With its selection as Dominica’s official national blockchain infrastructure and approval to create Dominica Coin, TRON has made another significant advancement in its collaboration with sovereign governments. This feat is a first for the blockchain sector.
The Dominican Republic’s government said on its official website on October 7 (AST) that it has reached an agreement with TRON and selected TRON Protocol as its official national blockchain infrastructure. Meanwhile, Dominica Coin (DMC), the nation’s fan token, has been approved by the government for issuance by TRON. This agreement solidifies TRON’s legal status as Dominica’s national blockchain infrastructure and represents the highest level of cooperation between a sovereign state and a blockchain platform to date. TRON is prepared to start a new trend by introducing blockchain-based apps to sovereign states using this deal as a springboard.
The announcement has shocked many in the blockchain community, with some exclaiming that “Dominica is now a territory of the TRON States.” The collaboration between TRON and Dominica has expanded the applications of blockchain technology and provided the groundwork for its future success.
Dominica is an island nation in the Caribbean with a primarily agricultural and tourist-based economy. The nation utilises the Eastern Caribbean dollar (EC$ or XCD), a currency pegged to the US dollar, just like Grenada. The Caribbean, which is made up of 25 sovereign nations and 14 regions, has emerged as the industry leader in the development of cryptocurrencies and the blockchain. The Caribbean, which consists primarily of small islands with straightforward economic systems, is largely dependent on commerce but also struggles with a lack of financial infrastructure and limited U.S. dollar reserves.
The emergence of blockchain has created new possibilities for this region’s economic and social advancement. To accelerate their growth, Jamaica and Puerto Rico, among other nations and areas, are actively embracing cryptocurrencies and blockchain. Dominica has joined its neighbours in welcoming this cutting-edge technology as a result of their relationship with TRON.
Dominica and TRON have been collaborating for a while. The relationship was established shortly after this island nation’s Virtual Asset Business Act was passed in May, according to WICNEWS, the leading news website in the Caribbean. The government has given TRON permission to release Dominica Coin (DMC), a blockchain-based fan token, in order to support Dominica’s efforts to raise awareness of its natural heritage and tourist attractions around the world.
According to a declaration made by Dominica, TRON Protocol is one of the top blockchain platforms in the world and is renowned for its effective and affordable crypto payment system. By embracing digital innovation and designating TRON Protocol as its official national blockchain infrastructure, the government is taking a historic step towards greater economic growth.
According to Roosevelt Skerrit, the prime minister of Dominica, the government is dedicated to using new technology to create a more inclusive and diverse economy.
Roosevelt Skerrit continued, “In the future, the open and affordable nature of the TRON blockchain infrastructure will play a crucial role in better integrating Small Island Developing States like Dominica into the global economy.
TRON, which Justin Sun founded in 2017, has become one of the biggest public chains, with more than 115 million users, over 4 billion transactions, and more than $50 billion in on-chain assets. TRON has been referred to as “one of the largest decentralised organisations” by Forbes, a prominent source for business news. Future plans for TRON include being a well-known provider of financial services.
Sun is committed to expanding the TRON platform’s underlying technologies and creating a full blockchain ecosystem while also increasing regulatory compliance and the global use of blockchain. Sun was chosen as Grenada’s ambassador and permanent representative to the WTO in late 2021. He declared that, while in office, he would actively encourage the fusion of sovereign states and cryptocurrencies in order to create a new, inclusive, and secure financial system. Additionally, he would draw on his expertise in the digital industry to contribute to a group response to the new issues arising from digital change in the post-pandemic era.
The 12th Ministerial Conference (MC12) of the WTO took place in Geneva, Switzerland, in June of this year. As the leader of the Grenada delegation, Sun attended the conference and made the following remarks, Blockchain and stablecoins can empower trade, e-commerce, and many other industries. Additionally, blockchain and crypto technologies can inject impetus into the economies of Small Island Developing States (SIDS) in the Caribbean.
Sun also stated that the crypto business is set to enter the mainstream in the following ten years at TOKEN2049 and the ninth Milken Institute Asia Summit, both of which recently took place in Singapore. He thinks that blockchain technology and the cryptocurrency sector will enable widespread adoption of blockchain-powered finance, which will benefit all people worldwide and allay authorities’ concerns by minimising risks.
