IDK is a stablecoin issued by the IDK Foundation Ltd, a BVI trust company. IDK pegs the value of each token to 1,000 Rupiah. Each unit of IDK will be fully backed by its equivalent in Rupiah deposits.
For every 1,000 Rupiah that is deposited into the IDK Foundation’s appointed custodian, one IDK will be issued. For every 1,000 Rupiah that is withdrawn from the IDK Foundation’s appointed custodian, one IDK will be taken out of circulation. Therefore, any holder of IDK will be able to redeem 1 IDK for 1,000 Rupiah at any given point in time. The IDK will be available for trading with multiple cryptocurrencies on authorized exchanges
The IDK Foundation will work with established public accounting firms to ensure full transparency of the IDK project. Periodic audit reports will be provided to show that all IDK tokens in circulation have the equivalent of IDR collateral in reserve. The IDK Foundation also seeks to adopt best security practices by working with a trusted third-party security auditor to ensure that the contract code meets the highest quality standards.
With IDK stablecoin, market participants who believe that the price of a certain crypto asset is subject to downward pressure can easily convert their crypto assets to IDK. On the other hand, market participants who believe that the value of a certain token is appreciating can convert their IDK to the respective crypto assets. The IDK provides an avenue for digital asset market participants to manage cryptocurrency price volatility or market uncertainty. For more information please visit idkfoundation.org