Crypto exchange Huobi today announced a strategic agreement with the Tron network, DMC Labs, and the government of Dominica. As part of this deal, the parties will jointly issue the world’s first national token, Dominica Coin (DMC).
Moreover, at the same time, a virtual ID protocol called DID will also be launched on the Tron platform. DMC holders will automatically receive a “digital citizenship” of Dominica.
Dominica DIDs and DMCs will initially be released on the Tron network, which is Dominica’s national blockchain infrastructure. In the future, the developers plan to ensure the interaction of the DMC token with the Ethereum and BSC networks via the BitTorrent Chain protocol. Just like TRX and USDD tokens, DMC will have legal status in the Commonwealth of Dominica and can be used as a means of payment in this country.
DMC will be released on Huobi Prime. The exchange will conduct a distribution of DMC tokens and enable the Dominica DID application for each registered user, the announcement says.
DID holders can also use the ID to issue SBT tokens in the Tron ecosystem. This will open up the possibility for them to become Dominica citizens in a future blockchain-based metaverse.
After paying the fee, you can also receive a printed certificate of your status. However, it is not yet completely clear whether such a document will have legal force outside the country. DID can also be used to complete KYC verification, obtain a loan in Dominica, register a virtual company, and a number of other government services.