
The listing of IDRTB on Binance DEX is a significant milestone for both Rupiah Token and the Binance community as it allows Indonesian traders to trade directly in Binance DEX in Rupiah denomination. In addition to BNB trading pair, we are also planning to list IDRTB with more trading pairs in the coming weeks, and we are open for community feedback in our Telegram channel.
To commemorate this occasion, we will be holding a trading minigame with total prize of 11,000,000 IDRTB! We will announce the details in our blog and telegram channel tomorrow.
What is IDRTB?
IDRTB is the first Rupiah-backed BEP-2 stablecoin on the Binance Chain. Issued by PT Rupiah Token Indonesia, one IDRTB is a 1:1 representation of an Indonesian Rupiah on the Binance Chain. Each IDRTB is 100% collateralized by a corresponding Rupiah held in accounts subject to regular public reporting of reserves and is kept in Indonesian corporate bank account.
Just like our ERC-20 token IDRT, you can now Purchase or Redeem IDRTB directly at https://rupiahtoken.com. In our website, 1 IDRTB can always be purchased for 1 Rupiah, or redeemed back into 1 Rupiah (minus 0.5% fee + bank transfer fee if any).
Where can I store IDRTB?
You can store IDRTB in any wallet that is compatible with Binance DEX The following wallets are a good start:
Trust Wallet (mobile app with direct integration to Binance DEX for swapping IDRTB)
Binance Chain is a community-driven blockchain software system with developers and contributors from around the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, which is setting a new cryptocurrency trading standard for fast and secure peer-to-peer exchange. For more information on Binance DEX, visit: https://www.binance.org/.
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
Follow our blog to stay up-to-date with our latest announcements!
Upbit Developer Conference (UDC), Seoul, 4 September 2019 — As adoption of blockchain infrastructure widens, stablecoins will play a more prominent role as a bridge between fiat and cryptocurrencies. At the Upbit Developer Conference 2019, Dunamu (Upbit’s Parent Company) Chairman Chi-Hyung Song highlighted the importance of stablecoins such as IDRT (Rupiah-backed) and Terra (algorithmic design) in transforming the landscape of blockchain.
Jeth sharing about the potential of using IDRT in global trades
Stablecoins play a critical role in
providing a stable form of value, while at the same time leveraging the
efficiencies and open characteristic of blockchains that allow anyone to
transact with each other globally anytime. Categorically, stablecoins can be
divided into two broad types: (1) Asset-backed stablecoins (ie. IDRT)
and (2) Algorithmic Stablecoins (ie. Terra).
The CEO of Rupiah Token Indonesia, Jeth Soetoyo, introduced the potential for Rupiah Token (IDRT) to be used within Trade Finance, especially with regards to creating a more trustworthy settlement solution for both exporters and importers. Currently, exporters and importers rely on a broad range of tools including Consignment, Letter of Credit, Cash Advance, and Collection Draft that can be costly, slow, and dependent on intermediaries. He says the use of blockchain can create a more efficient and trustless method of settlement.
Indonesia and Korea has a 46 year
history of bilateral trade relationship with over $15B traded annually between
the two countries. “This corridor can be a big potential for new services
to disrupt the existing methods of settlement”, said Jeth.
In the speech, Jeth also mentioned
that they are open to supporting other developers to build new DApps and
services using Rupiah Token to tackle problems such as trade finance and
decentralized finance.
The Upbit Developer Conference is attended by over 1000 participants and key players in the industry including Brave Software, Blockstream, Hedera Hashgraph, Borse Stuttgart, Mossland, SM Entertainment, Finhaven, Unchain, and Carry Protocol.
Jakarta, 17 August 2019 — On this 74th Indonesian Independence Day, Rupiah Token team proudly announces that we issued IDRTB, the first Indonesian Rupiah-collateralized Stablecoin on Binance Chain!
Background
We, PT Rupiah Token Indonesia, are the creator and issuer of IDRT, an ERC-20 token that is the first stablecoin backed by Indonesian Rupiah. After the launch of IDRT in early 2019 on the Ethereum mainnet, we have been hard at work adding accessibility for both domestic and international users.
Now, on this 74th Indonesian Independence Day, we proudly announce that we have added a new blockchain protocol for Rupiah Token: Binance Chain! Our Binance Chain token, IDRTB, is built on the BEP-2 token standard, and we are very excited to introduce the first Rupiah stablecoin to the ecosystem.
The birth of IDRTB: https://explorer.binance.org/tx/17827319CBA3F4C6FDA4487B258B2B44BE70402D62621B04253F5F8C9CFD72B7
Multiple Firsts for Rupiah Token and Binance Chain
The issuance of IDRTB on Binance Chain is a significant milestone for both Rupiah Token and the Binance community as it will be the first Southeast Asian Fiat-backed Stablecoin on Binance DEX. In addition, we plan to propose listing of IDRTB as a cross-currency listing pair on Binance DEX with other stablecoins in Binance Chain.
Frequently Asked Questions
Why Binance Chain?
We are a blockchain-agnostic company and believe that each blockchain has its own edge. With the Binance Chain, we believe that there is an incredible use case for building a decentralized exchange (DEX) with one-second block confirmation times and ability to process thousands of transactions a second. Furthermore, we believe that Binance DEX, the decentralized exchange feature developed on top of the Binance Chain blockchain, provides a safer mechanism for end-users to trade as they maintain control over their private keys and trade directly wallet-to-wallet.
What is IDRTB?
IDRTB is basically the Binance Chain version of IDRT. One IDRTB is a 1:1 representation of an Indonesian Rupiah on the Binance Chain. Each IDRTB is 100% collateralized by a corresponding IDR held in accounts subject to regular public reporting of reserves and is kept in an Indonesian Bank account. PT Rupiah Token also serves as an on/off ramp for customers to purchase/redeem their fiat for IDRT and IDRTB.
Why IDRTB?
If IDRTB listing proposal to the DEX is approved by validators, IDRTB will be the first non-USD stablecoin to launch on Binance DEX. We believe that this listing will open a world of new opportunities for the economy:
The addition of IDRTB on the Binance Chain will offer Indonesian traders a better experience when accessing the Binance DEX, as all trades can be done and settled in Rupiah.
There is already at least one USD-based stablecoin, USDSB, listed on Binance Chain. If IDRTB received enough votes to get traded against USDSB, the Binance DEX ecosystem will be one step further in creating multi-currency stablecoin pairs that opens the door for 24/7 forex trading, import/export settlement, and real-time international remittance.
When will IDRTB be listed / tradable in Binance DEX?
We will submit proposals for listing IDRTB against other Binance Chain assets on the DEX over the coming weeks.
Where can I purchase or redeem IDRTB?
Just like IDRT, you will be able to Purchase or Redeem IDRTB directly at https://rupiahtoken.com. 1 IDRTB can always be purchased for 1 Rupiah, or redeemed back into 1 Rupiah (minus 0.5% fee + bank transfer fee if any). This will be available by end of August 2019, stay tuned!
Can I swap IDRT with IDRTB and vice-versa?
We will allow swapping of IDRT with IDRTB in our website. The feature is still under development, and we expect to enable this in September 2019.
In the long run, we are exploring opportunities to list IDRTB / IDRT trading pair on Binance.com for more options and user convenience. Stay tuned!
Detailed Implementation Explanation
IDRTB Set-up
Due to the way the Binance Chain is structured, we cannot frequently mint and burn IDRTB. Instead, we used the following approach:
We minted max supply (90 billion) of IDRTB, which we transferred into a secure Treasury Wallet. Then, we froze all 90 billion IDRTB tokens.
Whenever we need to introduce IDRTB into circulating supply, we will unfreeze the IDRTB from Treasury Wallet and send it to recipient address.
Frozen IDRTB on the Treasury Wallet are not collateralized by Fiat Rupiah. Unfrozen IDRTB (in circulation) will be backed 1-to-1 by Fiat Rupiah (just like our ERC-20 stablecoin, IDRT).
Introducing IDRTB into circulation
When we need to introduce more IDRTB into circulation, the following steps will be taken:
IDR fiat currency will be added to Rupiah Token reserve
An equivalent amount of IDRTB will be unfrozen from Treasury Wallet
Removing IDRTB from circulation
When we need to reduce IDRTB from circulation, the following steps will be taken:
IDRTB will be sent to Treasury Wallet and frozen
An equivalent amount of IDR fiat currency will be removed from Rupiah Token reserve.
Transparency
Both IDRT and IDRTB (unfrozen) are fully backed 1:1 by Rupiah in our reserves, as follows:
Total IDR fiat in reserve bank = Total IDRT in circulation + Total IDRTB in circulation
Total IDRTB in circulation = 90 billion (max supply) — frozen IDRTB in Treasury Wallet.
Frozen IDRTB are not in circulation and not backed by IDR.
To ensure transparency, the public can audit us as follows:
Total IDR fiat in reserve bank can be found from audit reports that we will regularly publish
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges and other cryptocurrency players.
Follow our Medium blog to stay up-to-date with our latest announcements!
We are glad to announce that IDRT have been listed as a trading pair with USDT on DDEX.io!
DDEX is the first decentralized exchange built on Hydro Protocol technology, offering instant, real-time order matching with secure on-chain settlement. As a decentralized exchange, DDEX allows users to trade ERC-20 tokens wallet-to-wallet.
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges and other cryptocurrency players.
Follow our Medium blog to stay up-to-date with our latest announcements!
Rupiah Token team is glad to announce that IDRT is now tradable on Uniswap! You can now swap IDRT with ETH or 600+ ERC20 tokens such as USDC, TUSD, BAT, ZRX, DAI, and many others 🙂
What is Uniswap?
Uniswap is a unique type of DEX (decentralized exchange) built on top of Ethereum blockchain. A recipient of Ethereum Foundation grant, Uniswap is entirely run by smart contracts on Ethereum blockchain. It has no order book and no bid & ask prices. Instead, prices of token swaps are determined purely by mathematical formula based on relative amount of tokens available in the Uniswap smart contract ecosystem.
Click ‘Connect’ button on top right section of the page to connect Uniswap to your Web3-compatible wallet.
Click the ‘Connect’ button to connect the interface with Ethereum wallet.
Click token selection button on the Input field.
Choose the token to sell.
Input the amount of IDRT you want to trade. If this is your first time, Uniswap smart contract will need to ask your approval to spend your token. Click ‘Unlock’ to continue.
Click the “Unlock” button if this is your first time using Uniswap
Clicking “Unlock” will create a “transaction” request that will give permission to Uniswap smart contract to move your IDRT for future swap transactions. Click approve/confirm.
(Note: if you are using Metamask, you can ignore the weird number appearing on “Total” column — no IDRT tokens are going to be moved on this transaction).
Left: Trust Wallet screenshot.
Right: Metamask screenshot. No IDRT will actually be moved at this stage.
After approval is done, we are ready to swap! In the example below, we want to swap 14376 IDRT to DAI. Simply put in the desired token pairs and amount — the exchange rate will be calculated immediately.
Put an amount of IDRT to swap it with other token
Click ‘Swap’ button. There will be a confirmation for transaction from your wallet application, simply confirm or approve the transaction to continue.
Wait for the smart contract to work its magic. After several block confirmations (typically 1–3 minute), check your wallet and see that your transaction is done!
Uniswap is made up of a series of ETH-ERC20 exchange contracts.
There is exactly one exchange contract per ERC20 token
Exchange contracts are automated market makers between an ETH-ERC20 pair
Since ETH is a common pair for all ERC20 exchanges, it can be used as an intermediary allowing direct ERC20-ERC20 trades in a single transaction
Basically, every ERC20 in Uniswap is paired to ETH using a specific exchange contract. The contract stores both the ERC20 token and a corresponding amount of ETH in the smart contract (along with other information for token exchange).
The exchange price between a specific ERC-20 token and ETH is determined by using the model x*y = k, where x and y are the supplies of ERC20 token and ETH in that contract, while k is a constant. These supplies set the exchange rate between ERC-20 and ETH. Now, because all ERC-20 tokens can be swapped to ETH, the ETH can be used as intermediary to directly swap any ERC-20 token pairs (such as IDRT and USDC).
Traders and liquidity providers
In Uniswap, there are two main parties at play: traders and liquidity providers. Traders can freely trade tokens or ETH on Uniswap, while liquidity providers provide ERC-20 tokens and ETH (liquidity) for traders to trade with. The Uniswap contract automatically takes 0.3% fee for each trade, and this fee is proportionally distributed to all liquidity providers.
What’s more unique is that anyone can fill these roles, you can be a trader and gain profit by price difference or arbitraging. Or you can be a liquidity provider and get incentivized for providing liquidity.
To learn more about being a Liquidity provider in uniswap, check this out.
You have now learned what Uniswap is. Now it’s time to try swapping IDRT with other tokens on https://uniswap.exchange/swap! If you need technical assistance in using Uniswap to trade IDRT, contact us at [email protected]!
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges and other cryptocurrency players.
Follow our Medium blog to stay up-to-date with our latest announcements!
