The Republic of Palau and blockchain development company Cryptic Labs today announced the launch of the Root Name System (RNS), a digital residency program.
To inaugurate the partnership between Palau, Cryptic Labs and the government-sponsored digital residency program, Palau President Surangel S. Whipps Jr. signed an agreement to provide “all global users” with digital residency via RNS under the country’s Digital Residence Act.
The Republic of Palau is located in the western Pacific and consists of around 340 islands with 18,221 inhabitants. President Whipps said:
Our Digital Residency Program will meet internationally recognized identity verification standards to ensure that Palau upholds the rule of law and our reputational integrity. We warmly welcome all citizens of the world to apply to participate in Palau’s digital residency program. ”
The Digital Residency program features blockchain-based legal identification, digital residency to democratize access to global business opportunities, and geography-agnostic governance to aid remote business creation and operations.. It also enables users to get an address, shipping services, and digital signature verification.
By using RNA, The digital residency program has end-to-end encryption that allows users to control the amount of location and identification data they wish to share with others. Once approved, users will receive physical identification and a non-fungible token (NFT) identification. This is used to “facilitate secure verification of identity and access to KYC functions and forms the basis for identification and legal verification in the chain”.
Bril 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 see the practicality, versatility and truly transformative power of digital identity; this is a quick step into that future.â ????
Applicants for the digital residence can apply for it by creating an account and paying with their credit card or cryptocurrencies.
The digital residency program is Palau’s second major foray into blockchain adoption. In November 2021, the island nation in the Western Pacific announced a partnership with financial technology company Ripple to develop an environmentally friendly digital currency that will help with cross-border payments.