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RICE is the native utility token for the RICE Wallet ecosystem, founded by Kn and Hieu Ngo. It enables fee payments, governance voting, and staking within a non-custodial application designed to simplify DeFi access. The token has a capped total supply of 1 billion, with slightly more than 14.5 million currently in circulation.
RICE Wallet is a non-custodial application that gives users full authority over their cryptocurrencies and NFTs in a single interface. It aims to simplify entry into the DeFi sector by offering curated DApps and a tailored user experience.
The RICE Token (RICE) serves as the native utility token for the RICE Wallet and its Decentralized Finance ecosystem, enabling holders to:
The RICE Decentralized Finance ecosystem comprises:
RICE originated as an ERC-20 token on Ethereum with a capped total supply of 1 billion. However, 90 million RICE tokens were burned to facilitate the minting of new tokens across other chains: 20 million as BEP-20 on BNB Smart Chain, 20 million on Polygon, and 50 million as KRC-20 on KardiaChain, a Vietnamese blockchain network. Currently, slightly more than 14.5 million RICE are in circulation.
The token held its initial coin offering (ICO) on July 20, 2021, priced at 0.004 USDT.
The circulating supply is set to increase gradually as users earn RICE by completing activities like referral campaigns, Airdrop events, cryptocurrency staking, and trading.
According to the roadmap, the token allocation plans for 20% toward user acquisition, 25% for Fundraising, 40% held in reserve, and 15% designated for the founding team.
RICE Wallet operates as a decentralized platform that enables users to handle their addresses and transfer cryptocurrency with strong security guarantees. It prioritizes user experience by offering curated and tailored DeFi application interfaces to streamline operations, allowing individuals to easily monitor and navigate the full DeFi market at optimal prices.
The RICE token is created to add value specifically for RICE Wallet users and holds no utility beyond the RICE Decentralized Finance ecosystem. Nevertheless, it can be swapped for other tokens or utilized to pay for services. Holding RICE grants voting rights and governance influence over the wallet’s development, and the token may also be applied toward discounted DEX trades or in-app purchases.
RICE, which aims to create a Decentralized Finance ecosystem focused on superior user experience, was founded by Kn (Co-founder and CEO) and Hieu Ngo (Co-founder and CTO).
Kn previously held senior management roles at major corporations including TOPICA, PTI, and MB BANK. He successfully secured $500,000 from Shark Tank VN for Miin Asia through a micro-insurance product, after which one of the top 5 banks in Vietnam offered to purchase the company for $4,000,000.
Hieu serves as the Co-founder and Chief Platform Officer of TCOM, a leading Technology and Software Service firm in Vietnam. He possesses extensive experience developing technology solutions for AI, social live-streaming, and video conferencing products. Additionally, he was directly involved in the development of VietID, an application that has over 20 million users.
Motivated by negative experiences with crypto investments and the complexity of wallets like Trust wallet or MetaMask, Kn left a salary worth several thousand dollars to persuade Hieu to build RICE. Their goal is to make market entry easy for anyone. The team demonstrates commitment through a 5-year vision, during which all founding team tokens are locked. Furthermore, selected angel investors are subject to a 2.5-year lock period. Kn’s philosophy of putting faith first as an investor inspires the entire RICE team.
CertiK’s professional engineer team performs the RICE Token audit through thorough analysis and comments to reduce the risk of hacks or errors affecting the token price. The RICE team continuously upgrades and improves RICE for better protection with help from top cybersecurity companies like CyStack. Furthermore, RICE is secured by the wallet software used to manage it, which includes a passcode security lock and a 12-word recovery phrase. The RICE Wallet application is also audited by 3 different security firms: CertiK, CyStack and Verichains.
You can trade the RICE token on an expanding list of venues, covering both centralized and decentralized exchanges such as PancakeSwap, QuickSwap, and KAIDEX.
Trading pairs include various cryptocurrencies and stablecoins, specifically VNDC, Tether (USDT), Binance Coin (BNB), and KardiaChain (KAI).