The Republic of Palau and blockchain development firm Cryptic Labs announced the launch of the Root Name System (RNS), a digital residency program, on Tuesday.
To inaugurate the partnership between Palau, Cryptic Labs, and a sovereign-backed digital residency program, Palau President Surangel S. Whipps Jr. Agreement to grant “all global users” digital residency through RNS under the country’s digital residency law.
The Republic of Palau is located in the western Pacific Ocean and consists of about 340 islands with a population of 18,221. President Webs said:
“Our digital residency program will have the ability to apply internationally recognized standards of identity verification to ensure that Palau upholds the rule of law and the integrity of our reputation. We welcome all global citizens to apply to participate in the Palau digital residency programme.”
The digital residency program provides a blockchain-based legal identifier, a digital residency to democratize access to global business opportunities, and geo-neutral governance to help remotely set up and operate businesses. It also allows users to obtain an address, shipping services, and digital signature verification.
With RNS, the digital residence software features end-to-end encryption that allows users to control how much location and ID data they want to share with others. Once approved, users will get a physical ID and ID as a non-decoding token (NFT). This will be used to facilitate “secure identity verification and access to KYC functions, forming the basis for legal identifier and on-chain verification.”
Brill Wang, CEO of Cryptic Labs said in the announcement,
This partnership with the Republic of Palau will revolutionize economic development in Palau and around the world. The world is beginning to realize the practicality, diversity, and true transformative power of digital identity – and this is a quick step into that future. ”
Applicants for digital residency can apply by creating an account and paying with their credit card or cryptocurrency.
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The digital residency program represents the second major step in blockchain adoption that Palau has taken. In November 2021, the western Pacific nation announced a partnership with fintech firm Ripple (XRP) to develop an eco-friendly digital currency to help with cross-border payments.