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).
Citizenship in the digital republic of the Dominican Republic will be conferred to DMC holders. Both DMC and DID are derived from the TRON network, which serves as Dominica’s official national blockchain infrastructure, and will be made accessible via Huobi Prime.
Dominicans will have an easier time establishing their digital citizenship and getting access to the future realm of the metaverse with the help of the national token service.
DMC, which is a Dominica-issued TRC-20 token, will offer cross-chain interaction with Ethereum and the BNB Smart Chain through the BTTC Bridge. This will let DMC to engage with both of these chains.
Users are able to complete the Know Your Customer (KYC) verification process or re-verify themselves by using their Dominica DID. Users who are able to pass verification using decentralized IDs are presumed to have the same rights as citizens of other nations.
Transferring DIDs to TRON will result in the generation of Soul-Bound Tokens (SBTs), and those who own SBTs will be granted “Citizenship of Dominica in the Metaverse.” DIDs may be purchased here.
Holders will be able to get a tangible certificate issued by the Dominican government after paying a charge associated with the certificate.
The most important uses for Dominica Identification are for Know Your Customer verification on major exchanges, for establishing bank accounts in Dominica, for loan applications, and for registering digital businesses.
Compiled by Coinbold