Tron Launches Dominica Metaverse Bound Token With Huobi

Smart contract blockchain Tron has expanded its mission to bring Dominica into the metaverse, with the launch of a digital identity token.

The Dominica Metaverse Bound Token (DMBT) has been launched as part of the Dominica Metaverse Digital Citizen (DMDC) program, authorized by the government of the Caribbean Island nation. DMBT is a collaboration between Tron, crypto exchange Huobi and Dominica metaverse organization DMC Labs.

DMBT builds on previous work, led by Tron, to build the Dominica Digital Identity (DDID), a digital ID that gives holders “citizenship” of the Dominica Metaverse. Those who have met the requirements for DDID will also be able to mint DMBT on the Tron blockchain.

"DDID will serve as the building block for Web3 and a bridge connecting the real and virtual worlds," said Tron founder and Huobi advisor Justin Sun. He added that the on-chain digital identity system "lays the foundation for a future metaverse world that is truly capable of servicing the global population across physical boundaries and national borders in mankind's pursuit toward inclusive digital freedom."

DMBTs are non-transferable and non-revocable. They are a unique type of soulbound token, a form of Web3 identification, and serve as on-chain identity for those who have completed level-3 KYC verification on Huobi.

Dominican Government Partners With Tron To Launch Dominica Coin

The government of Dominica has partnered with smart contract blockchain platform Tron to issue Dominica Coin (DMC), a token that promotes the Caribbean nation’s natural and cultural heritage. The DMC token, developed on the Tron blockchain, will utilize the mechanics of a fan token. Fan tokens are normally associated with sports teams, enabling token holders to vote on governance issues like the choice of color in jerseys. It’s a first for a country to issue fan tokens, with Dominica’s governmen...

The Dominica Metaverse, which functions as both a forum for virtual interactions and a marketing tool for the region, aims to "transform everyday commerce and revolutionize business strategy in the Caribbean region," according to a spokesperson for Tron.

After completing a facilitated online KYC process and applying for DDID, users will be eligible to mint a DMBT on the Tron blockchain. They will also need to connect their Tron wallet to the Huobi app. Minting a single DMBT will incur a fee of one USDT or the equivalent in Huobi Tokens (HT) or Tron (TRX).

Crypto in the Caribbean

The launch of DMBT comes alongside a broader effort by Tron in the Caribbean, which has seen the blockchain platform preparing to launch Dominica Coin, a token promoting the nation’s natural and cultural heritage.

In 2021, Sun became Grenada’s permanent representative to the World Trade Organization, a post he held until March 2023, while earlier this year St Maarten saw a parliamentarian launch a bid for Tron to be accepted as legal tender in the Caribbean nation.

"I really want to build infrastructure for Web3, but also for Dominica, and Grenada… to bring Web3 to those small island economies," Sun told Decrypt in 2022. "It can really empower their economy and benefit local people."