GENEVA, SWITZERLAND –
Media OutReach – 14 October 2022 – The recent high-level collaboration between TRON and the Caribbean island country Dominica marks a crucial breakthrough in the history of blockchain. It is also expected to pioneer a model for sovereign states to develop the blockchain industry.
On October 7 (AST), the Government of Dominica announced on its official website that it had entered into an agreement with TRON, appointing TRON Protocol as its designated national blockchain infrastructure. Meanwhile, TRON has obtained the government’s endorsement to issue Dominica Coin (DMC), a blockchain-based fan token, to promote Dominica’s global fanfare for its natural heritage and tourist attractions while boosting its economic growth. This agreement is, to date, the highest level of cooperation between a sovereign state and a blockchain platform, which cements TRON’s legal status as the national blockchain infrastructure of Dominica. Industry experts thought highly of this move and believed that such an alliance will provide an excellent model for small and medium economies to develop the digital economy.
Roosevelt Skerrit, Prime Minister of Dominica, set a high value on this partnership. According to him, the Government of Dominica has been committed to building a more inclusive and diversified economy with the help of new technologies. Benefiting from TRON’s openness and cost-effectiveness, Small Island Developing States such as Dominica will be better integrated into the global economy in the future.
An island country in the Caribbean region, Dominica is member of several regional organizations including the Caribbean Community, the Organization of Eastern Caribbean States, the Association of Caribbean States, and the Bolivarian Alliance for the Americas. It has an economy based on agriculture and tourism and shows huge untapped potential. As the Caribbean rises to be a star region for global blockchain adoption, countries here have been actively embracing blockchain and cryptocurrency one after another, and Dominica is no exception. This May, the Parliament of the Commonwealth of Dominica passed the Virtual Assets Business Act. It is believed by local officials that the bill will create fresh opportunities for employment, trade, and investment, catalyzing economic transformation and all-round development for Dominica.
However, it is challenging for small and medium economies with limited technological power to develop blockchain and cryptocurrency on their own. This is testified by the failure of Sango Coin issued by the Central African Republic (CAR) this year: only 5% of the supply was sold after the token launch, according to Reuters.
Working with prestigious blockchains, which have enormous user bases and state-of-the-art technology, may be the best way for these countries to embrace cryptocurrency and blockchain at large.
The statement by Dominica describes TRON Protocol as one of the leading global blockchain platforms renowned for its efficient and cost-effective crypto settlement system. Statistics show that TRON is one of the world’s three largest public chains. As of writing this article, its number of users has exceeded 115 million with over 4 billion transactions and more than $50 billion assets on the blockchain. Therefore, this cooperation will allow TRON to assist the Government of Dominica in technological development and crypto user acquisition with its expertise and experience in the digital economy.
Moreover, the Virtual Asset Business Act was drafted with the support of the Eastern Caribbean Central Bank (ECCB), which means that the cooperation is likely to open a gate for TRON to enter the Caribbean, facilitating the region’s infrastructure construction needed for the digital economy. The promising prospect of Dominica may be replicated in more Caribbean countries.
TRON and its founder Justin Sun have long been concerned about the digital transformation of Caribbean countries. He was appointed the new Ambassador and Permanent Representative of the Government of Grenada to the WTO at the end of 2021, and in June 2022, he attended the WTO’s 12th Ministerial Conference (MC12) in Geneva, Switzerland as head of the Grenada delegation. Sun stated at the conference that blockchain and stablecoins can empower trade, e-commerce, and many other industries, and that blockchain and crypto technologies can inject impetus into the economies of Small Island Developing States in the Caribbean region. As TRON furthers its partnership with sovereign states such as Grenada and Dominica, Sun’s vision of driving economic growth for small and medium economies and achieving financial inclusivity with blockchain and crypto technologies is becoming a reality.
Founded by Justin Sun in 2017, TRON is dedicated to building the next-generation infrastructure for the global Internet and finance. It is believed to be one of the largest and most active communities in the blockchain world. The TRON blockchain is one of the world’s three largest public chains today. In addition to the public chain, TRON’s comprehensive blockchain ecosystem also covers the NFT, DeFi, and distributed storage protocol, among others. Its aim is to become a mainstream financial service provider, according to Sun’s plan.