DeFi
You can now get digital IDs for the Republic of Palau on Solana
The Pacific island nation of Palau is strengthening its partnership with decentralized identity protocol RNS.ID to deploy digital residency identifiers (DIDs) on the Solana blockchain.
The launch of Solana-based credentials has been announced yesterday by the official RNS.ID Twitter account. The company claims that “this is the first time a sovereign nation has issued a legal identity on Solana.”
The country has launched its digital residency program in 2022which grants citizens from around the world a residency right backed by Palau. But people who acquire them don’t need to physically live there. The nation minted its first legal DID, or decentralized ID, in September 2023 on Ethereum, with none other than Vitalik Buterin, co-founder of Ethereum waiting for.
https://x.com/RNS_global/status/1816316977226604925
The RNS.ID platform allows users to apply for a digital Palau residency card for $248. These residency permits allow for a visa extension of up to 180 days, while providing anonymity to individuals who wish to use cryptocurrency exchanges that they might otherwise be prevented from accessing due to their geographic location.
“It’s exciting to see Palau now using Solana for their credentials. documentary “We did what we did with the ID system that they’re building and we saw that they had the right ideas at the right time and they were getting some traction in the market. I expect that to continue now with this new initiative,” said George Harrap, co-founder of Step Finance. Decrypt.
The Government of Palau conducts a vetting process on all applicants, including anti-money laundering and identity verification checks, which take up to 10 days. recent announcement claims that RNS.ID has so far issued 7,338 digital residences to its users since September 2023.
Decentralized On-Chain IDs
Decentralized identity systems have long been touted as one of the primary applications of blockchain technology with the most far-reaching implications. May reports indicated that Microstrategy, famous for its Bitcoin (BTC) accumulation strategy, is developing a decentralized identity system built on the world’s first blockchain.
MicroStrategy co-founder and CEO Michael Saylor explained at the time that the system in question would be based on ordinal-type registrations. Similarly, last year Shiba Inu Developers Revealed that they were also working on their own digital identity systems.
Another major player in the decentralized identity space is Worldcoin, a company that can also boast of participation from OpenAI CEO Sam Altman.
In February, Worldcoin also announced that it will implement a solution so that its World ID is used to verify the identities of e-sports players.
The initiative was developed in partnership with Community Gaming, a cryptocurrency-based e-sports tournament platform, and aims to allow tournament participants to “prove their personality.” This would be done primarily by scanning their irises with a device that Worldcoin supporters call the Orb.
Edited by Stacy Elliott.