The Republic of Palau and Cryptic Labs launch a digital residency program

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 sovereign-backed digital residency program, Palau President Surangel S. Whipps Jr. signed an agreement to grant “all global users” digital residency through RNS under the country’s Digital Residency Law.

The Republic of Palau is located in the western Pacific Ocean and consists of some 340 islands inhabited by 18,221 residents. President Whipps said:

“Our Digital Residency Program will accommodate internationally recognized identity verification standards to ensure Palau upholds the rule of law and our reputational integrity. We welcome all citizens of the world to apply to participate in the Palau digital residency program. ”

The digital residency program provides blockchain-based legal identification, digital residency to democratize access to global business opportunities, and geography-agnostic governance to aid in the formation and operation of remote businesses.. It also allows users to obtain an address, shipping services, and digital signature verification.

By using RNS, the digital residency program features 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 a physical identification card and a non-fungible token (NFT) identification. This will be used to facilitate “secure verification of identity and access to KYC functions and forms the basis for on-chain legal identification and verification.”

Bril Wang, CEO of Cryptic Labs, said in the announcement:

“This partnership with the Republic of Palau will revolutionize economic development both in Palau and around the world. The world is beginning to recognize the practicality, versatility, and truly transformative power of digital identity; this is a quick step towards that future. “

Applicants for the digital residency can apply for it by creating an account and paying with their credit card or with cryptocurrencies.

The digital residency program is Palau’s second major foray into blockchain adoption. In November 2021, the Western Pacific island country announced a partnership with financial technology company Ripple to develop an environmentally friendly digital currency that helps make cross-border payments.

Keep reading:

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button