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.
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!
Rupiah Token team is excited to announce that we have officially launched IDRT, the first Stablecoin that is backed 1:1 with Indonesian Rupiah (IDR).
Through our website, you can always convert 1 IDR into 1 IDRT. You can also convert IDRT back to IDR, making it simple for you to move between fiat and crypto.
IDRT is a price-stable crypto asset (commonly called stablecoin) on the Ethereum blockchain that is backed 1-to-1 by IDR fiat deposits.
The price of 1 IDRT is pegged at 1 Rupiah, because we guarantee that on our website, you can always convert 1 IDR into 1 IDRT and vice-versa.
For each IDRT minted, we store 1 IDR fiat currency in a designated bank account. If IDRT is redeemed back to fiat IDR, we will “burn” or destroy the redeemed IDRT, removing those from the supply. This way, each IDRT in circulation is fully backed by IDR Rupiah.
What can I use IDRT for?
Blockchain-based digital assets (such as Bitcoin or Ethereum) are not suitable as a unit of account due to their inherent price volatility. IDRT eliminates that volatility while keeping the desired characteristics of Ethereum blockchain transaction — fast processing speed, immutable, and global.
In the short run, the most ready use case for IDRT is for Indonesian crypto traders who want to trade out of cryptocurrencies into Rupiah. In the long run, having Rupiah in the blockchain will enable more interesting use cases such as trusted borderless payments, remittances, and potentially new form of e-commerce. We will post updates on this blog, stay tuned!
IDRT is built on Ethereum blockchain and follows ERC-20 token standard. This means IDRT is inherently compatible with many existing Ethereum-based applications and wallets, enabling global transactions anywhere, anytime.
IDRT can be stored in any ERC-20 compatible wallets, such as Trust Wallet or Metamask. In some wallets, you have to manually add our token. Check our guide here for some examples!
Is the IDRT Smart Contract secure?
Security is always on the top of our minds, and our Smart Contract has been audited by CertiK to be secure.
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!
