- The government of Dominica approved the three platforms to issue Dominica Coin.
- The three are TRON, DMC Labs, and the Commonwealth of Dominica.
- DMC allows cross-chain interaction with Ethereum and BNB Smart Chain.
On November 29, Huobi made an announcement about its collaboration with TRON, DMC Labs, and the Commonwealth of Dominica. The government of Dominica approved the three platforms to issue Dominica Coin (DMC), the country’s official coin, and Digital Identity (DID). Holders of DMCs will receive Dominican digital citizenship.
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This marks the start of a key phase in Huobi’s strategy for international expansion following its rebranding. This also demonstrates its desire to take a leading role in Web 3.0 and the metaverse in the future.
DMC and DID, which are both backed by a sovereign nation and will be released on Huobi Prime, are built on the TRON network, Dominica’s official national blockchain technology. The DID and DMC will be crucial login credentials for people to enter the metaverse’s future planet.
DMC allows cross-chain interaction with Ethereum and BNB Smart Chain through the BTTC Bridge. This is through a TRC-20 token that the Dominican Republic government has approved and distributed. The Huobi Prime platform will airdrop DMC and Dominica DIDs to all registered users in addition to the tokens.
By utilizing their Dominica DID, users may complete their first KYC verification or re-verify their identity. Users who successfully complete Decentralized ID verification are regarded to enjoy the same rights as other nationals.
DIDs can be transferred to TRON in the meantime to become Soul-Bound Tokens (SBTs). The holders of the SBTs will be able to exercise full citizenship rights for Dominica in the Metaverse.
After a specified amount has been paid, the holders will have access to a tangible certificate issued by the Dominican Republic government.
DID is mostly used for loan applications, opening bank accounts in Dominica, KYC verification on significant exchanges, and registration of digital businesses.
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