TRON takes the lead in developing the digital identification program for Dominica Metaverse

Finance FeedsPublished on 2023-03-07Last updated on 2023-03-07

Abstract

TRON will be developing the first Caribbean digital identity initiative, which includes the establishment of the Dominica Metaverse, as well as the operation of the Dominica Digital Identity (DDID) and Dominica Coin (DMC) programs.

TRON is excited to announce its latest partnership with the Commonwealth of Dominica to usher in a new era of Web 3.0. TRON will be developing the first Caribbean digital identity initiative, which includes the establishment of the Dominica Metaverse, as well as the operation of the Dominica Digital Identity (DDID) and Dominica Coin (DMC) programs.

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As a pioneer in Metaverse innovation, this partnership recognizes the potential for Dominica to lead the way in this groundbreaking technology that will transform everyday life and revolutionize businesses in the coming years. With digital identity being a key component of Web 3.0, TRON is proud to oversee, execute, and facilitate the issuance of DDID and DMC.

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“This digital identification project is a significant milestone for us as it marks the first Web 3 initiative since the passage of our Crypto Ordinance last year. We are excited about the prospect of blockchain innovation and look forward to continued collaboration with Tron to advance the digital economy for Dominica,” said Roosevelt Skerrit, Prime Minister of the Commonwealth of Dominica.

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Commonwealth of Dominica Official Media Contact

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pssecpmoffice@dominica.gov.dm

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About TRON DAO

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TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

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Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years.

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As of March 2023, it has over 145 million total user accounts on the blockchain, more than 5 billion total transactions, and over $11 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021.

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The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.

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Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.

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