The Commonwealth of Dominica has planned to issue a blockchain-based national token to grant digital citizenship.
For this project, the Commonwealth of Dominica has partnered with Huobi, TRON, and DMC Labs.
The Dominica government has granted permission to the three platforms to issue Dominica’s national token, Dominica Coin (DMC), and Digital Identity (DID). DMC holders will be granted digital citizenship of Dominica.
This is the first significant step in Huobi’s strategy of global development after its rebranding, manifesting its ambition to become a major player in the future stage of Web 3.0 and the metaverse.
Both issued by a sovereign country, DMC and DID are based on the TRON network, the official national blockchain infrastructure of Dominica, and are to be launched on Huobi Prime. The DID and DMC will be important credentials for users to access the future world of the metaverse.
DMC to be launched through Huobi Prime
As a TRC-20 token authorized and issued by the Dominica government, DMC supports cross-chain interaction with Ethereum and BNB Smart Chain through the BTTC Bridge. The tokens will be issued through Huobi Prime, and the platform will airdrop DMC and Dominica DIDs to all registered users.
Users may complete KYC verification or re-verify themselves by using their Dominica DID. It is understood that users passing verification with Decentralized IDs share the same privileges as citizens of other nationalities.
Meanwhile, DIDs may be transferred to TRON to generate Soul-Bound Tokens(SBTs), whose holders will be entitled to the “Citizenship of Dominica in the Metaverse” as fully mapped from that in the real world.
A physical certificate issued by the Dominica government will be available to the holders after a certain fee has been paid.
The main use cases of DID include KYC verification on major exchanges, opening bank accounts in Dominica, loan applications, and registration of digital enterprises.
A milestone in Huobi’s global expansion
The launch of DMC together with Dominica is a major step forward for Huobi after its recent rebranding.
On November 22, 2022, H.E. Justin Sun, TRON Founder, Huobi’s global advisory board member, and the Ambassador and Permanent Representative of Grenada to the WTO, attended Huobi’s rebranding launch event held in Singapore. Sun put forth three major strategies for Huobi’s future growth: globalization, tech-driven development, and tech for good. He also suggested that Huobi would help promote the application and compliance of the crypto technology in key regions of the world and work alongside its peers to build Web 3.0.
With the approval of the Dominica government, Huobi’s globalization strategy will set forth from the Caribbean region to cover Southeast Asia and Europe. While paving the way for full compliance and healthy development for the industry, Huobi is determined to regain its position as one of the top cryptocurrency exchanges.
Moreover, its cutting-edge technology and influence in the industry will enable Huobi to provide a secure, efficient Web 3.0 gateway for global users. Crypto technology is set to be the driving force for the forthcoming digital economy that will serve the public for a better life.
Build a new world of the metaverse and Web 3.0 technologies
Huobi’s collaboration with Dominica is a big step toward making the Caribbean region a global crypto center. It will create a new trend of cooperation between the crypto industry and sovereign countries.
Caribbean’s preferential policies on the crypto industry have attracted a myriad of leading crypto companies to this region. For instance, Huobi has expressed its intention to move its headquarters to the Caribbean region. Nevertheless, Caribbean economies, which are highly dependent on international trade and tourism, have reached a gridlock. 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.
By building a digital state using the metaverse and Web 3.0 technologies, Dominica will go beyond the geological limitation and deeply engage in the globalization process. The country is one of the first in the Caribbean to launch the Citizenship by Investment Program. Its passports allow visa-free access to more than 130 countries and regions around the world, including Mainland China, Hong Kong SAR, the European Union, Switzerland, the United Kingdom, and Singapore. The country’s decision to issue DIDs will push its open vibe to the next level.
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.
Incepted in 2013, Huobi is a globally leading platform for virtual asset trading. It has been committed to providing safe, professional, and quality services to users, whose satisfaction the platform sees as its priority. As of now, it has established its presence in over 160 countries and regions, serving more than 50 million users. On November 22, 2022, Huobi launched its refreshed branding and unveiled three strategies, namely globalization, technology-driven development, and technology for good, in an effort to build a Web 3.0 gateway together with the industry.