300,000 People Overwhelm Palau's RNS Digital Residency Program

REPUBLIC OF PALAU, Jan. 20, 2022 /PRNewswire/ -- As a result of the Compact of Free Association signed after Palau's independence from the United States in 1994, Palau residents enjoy access to a large number of US services, such as US postal services and zip codes, the US dollar as the official currency in the banking system, and US e-commerce such as Amazon, Walmart, and other retailers.

To democratize accessibility for individuals all around the world, Palau has joined hands with Cryptic Labs, an innovative blockchain research institute and commercial accelerator, to launch the Root Name System (RNS), the world's first sovereign-backed digital residency program. Since the launch of the RNS waiting list mid-January, more than a quarter of a million people have already signed up for the waiting list.

The launch is a result of the Digital Residency Act, which the President of the Republic of Palau, His Excellency Surangel S. Whipps, Jr., signed into law last month after passing both the Palauan Senate and House of Delegates. The agreement signed between the government of Palau and Cryptic Labs allows individuals from around the world to apply for digital residency in Palau through the RNS platform, which is accessible at www.RNS.id.

"By pioneering digital residency on the blockchain, Palau is laying the foundation for Digital Residency powered by the security and end-to-end encryption of the Root Name System. Our Digital Residency Program will have capacity for internationally recognized standards of identity verification to ensure that Palau upholds the rule of law and our reputational integrity. We welcome all global citizens to apply to participate in Palau's digital residency program." – President Surangel S. Whipps Jr.

This launch marks the first time global citizens can claim blockchain digital residency backed by a sovereign entity, and individuals can apply for the digital residency through the RNS portal. Once approved, users receive a government-issued ID, both in the form of a physical card and digitally on the blockchain in the form of a non-fungible token (NFT). As an NFT, the RNS ID forms the foundation for legal identity and verification on chain.

Because it is state-issued, the ID is valid for any identification requirement, such as KYC. The RNS platform also gives users access to future services, including address and shipping services, and digital signature verification. The RNS system is designed with user privacy and security as a top priority, using end-to-end encryption so users control their information and identity exposure.

"This partnership with The Republic of Palau will revolutionize economic development both in Palau and around the world. Palau's unique angle of entry to the digital economy will enable them to leapfrog legacy government services to meet the needs of global citizens. The world is beginning to recognize the practicality, versatility, and truly transformative power of digital identity – this is a swift step towards that future." – Bril Wang, CEO Cryptic Labs.

The application process for new digital residents is a seamless Web3 experience, enabling users from around the world to apply and get approved from the comfort of their homes, and without having to travel abroad or to visit an embassy. Approval for the ID can take as little as a few minutes once users have passed an ID verification and AML check. The platform, which is now available for registration, is accessible to citizens from most jurisdictions around the world. Interested users can apply for Palau Digital Residency at www.RNS.id.

About the Republic of Palau

The Republic of Palau is an independent nation with a global population of approximately 20,000. It is well-known as a top scuba diving destination and boasts a UNESCO World Heritage Site with a rich cultural history and treasured biodiversity, including its iconic Jellyfish Lake. The country has been a global leader in environmental conservation and climate change action. Palau has been praised by world health officials for swiftly instituting protections and mitigation measures to address the global pandemic and secured one of the highest vaccination rates in the world.

About Cryptic Labs

Cryptic Labs is a leading Innovation Lab and Advisory for Blockchain, Security, Privacy, and Trust. The team is composed of a diverse group of technology experts with deep expertise in blockchain, security, and privacy including the founding CTO of IdentityMind (a world-leading KYC company and identity provider of Coinbase), the director of Stanford Federal Credit Union, two Nobel prize Laureates and professors from North America, Europe and Singapore.

SOURCE Cryptic Labs