Huobi And Tron To Debut World’s First National Token DMC
- Huobi, Tron Network and DMC Labs have all partnered up to debut the world’s first national token, the DMC, or Dominica Coin along with the Dominica Digital Identity (DID).
- The issuance of the DMC token has been authorized by the government and the coin stands as a “symbol displaying the embracement of countries to virtual assets and metaverse,” Huobi said.
- DMC has been granted a statutory status as an authorized crypto in the Commonwealth of Dominica by the government and as a result, can be used for making payments.
- The coin is currently issued based on the TRC-20 standard, but it will soon be expanded to the ERC-20 and BEP-20 standards as well.
Huobi, in partnership with Tron (TRX), the decentralized blockchain-based operating system developed by the Tron Foundation, will debut the world’s first national token, the DMC, or Dominica Coin. This project has been authorized by the government of the Commonwealth of Dominica, which is an island country in the Caribbean. The goal is to usher in a new era of digital identity that is dominated by blockchain technology.
As per a blog post from Huobi crypto exchange, the exchange will work with Tron Network and DMC Labs to roll out the DMC token and the Dominica Digital Identity (DID), which is also a first to a nation. While both the items were first issued on the Tron Network, the goal is to expand and support cross-chain interaction with Ethereum, BSC, and other public chains via the BitTorrent Chain (BTT) protocol.
Additionally, the Tron Network has been announced as the designated national blockchain infrastructure of the Commonwealth of Dominica as Huobi sees DMC and Dominica DID serving “as an important certificate for users to access the future Metaverse world.”
“Backed by Huobi, TRON, and other leading crypto platforms, Dominica took the lead and embarked on a journey of exploring the metaverse and Web 3.0,” reads a press release, adding that with the “significant influence and massive user base of Huobi and TRON, Dominica will attract top talents across the globe and seize its opportunities in the digital economy.”
“The move will also pave the way for the future, bringing more Caribbean countries into the Era of Web 3.0,” says the statement.
The issuance of the DMC token has been authorized by the government and the coin stands as a “symbol displaying the embracement of countries to virtual assets and metaverse,” stated Huobi. The coin is currently issued based on the TRC-20 standard, but it will soon be expanded to the ERC-20 and BEP-20 standards as well.
Currently, the DMC token is only available for sale via Huobi Prime and the exchange revealed that it will airdrop DMC tokens and enable the Dominica DID application to each registered user. The IDs can be used for registration on the exchange, which is also an industry-first move.
“Users can transfer their Dominica DIDs to the Tron network to generate Soul-Bound Tokens (SBTs) which entitle the holders to all rights and interests endowed by SBT. Moreover, in the Dominica Metaverse, SBT holders are entitled to Metaverse Dominica digital citizenship that is completely mapped from the real world,” Huobi stated in its blog post.
DMC has been granted a statutory status as an authorized crypto in the Commonwealth of Dominica by the government. As a result, users can easily make payments with the help of the same.
While countries like El Salvador and the Central African Republic have adopted Bitcoin (BTC) as legal tender, the Commonwealth of Dominica has become the first to issue its own token.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
