The Republic of Palau and blockchain development company Cryptic Labs announced on Tuesday the launch of the Root Name System (RNS), a digital residency initiative.
To launch the partnership between Palau, Cryptic Labs and the Sovereign-Backed Digital Residency Initiative, Palau President Surangel S. Whipps Jr. sign Grant digital residency to “all global users” via agreement Neural Networks According to the country’s Digital Residency Act.
The Republic of Palau is located in the Western Pacific Ocean and consists of approximately 340 islands inhabited by 18,221 inhabitants. President Whipps said:
“Our digital residency program will feature internationally recognized standards of identity verification to ensure Palau upholds the rule of law and the integrity of our reputation. We welcome applications from all global citizens to participate in Palau’s digital residency program.”
Digital Residency Program supply A blockchain-based legal identity, digital residency to democratize access to global business opportunities, and geo-agnostic governance to help remote companies form and operate. It also allows users to obtain addresses, shipping services, and digital signature verification.
By using RNS, the Digital Residence Program has end-to-end encryption, giving users control over how much location and ID data they want to share with others. Once approved, the user will receive a physical ID and an ID as a non-fungible token (NFT).This will be used to facilitate “secure authentication and Access KYC features And lays the foundation for legal identity and on-chain verification. “
Cryptic Labs CEO Bril Wang 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 recognize the utility, versatility and truly transformative power of digital identity – a quick step into the future .”
Digital residency applicants can apply by creating an account and paying with a credit card or cryptocurrency.
The digital residency program marks Palau’s second major foray into blockchain adoption. In November 2021, the western Pacific island nation announced a Partnership with fintech company Ripple (XRP) to develop an environmentally friendly digital currency to facilitate cross-border payments.