The small Pacific nation of Palau has announced a partnership with Cryptic Labs to launch the Root Name System (RNS), a blockchain-based digital residency system.
Under this program, everyone will be able to obtain a blockchain-based identity card, Palauan resident status and a jurisdiction independent of geographic location. That is, entrepreneurs around the world will be able to create companies and firms in the jurisdiction of Palau. Also, “digital residents” will be able to receive a postal address, delivery services and digital signature verification.
“Our digital residency program will use internationally recognized identity verification standards to ensure that Palau maintains the rule of law and its reputation. We invite all citizens of the world to apply to participate in the Palau Digital Residency Program, ”said President Surangel S. Whipps Jr.
At the same time, the RNS system will support the differentiation of rights to access data. Each participant in “digital residency” will be able to choose those personal data that he is willing to share with others. Upon approval of participation in the program, the user will receive a physical ID, as well as a digital version in the form of a non-fungible token (NFT).
At the end of November last year, it was reported that the Palauan authorities entered into an agreement with the American company Ripple, under which the state stablecoin will be developed.
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