Huobi announces plans to launch world’s first national token

Huobi to issue Dominica Coin, approved by government of the island state of the Commonwealth of Dominica. Review by Crypto-Upvotes experts

Crypto exchange Huobi announced plans to launch the world’s first national token in honor of Commonwealth of Dominica. In cooperation with blockchain Tron Network and DMC Labs and with the approval of the island nation’s government. Dominica Coin will be launched on Tron Network.

The Commonwealth of Dominica is a state on the island of the same name in the Lesser Antilles in the Caribbean Sea. The area of its territory is 751 km², and its population is about 75 thousand people. Official currency is the Eastern Caribbean dollar. It is used in 8 countries of Organization of Eastern Caribbean States (OECS).

Project Huobi will also include the launch of the Dominica DID. Both Dominica DID and DMC will initially be issued on the Tron network. Because it has become Dominica’s national blockchain infrastructure. In the future, the developers plan to make the DMC token interoperable with Ethereum, BSC and other networks via the BitTorrent Chain protocol.

How to get DMC ?

DMC will be released on Huobi Prime. In addition, exchange will hold an airdrop of DMC tokens (giveaway). And it will also include a Dominica DID application for each registered user.

Users will be able to create Soul-Bound Tokens with Dominica DID on the Tron network. An SBT or non-transferable token is a type of NFT asset that is issued in a single instance and is tied to a specific blockchain address. In Metaverse Dominica, SBT holders will be entitled to digital citizenship of this metaverse. At the same time, they will be able to claim passports issued by the Dominica government. Which allow their holders visa-free access to more than 130 countries and regions around the world. Including EU, Switzerland, UK, Singapore, Russia, Brazil and Hong Kong.

Just like TRX and USDD tokens, DMC will have legal status in the Commonwealth of Dominica and can be used as a means of payment in that country. It will be used as a native token in the Dominica metaverse

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Tron ecosystem. How does one of biggest blockchains work? – Crypto-Upvotes experts

When Tron project was launched, it was planned to create an analogue of a decentralized social network. Where entertainment content would be available to anyone. Let’s see how close creators TRX came to realization of their plans.

Blockchain Tron is one of the most controversial cryptocurrency projects. This year this project turned 5 years old! And according to some indicators, it really surpassed second largest by capitalization cryptocurrency ETH.

Decentralized social network

Blockchain Tron is a decentralized entertainment content ecosystem. TRX was launched in 2017 by Chinese entrepreneur Justin Sun. According to his idea. Developers can create their own entertainment applications (dApps) on the platform. And offer them directly to users, bypassing resellers.

Tron was originally launched on Ethereum blockchain. But in summer 2018, cryptocurrency was migrated to its own blockchain. In July 2018, BitTorrent was also integrated into Tron ecosystem. It’s a protocol for sharing files. And it has about 100 million monthly active users.

TRON network completed decentralization in December 2021. And it is fully managed by DAO community. When anyone can create content and share it with the community.

Tron today

Tron blockchain architecture consists of three layers: storage, management and applications. Third layer gives developers the ability to create DApps in a variety of programming languages. Such as Java, Scala, C++ and Python. This makes it one of its leading platforms for creating applications.

This blockchain is highly scalable. This opens up a lot of opportunities for devs to deploy their applications while being used by millions of people at the same time. Tron has better throughput than Ethereum or Bitcoin networks.

Also TRX has a sidechain project called Sun Network. Its goal is to help applications run with less power. And higher speed and enhanced security. At the same time, sidechain provides unlimited storage for the main TRON network. Sun Network is fully compatible with the core protocol. And it uses all of its key functionality.

TRC-20 tokens

Tron blockchain uses TRC20 token standard. According to TRONSCAN, total transfers in this network exceed $5 trillion. And total number of accounts in network is 105 million. The volume of blocked funds in the protocol (TVL) is about $11.3 billion. Many cryptocurrencies based on Tron blockchain (according to TRC-20 standard) operate. The best known tokens that support the TRC-20 standard are:

TRONIX (TRX) is the network’s own token, the main unit of account in the TRON blockchain. As of August 2, 2022, the token is the 17th largest cryptocurrency with a market capitalization of $6.3 billion, according to Coingecko.

Key advantage of Tron blockchain is the amount of commission. In TRC-20 form, it costs about $1 to transfer USDT tokens. And in ERC-20 form, the fee can be at least $2. And there is no upper limit: at the time of network congestion, the amount of commissions reached tens and hundreds of dollars.

USD Coin (USDC) is another Stablecoin tied to the U.S. dollar. USDC is compatible with several blockchains, including TRON network.

BTT (BitTorrent) is a TRC-20 service token that supports dApps. Which include BitTorrent Speed. BitTorrent file system and others.

APENFT (NFT) is the official management token of the APENFT marketplace. It is part of the Tron ecosystem and runs on the BitTorrent network. This coin serves as proof of rights to non-interchangeable tokens. Cryptocurrency owners can vote, share profits. And participate in token airdrop.

Our Crypto-Upvotes experts consider Tron platform one of most promising and safe. And we also recommend that you include this project. In your long-term investment portfolio. Because price of this project has not yet reached its ATH. And will rise in the next few years.

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