Indonesian Rupiah Stablecoin (IDK) Launches on Tokenomy
Indonesian Rupiah on The Blockchain
We are thrilled to announce that the Indonesian Rupiah Stablecoin (IDK) will soon be listed on Tokenomy Exchange!
- Trading will start on 25 July 2019 3 PM (GMT +8)!
- Supported trading pairs: BTC/IDK
How can you purchase IDK?
You may purchase IDK through IDK’s Official Merchant Partners. More info can be found on IDK’s website at idkfoundation.org.
What is IDK?
IDK is a stablecoin pegged 1:1,000 IDR (Indonesian Rupiah), and is built on the Ethereum Network according to the ERC20 token standard. IDK seeks to drive the adoption of the digital asset in Indonesia, the largest economy in Southeast Asia.
How does it work?
For every 1,000 Rupiah that is deposited into the IDK Foundation’s appointed custodian, 1 IDK will be issued.
For every 1,000 Rupiah that is withdrawn from the IDK Foundation’s appointed custodian, 1 IDK will be taken out from the circulation.
Why use a stablecoin?
A stablecoin is a crypto-asset which maintains a stable and predetermined value, allowing it to act as a global medium of exchange, a unit of account, and store of value with low volatility. Price stability is fundamental to drive mass adoption of cryptocurrencies, allowing them to be used daily.
Stablecoins are able to derive a constant predetermined value by pegging their value to an existing asset, such as fiat currencies or another cryptocurrency, or through algorithmic means. IDK uses the fiat collateral model. Hence, IDK will always have its value pegged to the Indonesian Rupiah (IDR), such that 1 IDK equals 1,000 Rupiah (IDR).
Watch this video below for more:
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