Huobi Partners With Tron To Launch First National Token DMC
Justin Sun, cryptocurrency tycoon and founder of the Tron blockchain, has pulled off another scam. Sun announced a few hours ago that crypto exchange Huobi Global has teamed up with Tron DAO and DMC Labs to jointly launch the world’s first national token, the Dominica Coin (DMC).
Notably, the DMC token is the world’s first national token under the authorization of a national government, in this case the Commonwealth of Dominica.
💪@HuobiGlobal partnership with @trondao and DMC Labs will jointly launch the world’s first national token, #DMC (Dominica Coin).
🔥#huobi also supports Dominica Digital ID for KYC verification. https://t.co/UFe6QEzIrr
— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 29, 2022
According to Huobi’s announcement, the token will also be a gateway to the metaverse. For this, the DMC provides a Tron network-based decentralized identifier (DID) which will be introduced “in due course”. This is also a first for a nation.
Thereafter, Huobi will also support Dominica DID for KYC verification. DMC is scheduled to go on sale with the upcoming Huobi Prime event.
Tron is Dominica’s Designated National Blockchain
The issuance of the Dominica DID, as well as the DMC token, will initially take place via the Tron Network, with interchain interaction with Ethereum, BSC and other public chains to be added via the BitTorrent chain protocol.
However, the Tron Network is “the designated national blockchain infrastructure of the Commonwealth of Dominica”. The DMC will therefore be based on the TRC 20 standard and is expected to be expanded to include the ERC 20 and BEP 20 standards.
“Our vision for DMC and Dominica DID is that they will serve as an important certificate for users to access the future Metaverse world,” the announcement continued.
Huobi users should be excited about the announcement as the exchange will launch DMC tokens on air and enable the Dominica DID app for each registered user.
DMC holders will also enjoy numerous island state benefits. Among other things, they will be able to obtain Commonwealth of Dominica passports under the citizenship-by-investment program.
In addition, the DID may be used to open bank or financial accounts, apply for loans, KYC verification and business registration in accordance with local laws and regulations.
In a future phase of the Dominica metaverse, DMC will also be used as the base token for building the metaverse.
The relationship between Huobi and Justin Sun
The relationship between Justin Sun and Huobi has been puzzling the crypto community lately. The Chinese-rooted exchange announced last month that co-founder and main shareholder Leon Li was selling its shares.
Later, rumors surfaced that Sun is the new owner. While the cryptocurrency tycoon has dismissed the speculation, voices have risen that he is.
Last but not least, the rumors too surfaced that Poloniex, the exchange Sun acquired from Circle in 2019, could merge with Huobi, sources familiar with the matter said.
However, Sun has also dismissed these rumours, emphasizing that both companies are independent. However, when asked if a merger could happen in the future, he said it’s “possible”.
Whether true or not, the HT token in particular has experienced a rebound recently. While the TRX price is seeing a modest gain of around 3% over the past 24 hours, the Huobi token (HT) is showing impressive performance.
HT increased by 10% in the last 24 hours and 46% in the last seven days.