Cryptocurrency exchange, Huobi, announced a collaboration with the Commonwealth of Dominica, TRON, and DMC Labs. The Dominica government has approved the three platforms to issue Dominica Coin (DMC), the world’s first national token, and Digital Identity (DID).
DMC holders will be granted Dominican digital citizenship. DMC and DID are based on the TRON network, Dominica’s official national blockchain infrastructure, and will be available on Huobi Prime.
The national token service will assist Dominicans in establishing digital citizenship and gaining access to the metaverse’s future world.
DMC, as a Dominica-issued TRC-20 token, will support cross-chain interaction with Ethereum and the BNB Smart Chain via the BTTC Bridge.
By using their Dominica DID, users can complete KYC verification or re-verify themselves. It is assumed that users who pass verification using Decentralized IDs have the same rights as citizens of other nationalities.
DIDs can be transferred to TRON to generate Soul-Bound Tokens (SBTs), the holders of which will be entitled to “Citizenship of Dominica in the Metaverse.”
After paying a fee, holders will be able to obtain a physical certificate issued by the Dominican government.
The primary applications of DID include KYC verification on major exchanges, opening bank accounts in Dominica, loan applications, and digital enterprise registration.
