The Republic of Palau and Cryptic Labs launch digital residency program

Time:2022-01-15 Source: 850 views Trending Copy share

The Republic of Palau and blockchain development company Cryptic Labs announced Tuesday the launch of the Root Name System (RNS), a digital residency program.

To initiate the collaboration between Palau, Cryptic Labs and the sovereign-backed digital residency program, Palau President Surangel S. Whipps Jr. signed an agreement to grant "all global users" through RNS under the country's digital residency laws digital residency.
The Republic of Palau is located in the Western Pacific Ocean and consists of about 340 islands inhabited by 18,221 inhabitants. President Whipps said:

Our digital residency program will be capable of internationally recognized authentication standards 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.

The Digital Residency Program provides a blockchain-based legal identity, digital residency to democratize access to global business opportunities, and geography-agnostic governance to help remote companies form and operate. It also allows users to obtain an address, shipping services and digital signature verification.

By using RNS, the Digital Residency Project has end-to-end encryption, giving users control over the location and identity data they want to share with others. Once approved, users will receive a physical ID and an ID as a non-fungible token (NFT). This will be used to facilitate “secure ID verification and access KYC capabilities and form the basis for legal ID and verification on-chain”.

Cryptic Labs CEO Bril Wang said in a statement:

Cooperation with the Republic of Palau will revolutionize economic development in Palau and the world. The world is beginning to recognize the usefulness, versatility and truly transformative power of digital identities – 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 firm Ripple (XRP) to develop an eco-friendly digital currency to facilitate cross-border payments.

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