The Republic of Palau and blockchain improvement agency Cryptic Labs introduced the launch of the Root Identify System (RNS), a digital residency program on Tuesday.
To inaugurate the partnership between Palau, Cryptic Labs and the sovereign-backed digital residency program, Palau’s President Surangel S. Whipps Jr. signed an settlement to grant “all international customers” digital residency by the RNS below the nation’s Digital Residency Act.
The Republic of Palau is situated within the western Pacific Ocean and consists of about 340 islands inhabited by 18,221 residents. President Whipps stated:
“Our Digital Residency Program can have capability for internationally acknowledged requirements of id verification to make sure that Palau upholds the rule of regulation and our reputational integrity. We welcome all international residents to use to take part in Palau’s digital residency program.”
The digital residency program provides a blockchain-based authorized ID, digital residency to democratize entry to international enterprise alternatives, and geography-agnostic governance to assist in distant company formation and operation. It additionally permits customers to realize an deal with, transport providers and digital signature verification.
Through the use of RNS, the digital residency program boasts end-to-end encryption which lets customers management how a lot location and ID knowledge they wish to share with others. As soon as accredited, customers will obtain a bodily ID card and an ID as a nonfungible token (NFT). This will probably be used to facilitate “safe ID verification and access to KYC functions and varieties the muse for authorized ID and verification on-chain.”
Bril Wang, CEO of Cryptic Labs stated within the announcement,
“This partnership with The Republic of Palau will revolutionize financial improvement each in Palau and around the globe. The world is starting to acknowledge the practicality, versatility, and actually transformative energy of digital id — this can be a swift step in direction of that future.”
Candidates for digital residency can apply by creating an account and paying with their bank card or with cryptocurrency.
The Digital Residency Program marks the second main foray in blockchain adoption that Palau has taken. In Nov. 2021, the West Pacific island nation introduced a partnership with fintech firm Ripple (XRP) to develop an environmentally-friendly digital foreign money to help in cross-border funds.