Republic of Palau and Cryptic Labs launch digital residency program

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The Republic of Palau and blockchain development company Cryptic Labs have announced the launch of Root Naming System (RNS), a digital vital program.

Palau President Surangel S. Whipps Jr. A partnership agreement between Palau, Cryptic Labs, and a digital life program backed by the highest standards. Agreement to provide “all global users” with a digital residence through RNS in accordance with the country’s digital residence law.

The Republic of Palau is located in the western part of the Pacific Ocean and consists of about 340 islands with a population of 18,221. President Webs said:

“Our digital residency program will be able to use internationally recognized identity verification standards to ensure Palau respects the rule of law and the integrity of our reputation. We invite all citizens of the world to apply to participate in the Palau Digital Living Program.”
The digital residency program provides a blockchain-based legal identifier, a digital residency to democratize access to global business opportunities, and geodiagnostics management to help set up and manage an offshore company. It also allows users to obtain address, delivery services, and digital signature verification.

With RNS, the digital residence software features end-to-end encryption that allows users to control how much location and ID data they want to share with others. Once approved, users will receive a physical ID and a Non-Functional Token Identity (NFT). This will be used to facilitate “secure identity verification and access to KYC functions, forming the basis for legal identification and chain verification.”

Brill Wang, CEO of Cryptic Labs, said in an announcement:

This partnership with the Republic of Palau will revolutionize economic development in Palau and around the world. The world is beginning to realize the practicality, diversity, and true transformative power of digital identity – and it is a quick step into that future. ”
Digital residency applicants can apply by creating an account and paying with a credit card or cryptocurrency.

Related: Blockchain Enables Business Models in the Metaverse

The digital residency program represents the second major attack on the blockchain launched by Palau. In November 2021, the western Pacific nation announced a partnership with fintech company Ripple (XRP) to develop an eco-friendly digital currency that would help make international payments.

Source: CoinTelegraph

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