Huobi, Tron partners to roll out world’s First National Token

Sahana Kiran
Source – Pixabay

Justin Sun’s Tron and prominent crypto platform Huobi were bringing the world’s very first national token to life.

In a recent announcement, Huobi revealed that the firm had partnered with Tron as well as DMC Labs to roll out Dominica Coin or DMC. The issuance of DMC was reportedly endorsed by the Dominica government. Sun took to Twitter and shared the latest partnership with the community.

It should be noted that both DMC, as well as Dominica DID, would be issued on the Tron blockchain. However, in the near future, cross-chain interaction is expected to garner support. Networks like Ethereum, BSC, and others will be involved through the BitTorrent Chain protocol.

CBDCs have been making quite some noise. However, DMC is a national token which is much different than a CBDC. A CBDC is a central bank-issued asset and is extensively governed by a nation’s monetary authority. It is basically a digital form of a country’s fiat currency.

DMC is quite different as it is being issued on the Tron network and is only endorsed by the Dominica government.

Here’s how to garner Huobi x Tron’s DMC token

With regard to DMC, it is expected to be issued on Huobi Prime for the public. In addition to this, Huobi will airdrop the tokens and enable the Dominica DID application to every registered user

As per the recent blog post, users are expected to fulfill identity verification on Huobi. This should be done through the Dominica Digital IDs. Regardless of their identity, verified users will be allowed to purchase DMC. However, compliance with all the laws and regulations was pertinent.

To create Soul-Bound Tokens [SBTs], users can transfer their Dominica DIDs to the Tron network. SBT holders are then entitled to all the rights and interests that SBTs grant. Additionally, SBT holders are eligible for digital citizenship in the Dominica Metaverse that is entirely mapped from the actual world. It should be noted that in the Dominica Metaverse, DMC would be employed as a basic token. Therefore, holders of the token would be given a “variety of privileges.”