What is IDK?
IDK is a stablecoin pegged 1:1,000 IDR, the Indonesian Rupiah, and is built on the Ethereum Network according to the ERC20 token standard. IDK seeks to drive adoption of digital currency 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For every 1,000 Rupiah that is withdrawn from the IDK Foundation's appointed custodian, 1 IDK will be taken out from the circulation.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 for everyday payments and transactions.
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).
What is IDK?
IDK is an ERC20 stablecoin issued by the IDK Foundation Ltd., a BVI charitable trust company. The coin is backed 1:1000 to the Indonesian Rupiah (IDR). With IDK, you can transfer IDR globally in a fast, stable, secure and low-cost manner.
How does it work?
For every 1,000 IDR deposited to the IDK Foundation, the Foundation will issue 1 IDK. For every 1,000 IDR withdrawn from the IDK Foundation, the Foundation will burn 1 IDK. This ensures that the IDK in circulation will always be backed by the corresponding IDR.
How does the deposit and withdrawal process work?
The IDK Foundation works with trusted voucher partners for the withdrawal and deposit process. To deposit IDR in order to receive IDK, you will need to send the equivalent IDR to the designated voucher partner and provide an ERC20 wallet address. Once the IDR transaction is complete, the designated voucher partner will transfer the equivalent IDK to your provided ERC20 wallet address. The process is similar if you wish to deposit IDK to receive IDR. You will need to send the equivalent IDK to the designated voucher partner and provide your bank account details. Once the IDK transaction is complete, the designated voucher partner will transfer the equivalent IDR to your provided bank account. For example: An Investor wants to buy 1,000 IDK. The Investor transfers 1,000,000 IDR to a designated voucher partner and provides an ERC20 wallet address. The designated voucher partner will then transfer 1,000 IDK to the ERC20 wallet address that the Investor provided. There may be vendors masquerading as IDK Foundation partners - please do not transact with them.
Is IDK tradable for other tokens?
Yes, IDK can be traded for other tokens on our partnered exchanges. The Foundation’s current partner exchange is Tokenomy, and the IDK/USDT pair is available for trading.
Where are customer funds kept?
The IDR that corresponds to the IDK issued and in circulation are held at an Indonesian-domiciled bank. The IDR deposit balance is examined monthly by a registered public accounting firm, in order to verify the 1:1000 peg. All Independent Accountants’ Reports are published and available.
IDK is built on the Ethereum Network according to the ERC20 standard for tokens. The contract code has been audited by an independent third-party smart contract security auditor.