Sun Yuchen, founder of TRON TRON and member of the Huobi Global Advisory Board of Huobi, known as the "King of Hot Spots", has begun to do things again, this time he has realized his "dream of building a country" in the metaverse. On November 29, crypto trading platform Huobi announced that with the authorization of the Dominica government, it has teamed up with TRON TRON, Huobi and DMC Labs to launch the world's first state-issued token Dominica Coin (DMC) and Digital Identity (Dominica DID).
So, how did Justin Sun complete his "founding cause" in the meta-universe, and what is the gameplay of the Web3 digital identity created by teaming up with Dominica?
Done what Zuckerberg didn't do
Digital identity is one of the most important infrastructures of the metaverse. Prior to this, there have been many projects exploring digital identity in the crypto market, such as the community blockchain city project CityDAO in Web3, Ethereum founder Vitalik Buterin has also purchased "citizenship"; Yamagoshi Village issued an electronic resident card NFT, where holders can enjoy the services provided by the local government and participate in on-chain governance. But these digital identity experiments were confined to small groups and did not go to the mainstream world on a large scale.
At a time when traditional Internet giants such as Meta, which have their own traffic and capital advantages, have rushed to land on the meta-universe, Justin Sun took the lead in building a meta-universe country.
Dominica is an island country located in the northeast of the Windward Islands in the East Caribbean Sea, with a land area of 751 square kilometers and a population of only about 70,000, not only lack of natural resources, serious lagging industrial development, and its economic foundation is still very weak, which also makes Dominica urgently need digital transformation. According to a survey conducted by Mastercard, 51% of consumers in Latin America have made at least one transaction using cryptocurrencies, and more than a third of Latin Americans say they use stablecoins to make purchases every day.
As can be seen from public reports, Justin Sun has been focusing on the legalization of crypto in Latin American countries and plans to promote the integration of cryptocurrencies with sovereign countries. In addition to his appointment as Grenada's Permanent Representative to the World Trade Organization (WTO) and Ambassador Extraordinary and Plenipotentiary, Justin Sun also plans to relocate Huobi's headquarters to the Caribbean. In his view, for Small Island Developing States (SIDS) in the Caribbean, blockchain and crypto can further enhance economic dynamism. Dominic has naturally become a testing ground for Sun Yuchen's metaverse.
The picture shows Justin Sun and Dominica Prime Minister Roosevelt Skerrit
In order to become a citizen of the metaverse in Dominica, you must hold DMC and Dominica DID, launched by the Dominica government and TRON as important credentials. Among them, DMC is a token issued based on the TRC-20 token standard, and then interacts with other public chains such as Ethereum and BSC through the BitTorrent Chain cross-chain protocol, that is, it will be extended to ERC-20, BEP-20 and other standards in the later stage, and will be officially sold through the Huobi Prime platform. In the platform, registered users (including those who have completed authentication) can be airdropped DMC tokens and decentralized digital identities (Dominica DIDs); Dominica DID requires users to complete identity verification (KYC) on the Huobi platform to obtain it.
In order to provide users with an immersive Web3 identity experience, Huobi also introduced the popular soul-bound token gameplay. Similar to the user value of the Web2 platform that reflects the value of the account through the number of followers, views, and likes, soul-bound tokens can help users build identity reputation, social value system, etc. in the Web3 world. In fact, the concept of Soulbond comes from the well-known MMORPG game World of Warcraft, where players bind items to a character's soul and can no longer trade, transfer or give them to other players.
Firebic users can generate soul binding tokens by raising Dominica DID to TRON TRON. This identity is more concise than the previous encrypted account identity composed of a string of letters and numbers, and holders can enjoy the same "metaverse Dominica national citizenship" that is fully mapped to the real world, including KYC identity authentication for mainstream trading platforms, opening local bank accounts, applying for credit loans, registering digital service companies and many other rights.
It is worth mentioning that according to reports, DMC holders will also receive physical certificates of Dominica's official digital identity after paying a certain amount of work costs. In addition, DMC holders have the opportunity to obtain a passport issued by the Dominica government, which allows visa-free access to more than 130 countries and regions around the world, including the European Union, Switzerland, the United Kingdom, Singapore, Russia, Brazil, Hong Kong, etc. In the future Dominica metaverse world, DMC will also participate in the construction of the entire metaverse as a basic token.
In fact, the metaverse has been in the wind for a long time, and people's real identities and various rights and interests are accelerating into Web3 with the help of digital identities. However, various traditional giants seem to be unsatisfied in the meta-universe, such as Zuckerberg's Meta "overturned", and its $10 billion meta-universe park lacks attention, even its own development team is disgusted. Not only that, but some native Web3 products often lack native components that represent "human identity and social relationships", making it difficult to enter the real world.
Dominica, the first sovereign country born in the metaverse, breaks through geographical boundaries and shares the borderless demographic dividend, while also having deep "interaction" with real-world economic activities. It can be said that from the current point of view, it seems that Sun Yuchen understands the meta-universe better than Xiaozha.
"The Government of Dominica is committed to building a more inclusive and diversified economy with the help of new technologies, which will allow SIDS like Dominica to better integrate into the global economy in the future." Dominica Prime Minister Roosevelt Skerrit said.
For Latin America, Justin Sun's metaverse exploration in Dominica will play a demonstration role, and cryptocurrencies may become a new salvation method for its troubled economy, which will fill the gap in traditional financial services in these countries. For the crypto industry, the launch of DMC not only provides more users outside the circle with the meta-universe, but also brings Crypto a step closer to compliance and legalization, and also provides new ideas for the mainstream narrative of Web3 products that explore digital identity.
The fire will be "reborn" in Web3, and the encryption use case will expand again
While we are cheering the founding of the Dominica metaverse, we should also note the great significance of the release of DMC and DID for Huobei. Perhaps for Huobi and Justin Sun, the release of DMC and DID is just the starting point of their Web3 globalization journey.
In October this year, Huobi Global announced a change in the actual control of the controlling shareholder. Subsequently, Huobi established the Huobi Global Advisory Board, and industry bigwigs such as Justin Sun and Du Jun were among them. In the past two months since the change of Huobi's controlling stake, it can be said that there are many internal and external challenges, but under the guidance of the advisory board headed by Sun Yuchen, Huobi Huobi handed over a good answer.
Shortly after the change of Huobi's controlling stake, there was a thunderstorm in FTX. A top exchange with a maximum valuation of more than $30 billion quickly collapsed within a week until it filed for bankruptcy protection, and the crypto industry was in a rage, and users' trust in centralized institutions was no longer what it used to be. In the past period, Huobi quickly launched the "Merkle Tree Proof" to publicize some of the main assets in hot and cold wallets, realizing the transparency of asset reserves.
Not only that, but the FTX thunderstorm incident also highlighted the importance of compliance. Compliance issues have always been a sword hanging over the crypto industry, which has also made major trading platforms spare no expense in compliance business. This cooperation with the sovereign Dominica has laid a more solid foundation for Huobi's global compliance strategy, and will vigorously promote the integration with other sovereign countries under the leadership of Sun Yuchen.
If user asset security, asset reserve transparency and compliance are the foundation of the development of trading platforms, then the combination of virtual and real digital identity and metaverse strategies makes fire turn defense into attack. The launch of DMC has made the original Web2 fire "reborn" in the Web3 world, not only making it a bridge linking Web2 and Web3, but also making its own business truly global.
According to the plan proposed when the brand upgrade of Huobi, the future Huobi will focus on the three major strategies of globalization development, science and technology to promote development and science and technology for good, and adopt the new slogan of Huobi Huo. Obviously, cooperation with the sovereign country Dominica has laid a solid foundation for returning to the three major journeys. In the future, Huobi also plans to move its headquarters to the Caribbean, and will also increase its investment in Southeast Asia, Europe and other regions.
It is conceivable that under the "head soup effect" of Dominica's first meta-universe construction, this long-established old exchange with brand accumulation behind it will attract massive attention. In fact, since Sun Justin joined Huobi one month ago, its average daily new registered users increased by 35%, the average daily new trading users increased by 96.7%, the overall capital of the platform increased by 6.6%, and the monthly trading users increased by 7.1%. At the same time, according to Similarweb statistics, Huobi Huobi's website visits in October also increased by 108.2% compared with the previous month. As the only token in the Huobi ecosystem and the only certificate for subscription DMC, the price of HT has also risen against the trend, with an increase of more than 25% in the past 7 days. In the future, HT will also expand its application in Prime, PrimePool and PrimeVote, among other elements, and will further empower value.
Of course, in the globalization strategy of Fire, Justin Sun's TRON also plays an important role. In October this year, Dominica announced that TRON was designated as a national blockchain infrastructure, that is, Dominica became the first country to designate blockchain as a national infrastructure.
Public chains have always been the narrative center of the crypto industry, which has also made the public chains of the crypto market bloom. Compared with other mainstream public chains, TRON TRON still has a solid foundation for becoming a national public chain, and TRC-USDT issued by Tether based on TRON has become an important transfer tool. According to the latest data from TRONSCAN, the total number of TRON accounts has exceeded 124 million, the total number of transactions has exceeded 4.3 billion, and the total value of on-chain transactions has exceeded 6 trillion US dollars.
In terms of application scenario layout, TRON has been involved in many crypto-native fields such as metaverse, DeFi, NFT, GameFi, cross-chain and DAO, but this cooperation with Dominica Justin Sun accelerates TRON towards the development direction of "mainstream financial service institutions".
Previously, TRX, BTT, JST, NFT, USDT, TUSD and USDD were granted legal payment rights by the Dominica government. "This is the second batch of cryptocurrencies in the world to be granted legal digital currency status after Bitcoin." Sun Yuchen said on Twitter.
Although before that, El Salvador was the first country in the world to legalize Bitcoin, and Dominica is only a "small player" in the global economy, it is clear that Dominica's crypto narrative is more open. Not only that, cryptocurrencies such as DMC and TRON tokens are also of great significance as new financial instruments, and the combination of fiat cryptocurrencies and the metaverse is a leapfrog innovation and bold attempt.
In the Web2 era, Zuckerberg built the social kingdom Facebook in a creative way, and thus changed the way hundreds of millions of people socialized. Under the wave of the meta-universe, new Web3 interaction paradigms such as DMC and Dominica DID connect the virtual world with the real world, opening up a new social model of virtual and real life.