This residency program has been named Root Name System. President Whipps Jr. approved this agreement with the blockchain services company Cryptic Labs. This program offers digital resident status to people from all over the world. The residency rules will comply with all national and international laws. The republic consists of 340 islands and has 18,221 citizens.
Residency after Identity Verification
The president informed that this program will meet the international ID standards. It will ensure laws are upheld and Palau’s reputation is never compromised. Citizens from all over the world have been invited to apply and participate in this digital residency plan. The program offers a legal ID based on blockchain. These digital residents will have quick access to various business opportunities accessible through this country. They will receive governance services irrespective of their location. It will promote the remote formation and working of corporate entities. Users will get a valid address, shipping service, and verified digital signatures.
High Level of Security
This residency program coming through RNS offers start-to-end data encryption. Users will have better control over ID data and can decide who receives this data. Once the approval is received, the person will receive an NFT and an ID card. It will facilitate quick and secure verification of the ID. The user gets access to a legal ID that can be used for quick and secure verification. CEO of the blockchain firm, Bril Wang, announced that this program in association with Palau will promote economic developments not only in this country but also across the world.
Individuals interested in obtaining this digital residency have to apply through an account. The payments can be made with cryptocurrency or credit cards.