Dubai Multi Commodities Centre (DMCC) is serving as a gateway for over 23,000 businesses, including smaller ones like agriculture and international ones like gold and diamonds. It is considered the No. 1 free zone trading center for global commodities. Recently, Solana announced that they are partnering with DMCC, which has grabbed the attention of many crypto enthusiasts.
About Dubai Multi Commodities Center (DMCC):
Established in 2002, DMCC is currently one of the top-preferred trading centers that provides a variety of licensing alternatives for various enterprises, helping them establish their own companies. In the process, DMCC assists these businesses with documentation and registration. Their major attraction is that they permit foreign investors to own 100% of their businesses, which is not usually done by other trading centers across the world.
The DMCC Authority is the governing authority of the DMCC trading center, which is governed by a Board of Directors, making it a genuine platform. It has a well-known place in the world’s precious metals sector; one of its sectors is the Dubai Gold and Commodities Exchange (DGCX).
To maintain integrity, DMCC has developed a strong regulatory framework and is dedicated to providing assistance to companies that are looking forward to gaining assistance for energy-saving practices. The platform has also been involved in using blockchain technology to increase traceability within its ecosystem.
Solana’s Ecosystem
The Solana ecosystem is known for its performance and scalability. The blockchain network of Solana is the reason for the ecosystem’s ability to execute transactions ranging from 10,000 to 50,000 TPS at a very affordable cost. Their extraordinary capacity has made them a preferred choice for dApps and DeFi projects.
With the assistance of thousands of operator nodes, Solana’s computing technology enables tremendous scalability and increases the network’s capacity up to 400,000 TPS. By streamlining the network and offering horizontal scalability across all Graphics Execution Units (GPUs) and Solid-State Drives (SSDs), Sealevel, a parallelized transaction system in Solana, enables the execution of numerous smart contracts simultaneously.
Solana’s Proof of Stake (PoS) system, enhanced by Tower BFT, helps impose a decentralized time source throughout the network and enables the network to come to an agreement. Because typical PoS does not examine timestamps from prior transactions, this method uses PoH to decrease the processing resources needed to obtain consensus.
Advantages of Solana and Dubai Free Zone Partnership
There are many advantages for DMCC members due to the collaboration between DMCC and Solana; one of them is the technical advantage received by the existing members of the DMCC Crypto Center. They can receive technical support and directions from Solana’s developers to run their blockchain projects smoothly.
Ahmed Bin Sulayem also mentioned that Solana’s current partners would be given special treatment for improving their businesses, which includes facilitating their expansion within DMCC by providing them with expedited clearances and customized assistance. Solana Casinos can also expand significantly within the DMCC ecosystem due to Solana’s partnership with them since the ecosystem offers speed and low transaction fees naturally. The advanced technology of Solana can also help budding developers and businesses who wish to launch and grow online casinos.
Conclusion
Thus, the collaboration between Solana and DMCC can alter how commodities are traded and handled globally by adapting to the digital transition. As DMCC and Solana work together, they have the potential to provide a promising future for various trading environments. In the future, it will pave the way for a broader blockchain and commodities industry.
