Republic of Palau and Cryptic Labs launch digital residency program
On Tuesday, the Republic of Palau and Cryptic Labs, a blockchain development startup, announced the debut of the Root Name System (RNS), a digital residency programme.
Palau’s President Surangel S. Whipps Jr. signed an agreement to provide “all global users” digital residency through the RNS under the country’s Digital Residency Act to kick off the cooperation between Palau, Cryptic Labs, and the sovereign-backed digital residency initiative.
Palau is an island nation in the western Pacific Ocean with roughly 340 islands and a population of 18,221 people. President Whipps made the following statement:
“To ensure that Palau preserves the rule of law and our reputational integrity, our Digital Residency Program will have capacity for internationally accepted standards of identification verification.” All worldwide citizens are invited to apply for Palau’s digital residence programme.”
The digital residency programme offers a blockchain-based legal ID, digital residency to democratise access to global commercial possibilities, and geography-agnostic governance to aid in the formation and operation of remote corporations. Users can also get an address, use shipping services, and verify their digital signatures.
The digital residency programme uses RNS to provide end-to-end encryption, allowing users to choose how much location and ID data they want to share with others. Users will receive a physical ID card as well as an ID as a nonfungible token once they have been approved (NFT). This will be used to “enable safe ID verification and access to KYC functions, as well as laying the groundwork for legal ID and verification on-chain.”
Cryptic Labs’ CEO, Bril Wang, stated in the announcement,
“This collaboration with the Republic of Palau will transform economic development in Palau and around the world.” The world is waking up to the practicality, versatility, and genuinely revolutionary power of digital identification, and this is a big step forward.”
Those interested in applying for digital residency can do so by creating an account and paying with a credit card or bitcoin.
Palau’s Digital Residency Program is the country’s second big foray into blockchain use. The West Pacific island nation announced a collaboration with fintech startup Ripple (XRP) in November 2021 to build an environmentally friendly digital currency to aid cross-border payments.