What is RNS?
RNS (Root Name System) is a Web3 digital identity platform that supports the Palau Digital Residency Program, providing a unique blend of on-chain legal identification and digital residency. The platform enables individuals globally to obtain a government-issued ID from the Republic of Palau, available both as a physical card and as a decentralized on-chain identity (LDID).
RNS digital residency allows individuals to control their identity and data securely with end-to-end encryption and Zero Knowledge Proofs (ZKPs). This ID can be used for various identity verification needs, including KYC processes for crypto exchanges, banks, and other services requiring legal identification. The platform's features ensure privacy and security, allowing users to share only the information necessary for verification without exposing their entire identity.
The digital residency program offers several benefits, including low tax rates, access to US markets via Palau's Compact of Free Association with the US, and the stability of using USD as the currency. Future services planned for digital residents include digital signatures, e-corporation registration, digital banking, insurance, and more.