Crypto-billionaire and creator of the Tron blockchain, Justin Sun, has just scored yet another victory. A few hours ago, Sun announced important news regarding a new project. Indeed, Tron DAO, DMC Labs and the Huobi Global cryptocurrency exchange are now partners on the Dominica coin. This is the first national token in history (DMC), which is licensed by the Commonwealth of Dominica.
Tron becomes Dominica’s official national blockchain
According a statement from Huobi, the token will serve as a portal to the metaverse. To this end, DMC offers a Decentralized ID (DID) based on the Tron network, which will be released in due course. While this is a first for a state, Huobi will support Dominica’s DID for KYC verification. Also, the planned Huobi Prime event will coincide with the launch of the DMC.
Initially, the Tron network will serve as the basis for issuing DID and DMC tokens. Then these will be able to interact with Ethereum, BSC and other public chains that will be added through the BitTorrent blockchain protocol. However, the designated national blockchain infrastructure of the Commonwealth of Dominica remains the Tron network. In other words, TRC 20 will serve as the basis for the DMC and should later integrate ERC 20 and BEP 20.
Dominica’s goal in creating its first national cryptocurrency
In a statement, Dominica says the purpose of creating DMC and Dominica DID is to serve as a strong certificate for users. This, so that they can access the future world of the metaverse.
Besides, DMC holders will also enjoy many benefits in the island nation. Under the citizenship by investment program, individuals will be able to obtain Commonwealth of Dominica passports. Also, the DMC can be used to register a business in accordance with local rules and regulations. They will offer the ability to open bank or financial accounts, apply for loans, and verify KYC. The DID will also serve as the base token for building the Dominica metaverse at a later stage.
Ultimately, Dominica has just sent an important message to the world by creating its first token. This could motivate other states like El Salvador to create their own cryptocurrencies.
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