IDK F.A.Qs

1What is a Stablecoin?

A stablecoin is a crypto-asset which maintains a stable and predetermined value, allowing it to function as a global medium of exchange, a unit of account, and a store of value with low volatility. There are many types of stablecoins available on public blockchains. Some are collateralized by dollars, other fiat, or crypto-currencies, while others are maintained by stabilizing algorithms.

As one common criticism of bitcoin and other cryptocurrencies is its price volatility, stablecoins offer a solution by being a low-volatility medium of exchange, enabling instant trade settlements without going through the legacy banking system. In addition, the use of stablecoins is an effective way to promote financial inclusion among the large unbanked population found in many developing economies.

2What is IDK?

IDK is an ERC20 stablecoin issued by the IDK Foundation Ltd., a BVI charitable trust company. The coin is backed 1:1,000 to the Indonesian Rupiah (IDR).

With IDK, you can transfer IDR globally in a fast, stable, secure and low-cost manner.

3How 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 For every 1,000 IDR withdrawn from the IDK Foundation, the Foundation will burn 1 IDK.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.

4How does the withdrawal and deposit process work?

The IDK Foundation works with trusted merchant 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 merchant partner and provide an ERC20 wallet address. Once the IDR transaction is complete, the designated merchant 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 merchant partner and provide your bank account details. Once the IDK transaction is complete, the designated merchant 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 merchant partner and provides an ERC20 wallet address. The designated merchant 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.

5Is 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.

6Where 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 periodically by a registered public accounting firm, in order to verify the 1:1,000 peg. All Independent Accountants’ Reports will be published and made available periodically on the Foundation's website.

7Security Audit

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.

8Where to get IDK?

IDK can be purchased via our official merchant partners listed on IDK Foundation’s website, click here for more information.

9How can I store IDK?

You can keep your IDK on any Ethereum-based wallets or any exchanges that support IDK.

To enable IDK wallet on your Ethereum-based wallet, kindly add the following contract address of IDK to your Ethereum-based wallet - 0x61fd1c62551850d0c04c76fce614cbced0094498