RNS (Root Name System) is a web 3 legal identity protocol that is focused on providing accessible digital residency for individuals around the world. As the official technology provider for the Palau Digital Residency Program, RNS is leading the charge in the creation of a blockchain-native digital residency program that offers global citizens unprecedented access to economic freedom.
The Palau Digital Residency Program is the world’s first digital web3 identity platform developed to support the application and issuance of sovereignty-backed IDs. It offers any global citizen the opportunity to obtain a legal government-issued ID from the comfort of their home, with both a physical ID card and a digital ID for connected services. The program has been legislated in Palau and offers 0% tax for non-Palauan income to Digital Residents. In addition to the government-issued ID, there are multiple connected services on the roadmap, including the launch of a crypto stable coin in partnership with Ripple.
Palau Stablecoin with Ripple
This stable coin, which will be backed by the national currency of Palau, will offer a number of benefits for digital residents and other users.
One of the primary benefits of a stable coin is its stability, as it is pegged to a fiat currency or other asset. This means that its value is less prone to the volatile price fluctuations that are common with many cryptocurrencies. This can make stable coins a more attractive option for individuals and businesses looking to use cryptocurrencies for payments or other financial transactions.
In the case of the Palau stable coin, it will be backed by the national currency of Palau, which is the US dollar. This means that the value of the stable coin will be closely tied to the value of the US dollar, offering a level of stability and predictability that is not found with many other cryptocurrencies.
The partnership with Ripple is another key aspect of the stable coin, as Ripple is a well-known and respected player in the cryptocurrency space. Ripple has a strong track record of working with governments and financial institutions around the world, and its involvement in the Palau stable coin project adds an additional level of credibility and security.
Overall, the planned launch of a stable coin in partnership with Ripple is an exciting development for the Palau Digital Residency Program and has the potential to bring significant benefits to digital residents and other users. By offering a stable and secure way to use cryptocurrencies for payments and other financial transactions, the Palau stable coin has the potential to become a valuable tool for individuals and businesses around the world.
The RNS platform
The RNS platform is focused on providing accessible digital residency to all individuals around the world through its sovereign partnership with the Republic of Palau. The application process for digital residency is open to anyone, and once an application passes KYC and is accepted, the individual will be provided with a government-issued ID in two forms: as a physical ID card that is shipped to their address, and as a non-fungible token (NFT) on the blockchain.
The RNS ID NFT is a decentralized ID (DID) document that allows individuals to verify their control of the identity by signing a string from the wallet that contains the RNS ID. It is end-to-end encrypted and includes features such as Zero Knowledge Proofs (ZKPs) and other digital techniques for protecting privacy. The NFT can also be used as an identity verification certificate for digital services that require legal ID verification. RNS is currently working with numerous online platforms, including one of the world’s largest crypto exchanges, to accept the NFT as a KYC certificate.
Extra Benefits of RNS
In addition to the benefits and services already mentioned, the Palau Digital Residency Program offers a number of additional features that make it an attractive option for individuals looking to take control of their digital identity. One of these is the ability to obtain an eResidency ID card, which is a physical ID card issued by the government of Estonia. This allows digital residents to access many of the same services as Estonian citizens, including online banking, digital signatures, and secure identification for online services.
Another benefit of the Palau Digital Residency Program is the ability to participate in the RNS referral program. This program allows digital residents to earn rewards for inviting friends and family to join the program. The referral program includes multiple tiers of rewards, with higher tiers requiring a greater number of referrals.
In addition to these features, the RNS platform is actively engaged in the crypto community and frequently hosts events and initiatives to promote the adoption and understanding of digital assets. These have included educational webinars, trading competitions, and community-building efforts such as social media campaigns and AMA (Ask Me Anything) sessions. These efforts help to create a sense of community and transparency around the RNS platform, which can be especially important for newer traders who may be looking for guidance and support.
Conclusion of the Palau E-Residency
It is worth noting that the Palau Digital Residency Program is still in its early stages and there may be some limitations or issues that have not yet been addressed. For example, the program currently does not offer support for fiat currencies, meaning that all transactions must be conducted in cryptocurrency. Additionally, some users have reported issues with customer support, with some finding it difficult to get a timely response or helpful assistance. These are important considerations to keep in mind if you are considering joining the Palau Digital Residency Program.
The RNS ID NFT is a decentralized ID (DID) document that allows individuals to verify their control of the identity by signing a string from the wallet that contains the RNS ID. It is end-to-end encrypted and includes features such as Zero Knowledge Proofs (ZKPs) and other digital techniques for protecting privacy.
Overall, the RNS platform and the Palau Digital Residency Program offer a unique and innovative approach to digital identity. By providing a government-issued ID in both physical and digital form, as well as connected services and economic incentives, RNS is making it easier for individuals around the world to take control of their identity and access new opportunities. With its focus on web 3 legal identity and its active engagement in the crypto community, RNS is well positioned to become a leader in the digital residency space.
Moritz Pindorek (Moritzpindorek.com)
Social Media, Marketing & Blockchain
Crypto/Web 3 Advisor, Top 10 Crypto Influencer 2022(Forbes Monaco) & Top 10 Entrepreneur 2022 (Forbes Monaco)
Owner and writer for Cryptouserguide.com