3.2 min read
Huobi and Tron to launch firts national token
Written byEdna Buckley
November 29, 2022
- Huobi revealed that the company has partnered with Tron and DMC Labs to launch the Dominica Coin or DMC.
- DMC and Dominica Digital ID will be issued on the Tron blockchain.
- Cross-chain interactions are expected to be supported shortly.
- Networks such as Ethereum and BSC are integrated through the BitTorrent Chain protocol.
- DMC is very different from CBDC because it is issued on the Tron network and is only supported by the government of Dominica.
In a recent announcement, Huobi revealed that the company has partnered with Tron and DMC Labs to launch the Dominica Coin or DMC. According to reports, the distribution of DMC has been endorsed by the government of Dominica. Sun shared the latest partnership with the community on Twitter.
It should be noted that both DMC and Dominica DID will be issued on the Tron blockchain. However, cross-chain interactions are expected to be supported shortly. Networks such as Ethereum and BSC are integrated through the BitTorrent Chain protocol.
CBDCs have been making quite a bit of noise. However, DMC is a national token, which is very different from CBDC. A CBDC is an asset issued by a central bank and is subject to extensive oversight by national monetary authorities. It is the digital form of a country's legal tender.
DMC is very different because it is issued on the Tron network and is only supported by the government of Dominica.
How to Get Huobi x TRON DMC Tokens
Regarding DMC, it is expected to be publicly available on Huobi Prime. In addition, Huobi will airdrop tokens for each registered user and activate Dominica DID application
According to the latest blog post, users are expected to authenticate themselves on Huobi. This should be done via a Dominica Digital ID. Authenticated users can purchase DMC regardless of identity. However, compliance with all laws and regulations is relevant.
To create Soul-Bound Tokens [SBTs], users submit their Dominica DIDs to the Tron network. SBT holders enjoy all the rights and interests granted by SBT. In addition, SBT holders have the right to obtain digital citizenship in the Dominica metaverse, which is completely mapped from the real world. It is important to note that DMC is used as the base token in the Dominica metaverse. As such, holders of the token will receive "various privileges."
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