What Is RupiahToken (IDRT)?
RupiahToken (IDRT) is a crypto asset whose price is designed to mimic the value of the Indonesian Rupiah. IDRT is issued by an Indonesian startup, PT Rupiah Token Indonesia. According to its whitepaper, PT Rupiah Tokens may work with third-party market makers or independent traders on cryptocurrency exchanges to help ensure that IDRT is trading close to the Rupiah. Branding and market education also help build market consensus among traders that the value of IDRT is in line with the Rupiah.
The key benefits of IDRT are detailed as follows:
IDRT is built on the Ethereum blockchain, giving it inherent security and transaction immutability of Ethereum.
IDRT follows the ERC-20 token standard, which is easy to integrate and is compatible with existing applications based on Ethereum.
All transactions are executed according to the rules of smart contracts that eliminate human errors.
The security of IDRT smart contracts has been audited and verified by CertiK.
Unlike traditional e-wallet applications where issuers hold each user's balance within the issuer's centralized system, the platform does not support escrow users' IDRT tokens. IDRT tokens are owned by users in their wallets as users can control their possession of a private key (a "password" that represents ownership of a blockchain asset).
As part of the Ethereum blockchain protocol, all transactions on the Ethereum network require the transaction originator to pay a "gas" fee in the form of Ethereum (ETH), the Ethereum blockchain's native crypto assets. This "gas" cannot be paid with IDRT or another ERC-20 token. However, the trade-off may one day be resolved with sidechain technologies such as Plasma and Raiden Network.
History of Rupiah Token (IDRT):
Jeth Soetoyo is the CEO and the founder of the Rupiah Token platform. The other team members comprise Anthony Thio, the CPO and the COO; Purwoko and Evan Leonardi, the VP of Engineering; and Fengkie Junis, the Smart Contract Engineer. The total supply of the Rupiah Token is 130,112,000,000 tokens.