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Saturday, October 1, 2022

Cryptic Labs Has Launched Program Of Digital Residency

Cryptic Labs, one of the foremost development firms of blockchain, and the Republic of Palau have announced the launch of their RNS. The Root Name System, or RNS, is a digital residency program, which came into being on Tuesday.

To commemorate the partnership between Palau, Labs, and the digital residency program which is sovereign-backed, the President of Palau, Surangel S. Whipps Jr. went on to sign an agreement that would grant all global users digital residency through the RNS under the Digital Residency Act in the country.

Cryptic Labs And The Republic Of Palau Have entered Into a Collaboration

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The collaborator with Cryptic Labs, the Republic of Palau is located in the western Pacific Ocean and consists of around 340 islands that have been inhabited by 18,221 residents. The President of the country stated that the Digital Residency Program in the country will have the capacity for internationally recognized standards of identity verification to ensure that the Republic would be upholding the rule of law and their reputational integrity. The country currently welcomes all global citizens to apply to participate in the digital residency program of the country. 

Bril Wang, the CEO, and Head of Cryptic Labs, also stated that the partnership of this blockchain development firm with the Republic of Palay will definitely revolutionize economic development both in Palau and throughout the world.

The world has been starting to recognize the versatility, practicality, and transformative power of digital identity, and this is an extremely swift step that is needed towards a brighter future. 

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Cryptic Labs’ Digital Residency Program does mark the second major event in blockchain adoption that the Republic of Palau has been a part of. In the November of 2021, the West Pacific island nation had announced its partnership with Ripple which would help develop an environmentally-friendly digital currency in order to get through cross-border payments.

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