Ever seen someone with a .eth domain name and wanted your own? Here's how the Ethereum Name Service (ENS) works and how to register your domain. Ever seen someone with a .eth domain name and wanted your own? Here's how the Ethereum Name Service (ENS) works and how to register your domain.

 blockchain’s most pressing problems are its limited accessibility and scalability, which make it harder to use and lead to high gas fees per transaction. Similar to Web 2.0’s requirement that you input long IP addresses, you’re forced to use complex wallet addresses and transaction hashes in the 

Ethereum Name Service (ENS) exists to combat this very issue.

This article will explore how Ethereum Name Service does it — and how to create your personal ENS domain.

 is a distributed naming system on the Ethereum blockchain. Launched in 2017 by founder Nick Johnson, it translates complex identifiers, such as crypto wallet addresses and long 

 strings of numbers and hashes, into simplified and readable wallet names. ENS makes it easier to share and remember addresses on Ethereum’s blockchain.

Every time a user wants to receive a payment on the Ethereum wallet, the created ENS domain name is shared instead of a complicated address. Rather than receiving a payment from and address that looks like “Ox4h42j34298sd68” in your wallet, you can use ENS to buy human-readable names along the lines of johndoe.eth — which allows you to remember addresses more easily.

The concept of ENS domains is very similar to the 

 (DNS), which simplifies most IP addresses on the web by creating human-readable names and easy-to-remember URLs. Effectively, ENS uses the same operating process on domains, but does so by implementing a crypto-centric technology known as 

 is the term given to multiple financial applications that can be deployed on various blockchains, though mainly implemented on the Ethereum network. The technology expands the utility of blockchain to more complex financial use cases, and gives people complete control over their assets.

The origin of ENS and DeFi circulates around an application based on the Ethereum blockchain known as a 

. Just as you would sign physical contracts for various purposes, smart contracts are digital agreements that run on a predefined set of rules.

Besides acting as a decentralized name standard, an ENS domain name also doubles as an ERC-721–compliant NFT, which can be traded on 

Since ENS domains are built on smart contracts, they’re considered more secure and private than the internet’s DNS. What’s more, ENS exists on Ethereum’s highly programmable ecosystem, which allows the domain to interact with other smart contracts outside of naming. The digital agreements exist to reduce payment delays and risk of errors, making ENS highly safe for users to adopt.

ENS uses a hierarchical structure to allow the creation and allocation of machine-readable Ethereum addresses in a decentralized way. Since it’s enabled by smart contracts, users need to bid for a name and participate in a blockchain-based action process. 

The ENS ecosystem is powered by three main components, described below.

The registry is the core smart contract at the heart of name registration on ENS. It contains a record of all registered domain and subdomain names. and maps them to the assigned resolver. 

As an owner of a domain in the ENS registry, you can set the domain's resolver and time-to-live (TTL). You can also transfer or change ownership details on the domain. Registrars — either smart contracts or externally owned accounts — allocate the names to system users.

Resolvers are responsible for converting the names into Ethereum addresses. Depending on the specification, a resolver may implement the appropriate methods in the resolution of various records.

Two steps are involved in resolving a name on ENS. First, an inquiry is made to the registry to find the resolver responsible for the name through 

. Next, if there's a record of the name, then the resolver returns the result. 

Regarding traditional DNS names, the top-level domain (TLD) refers to the very last segment — for example, the .com portion in 

. In ENS, domain names are registered with .eth at the end (for example, mary.eth). Furthermore, you can create subdomains under your main domain, such as pay.mary.eth.

How Much Does It Cost to Register an ENS Domain?

Currently, the rates for registration of .eth domains are as follows:

Three- and four-character .eth names are priced much higher, since there are fewer of them available.

The ENS blockchain-based domain service is vital to crypto enthusiasts for various reasons, including those described below.

Since the ENS ecosystem is powered by smart contracts built on the Ethereum blockchain, the platform relies on decentralized transaction verification, which reduces the risk of third-party interference. On the other hand, DNS is controlled from centralized servers, which could be a single point of attack in case of a vulnerability. 

ENS uses human-readable addresses, a better option for manually feeding in long addresses when transacting crypto. Such addresses are prone to human error due to typos, omissions and other mistakes that could lead to loss of funds. 

 and other web3 functionalities via ENS without having to manually feed in a long wallet address. You can use your ENS domain name for various use cases easily and quickly

What’s the Difference Between ENS and Other Naming Services?

ENS, Unstoppable Domains, SPACE ID and Handshake are all decentralized naming systems that aim to simplify and enhance the usability of domain names in the blockchain ecosystem. But while each one contributes to the development of decentralized naming systems, they also have significant differences in purpose.

 (2LD) to provide domain name extensions. It mimics the functionality of the traditional DNS system, converting machine-readable addresses into human-readable formats through smart contracts. 

 offers a similar service for ENS itself, but can also be supported in Polygon and other EVM-compatible networks. 

 is similar, having started with a .bnb name service and eventually integrating the .arb and .eth domains with the goal of becoming a multi-chain name service.

, on the other hand, is a decentralized and permissionless peer-to-peer naming protocol. Its aim is to become the root server for the entire DNS infrastructure, allowing peers to manage and authenticate the root zone. Handshake doesn’t use specific extensions like ENS, Unstoppable Domains and SPACE ID, but focuses instead on creating a decentralized naming system for the internet as a whole.

ENS has always been decentralized and an open-source service for the community. However, its decision-making authority lies mainly in the hands of a central team. To distribute more autonomy among the ENS community, the developers decided to launch the Ethereum Name Service (ENS) token in November 2021. As an 

, ENS is mainly used for governance as holders lock it to participate in the voting process on the platform. 

 to announce the release of its governance token, which was distributed to 

) delegates. The ENS DAO community is given capital through ENS tokens and collectively makes decisions to better the ENS system.

Before the launch of the ENS token on Nov 9, 2021, 

 to the ENS community. Twenty-five percent of these tokens were given to registered domain users, and another 25% distributed to significant domain contributors. The remaining 50% lie in the power of the ENS DAO community. 

Despite a prolonged bear market, the ENS community treasury has $185 million in locked funds, with over a billion tokens locked 

As of May 23, 2023, the ENS token is trading at around $10.31, which is a 38.84% increase from its all-time low (ATL) of $7.45 on Jun 14, 2022. This is still an 87.59% drop from its all-time high (ATH) of $83.40 on Nov 11, 2021. 

Price forecasting experts are relatively bullish on the future price of ENS. According to 

, the token could hit a maximum of $31.48, reaching $192.80 in 2030. 

 a maximum price of $36.65 in 2025, which could rise to $108.62 by 2030.

While these prices seem bullish, this is not financial advice, and it’s recommended you always do your own research before investing in Bitcoin or any altcoins. 

ENS is a blockchain project with a solid use case as demand for websites continues to skyrocket. Its unique value proposition of providing a decentralized platform to register censorship-free domains is innovative. 

Further, ENS is secured by the Ethereum blockchain, which has been implementing advances such as the 

 to continuously improve its infrastructure. As such, ENS will benefit as more people demand .eth for their web3 transactions. 

The web3 movement is gaining momentum, and ENS has a grip on a unique niche market. ENS could be a good investment as the demand for web3 products continues to rise and the Ethereum ecosystem continues to grow. 

How Do I Buy ENS Tokens and Get My Own ENS Domain?

Initially, Ethereum Name Service’s founders hosted auctions to sell domain names to interested buyers, but anyone can now purchase an ENS domain simply by registering on the 

. Then, simply connect your Ethereum wallet and type in your preferred domain name.

As for interested investors looking to buy ENS tokens, you can open your account on Bybit, which allows investors to buy ENS as a spot pair (

ENS domains have given blockchain users a more accessible and efficient way of making payments via crypto wallets. The system’s decentralized network is also providing increased autonomy and placing control in the hands of the ENS community — which is why this space could be a lucrative investment opportunity in the long run. 

Intermediate

Ethereum Name Service How do I get my own ENS domain

Ethereum Name Service: How Do I Get My Own ENS Domain?

Ready to explore the web3 ecosystem with Bybit? In this article, you'll be able to learn how you can create a Bitverse Wallet and use it with Bybit Web3.

 is transforming the digital landscape, paving the way for a decentralized and user-centric internet experience. With its ability to enable 

 interactions, eliminate intermediaries and enhance security, web3 is revolutionizing the world of cryptocurrencies and blockchain. In this context, 

 emerges as a groundbreaking platform that seamlessly connects users to the web3 ecosystem. In this article, we’ll share how you can incorporate Bitverse into Bybit Web3 and use them concurrently to navigate the world of web3. 

When Bitverse released its initial beta, it successfully amassed a user base exceeding 50,000, facilitating the creation of over 100,000 wallet addresses.

Through unique custom offerings like Event Guessing, Lucky Airdrop, NFT Market and Game Benefits, Bitverse enhances user engagement and cultivates loyalty. Furthermore, the Guessing and Airdrop sections are open to all projects, offering opportunities to earn cryptocurrencies while benefiting from Bitverse's diligent operation and maintenance support.

MPC enables wallets to establish a robust on-chain asset management system that simplifies recovery processes and enhances secure self-custody by eliminating the vulnerability of a 

Bitverse serves as a secure, decentralized and reliable digital wallet that utilizes MPC technology, eliminating the need for users to personally and manually store their private keys. The distributed key share architecture intrinsic to MPC wallets effectively eliminates the risks associated with insecure private key storage and single signature verification points. This empowers users with complete ownership and control over their wallets and funds, guaranteeing 100% privacy assurance. Additionally, Bitverse doesn’t retain custody of a user's funds, ensuring that trades can only be initiated by the users themselves.

Eager to find out how you can create your very own Bitverse Wallet? Follow our detailed steps to get started.

Sign up for a Bybit account if you don’t already have one. Once you’re logged in, tap on 

Input your email address to create your Bitverse identity profile. When finished, tap on 

to receive an email notification with your verification code. Enter the verification code, and tap on 

Set your Bitverse Wallet password. Tap on 

Your MPC Bitverse Wallet has been successfully created! However, to increase the security level of your wallet, it’s recommended you back up your wallet through the 

. This will also come in handy in the event that you forget your password. To do so, tap on the 

You may choose to back up your Bitverse Wallet through 

You may proceed to download the Bitverse app on 

To ensure that your web3 journey is a smooth one, you might want to transfer some of your funds from your Bybit account to your Bitverse Wallet. Here’s a simple guide on how to do that.

On the homepage of your Bitverse app, tap on 

Select the token and chain that you would like to receive.

Scan the QR code or copy the wallet address and use it as the destination address when you send funds from your Bybit account.

There are various advantages to using a Bitverse Wallet. Here are some of them:

Bitverse Wallet is highly secure, thanks to its use of MPC technology to generate key shards for wallets in a distributed fashion. This approach eliminates the need for you to memorize or store traditional mnemonic phrases (also known as 

), and effectively tackles the vulnerabilities associated with centralized storage of private keys and single-point signature risks. As a result, Bitverse ensures that wallet assets are constantly kept in a secure state, granting users absolute control over their assets while safeguarding their privacy with the utmost efficiency.

With a foundation based on cryptographic principles, 

, TEE (trusted execution environment) and multiple security authentication and encryption mechanisms, Bitverse introduces an original secret key partition management system. This ensures the wallet’s secure and dependable backup and recovery functions, providing users with a safe and convenient wallet management experience. 

Bitverse also goes a step further by offering a platform-agnostic wallet backup and recovery mechanism with Google Drive and Dropbox, safeguarding user assets even in scenarios where Bitverse may encounter downtime or become temporarily unavailable.

The dedicated team at Bitverse is currently working on the development of an AA (account abstraction) wallet that enables the utilization of non-main-chain currencies to cover gas fees. This means users can employ currencies such as 

. By combining the power of MPC technology with the flexibility of AA, the resulting wallet delivers an unparalleled user experience while minimizing gas costs.

In order to cater to users’ diverse requirements of, Bitverse also offers support for single-signed wallets, utilizing the traditional mnemonic phrase commonly used by web3 wallet holders. This feature ensures compatibility and meets the specific preferences of individuals seeking a more familiar wallet setup.

With the assurance of authoritative third-party security audit reports, Bybit users can seamlessly switch between wallets without disrupting their operations. Currently, users can take advantage of the Bitverse app to receive free 

 test coins to embark on an exciting web3 journey.

In conclusion, Bitverse has successfully introduced a groundbreaking web3 wallet that embraces the principles of decentralization, security and user empowerment. Through the utilization of MPC technology, Bitverse has revolutionized the way users manage their assets by providing a 

With a strong emphasis on privacy protection, Bitverse ensures that users have full ownership and control over their wallet assets. The integration with Bybit Web3 — as well as its seamless interoperability with other wallets — exemplifies the commitment of both Bybit and Bitverse to advancing the web3 ecosystem. 

Beginner

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Bitverse: How to Create a Bitverse Wallet for Bybit Web3

Suia is a social network DApp that strives to establish a unique community characterized by openness, empowerment and user participation. Find out more here.

There’s been a lot of buzz lately in the crypto market around 

, due to its recent mainnet launch and token sale held with exchanges such as 

. This has also brought attention to Suia, a 

) built on Sui Network. Suia stands apart from other 

 due to its personalized NFT recommendations, tailored Feed, Brand Club and composability spaces on Sui.

Excited to find out more about how you can enter the decentralized world and socialize with like-minded individuals on Suia? Read on, as we include everything you need to know about this project. 

One of the biggest highlights of Suia is its NFT Recommendations feature, which utilizes wallet data to make suggestions to users for NFTs that align with their specific interests. It functions similarly to TikTok's algorithm, so that if you enjoy dancing, for example, you'll be presented with an increasing amount of dance-related content. This will help you to discover NFTs that are more likely to catch your attention than others.

Suia's algorithm considers factors such as asset classification, consumer behavior, social connections, brand preferences and regional content in order to provide customized recommendations. Additionally, Suia supports a wide range of premium NFTs, such as 

, allowing users to conveniently navigate the diverse Sui ecosystem in one location.

The Feed feature serves as your go-to source for real-time updates to on-chain activities carried out by your favorite whales, creators, brands, collectors and traders. Suia currently enables you to Create, Claim, Like and Reward, and users can look forward to new functionalities when Suia integrates on-chain activities of other projects within its Feed. For example, you’ll be able to mint a SuiNS domain, purchase an NFT on 

 (Sui’s NFT marketplace) or customize a SuiBox (see below).

The Brand Club houses exclusive communities based on NFT brands. Owning an NFT from a particular brand grants you access to one of these communities, where you can socialize and interact with other users who hold NFTs from the same brand. You’ll have the opportunity to experience exclusivity rights offered by brands, foster a sense of community and explore potential collaborations. Currently, there are already more than 80 brands actively participating, and it’s anticipated that the SUI ecosystem will witness the emergence of over 1,000 projects in the near future.

Last but not least, SuiBox features an adaptable personal space that you can customize with NFTs that you own. Unleash your creativity and build a unique social experience that you can be proud of.

SUIA is the primary utility token of Suia. You can purchase these tokens through Bybit. SUIA tokens are used mainly for governance, letting holders vote on proposals regarding the project’s future and development and giving them a voice regarding airdrop rewards, the amount of grants to allocate to development and strategic partnerships, and modifying the parameters of the ecosystem.

SUIA tokens will also be given out to contributors as an incentive to continue participating in the ecosystem.

Now that you have a better idea of how Suia works, let’s take a look at SUIA’s overall tokenomics. The maximum supply of 100 million SUIA tokens is distributed as follows: 

Excited to be a part of the SUIA family and begin earning for your contributions to the ecosystem? Start investing today at 

, where 900,000 SUIA tokens can be earned through committing BitDAO (BIT) tokens.

Web3 technology has been rapidly advancing over the past few years, and there’s no doubt that more users are interested in DApps in which the data is theirs to own. Suia is certainly a good place to start for those looking for a decentralized social network that’s open, powerful and user-driven. 

The team behind Suia has worked tirelessly, securing wins during the 

 events and successfully receiving grants via the Sui Foundation’s 

. Due to its strong backing, Suia has experienced explosive growth in just 10 months of building, attaining over 320,000 users, 100 Sui brands and over 50,000 daily site visitors.

 with the Sui Foundation at the Taipei & Kaohsiung Smart City Summit and Expo. This system allowed expo attendees to generate a wallet and an NFT, which can then be exchanged for a cup of coffee at a nearby coffee stand. This demonstrates the commitment to innovation of both the Suia and Sui Foundation teams.

With such dedication, it’s evident that Suia will be a social DApp to watch for, and that its SUIA tokens will be a good investment.

Overall, Suia’s SUIA tokens seem to be a great long-term addition to any crypto portfolio. The network’s unique innovations — NFT Recommendations, Feed, Brand Club and SuiBox — are certainly significant features, not only providing users with a personalized experience, but also giving them a platform to interact with like-minded individuals and form a community. 

We believe that Suia will continue to grow, and we look forward to the team’s innovations. Get in on this investment early by 

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Suia (SUIA): A Permissionless & High Performance DApp on Sui

Mass Vehicle Ledger (MVL) is an ecosystem that uses blockchain technology to improve and connect the vehicle industry. Find out more about it in this article.

around the world in 2022, and sales continue to remain strong. The automotive industry extends far beyond the sale of new and used vehicles, including vehicle maintenance services, repair centers, ride-hailing, auto insurance and more.

All of these various sectors have thus far been disconnected. In addition, many issues plague the vehicle industry, such as poor service from paid drivers, uncertainty when buying a used vehicle and complications booking a rental car. Now,

is resolving these issues and interconnecting all aspects of the vehicle industry. 

The MVL ecosystem encourages users to feed data by offering MVL Points, or MVP, as a reward. This data includes everything from the service of a professional driver to repair experiences and more. MVP can then be used in the ecosystem —specifically, by businesses for marketing opportunities. Users can also exchange MVP for MVL tokens. Participants can take advantage of

like TADA Driver, which offers a separate account that holds each user’s rewards and can be used for ride-hailing and other purposes.

MVL tokens are the native token of the MVL ecosystem, and can be used for mining, staking and making purchases in the app. MVP earned through participation in the ecosystem can be exchanged for the MVL Coin. In addition, they may be used to pay for car rentals, gas, car washes, parts and auto repairs. 

MVP is the primary driver of the ecosystem. It’s used to reward all participants in the ecosystem for their contributions. Specifically, those who provide input about services, products and more will receive MVP. These points are then used by business participants for marketing within the MVL ecosystem.

MVL was established by a mobility service provider with five years of industry experience. Through its owners’ activities and experiences in the industry, numerous pain points have been identified, which the ecosystem intends to resolve. The current MVL team includes CEO Kay Kyeongsik Woo, CTO Jaehwa Han and CSO Woosung Son. In January 2021, the project’s

MVL’s founders have identified a significant disconnect in the vehicle industry that’s detrimental to drivers, vehicle owners and other industry participants. Through its point-based system and its use of blockchain technology, MVL collects and maintains all records for a vehicle, including service and repairs, sales history and more. It also collects data about dealerships, auto repair facilities and others. 

Rather than having vehicle information maintained by third parties, MVL makes the collected information available to industry participants. More than that, it allows participants to share in the wealth generated by the ecosystem.

A vehicle enters the MVL ecosystem when it’s first sold by a dealership, requiring a user to input an account number and the vehicle’s serial number into the system. Dealers are incentivized for encouraging drivers to take this step. Throughout a vehicle’s life, information about auto services and accidents will be recorded. 

The ecosystem will also monitor transactions involving vehicles. For vehicles used for ride-hailing purposes, safe driving and great customer service will be tracked and rewarded. For rental cars, movement data and vehicle maintenance are tracked. Various information can be provided to auto insurance companies so that drivers receive a fair rate. The data can also be used later, when the vehicle is sold, to properly assess its true value. 

MVL is designed with three essential layers, each of which performs critical functions. The core layer is the basis for the entire ecosystem. It includes both the blockchain and the external distribution storage. The blockchain stores information such as encrypted owner information, and includes public info like the registration number, vehicle identification number, model, make and more. 

Information is added over a vehicle’s life, such as service history, sales history, accidents and other data.

’s network is used to store the data at this time. However, because of the volume of data that may be stored, an independent network is being created for this purpose. 

The service and component layer is where third parties and service providers connect to MVL. It also allows developers to create

layer plays a crucial role in fast transaction processing times and data categorization. A significant portion of the MVL ecosystem’s utility takes place on this layer.

On the application layer, users can interact with DApps and access public data that’s been inputted by other users. Many languages are supported in the application layer to facilitate functionality in markets around the world. 

MVL is a complex yet easy-to-use and beneficial ecosystem. Its many functions are rooted in several key features that include MVL Bridge, MVL Treasury, MVL Pool and MVP Exchange. 

allows for the wrapping and unwrapping of MVL tokens across BNB Chain and the Ethereum mainnet. The bridge generates fees that are attributed to the pool. 

is a pool of funds collected from bridge fees, DEX transaction fees and other related fees accumulated through the ecosystem’s usage. The pool is managed by MVL’s project team, and its funds are used to pay operational expenses and participants’ rewards. They’re also used for token buybacks and for the initial formation of the liquidity pool. 

MVL Pool supports the reward system. Contributions to the pool are made through fees, data sales, commerce revenue and sales from marketing ads. The pool’s funds are then used to cover rewards for miners. Additional funds cover MVL’s operational costs, and are contributed to the MVP Exchange. Currently, there are no plans to create a staking pool or offer staking rewards to users. All pool transactions are transparent and are recorded on MVL’s blockchain.

The conversion rate for MVP into MVL tokens is based on the circulating supply of tokens in the pool. Roughly 40% of the assets in the mining pool are attributed to the exchange of MVP for MVL tokens. The exchange rate is based on a complex formula that’s largely rooted in the coin supply in the pool. 

In 2018, MVL got off the ground with its initial coin offering (

ride-hailing and taxi services in Singapore and Cambodia. The availability of TADA then expanded to other markets. In 2019, MVL partnered with BNB Chain, released its mainnet code, raised funds, and launched its taxi driver app and the TADA Wallet. 

Some of the progress made in 2020 includes the conclusion of an

, additional fundraising, the introduction of a token swap feature, listing on the KRW and BTC exchanges and the launch of a Korea-based ride-hailing app. 

MVL published its white paper in January 2021. It also developed an E-station and the E-Powertrain, and

was mass produced for the first time. In January 2022, MVL Bridge launched. Looking forward, the MVL development team is focused on enhancing the usability of the ecosystem. Additionally, a focal point will be on expanding participation in the network. 

Mass Vehicle Ledger’s native MVL token has a maximum supply of 30 billion. This token is used to pay various fees in the ecosystem, including bridge fees and other transaction fees, and can be used to pay for various services and products, including car rentals, gas and more. 

A fixed number of MVL tokens have been issued, which supports and encourages growth in the price of MVL. The current MVL price is $0.00472793 (as of Apr 27, 2023), with a 24-hour trading volume of over $138 million. Its all-time high of $0.069730 was achieved on Apr 2, 2021. The current market cap is approximately $108 million, with a fully diluted market valuation of over $142 million, and the circulating supply is 22.85 billion tokens.

The true value of MVL is rooted in its functionality within the vehicle industry. However, earning and holding MVL tokens has the potential to be financially rewarding as well. According to

may hit $0.006 by the end of 2023, and by the end of 2025 may double to reach $0.013. Looking further ahead, with an expected increase in trading volume, MVL’s price could hit $0.078 by 2030.

Looking to trade MVL? You’ll be glad to know Bybit will be listing the MVL/USDT pair on the Bybit Spot trading platform on Apr 28, 2023. Simply

, fund it with cryptocurrency and navigate to the MVL/USDT Spot trading page on the listing date to start trading.

While MVL’s price is considerably off its ATH of nearly $0.07 two years ago, the token is expected to approach this price by the end of 2023 and far exceed it over the next several years. MVL offers great benefits, not only enhancing the user experience throughout the life of a vehicle for all related parties, but also expanding to cover customer service by drivers, auto repair and more. The MVL team is confident that these functions can help users to make better buying decisions and choose reputable service providers. 

MVL also encourages businesses to provide better customer service, and facilitates marketing and operational decisions. Given the robust utility of the MVL ecosystem for all parties, participation will likely increase going forward. This supports increased token price growth and enhanced benefits from using MVL. Of course, you’re still strongly advised to do your own research before jumping on the hype train and investing in any trending tokens.

MVL is a well-designed blockchain ecosystem that offers robust functionality and benefits to all participants in the vehicle industry. Its ecosystem is still expanding and developing. As it does, it will have a more pronounced impact on the vehicle industry and greater benefits for its users, potentially increasing both trading volume and token price at the same time.

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Mass Vehicle Ledger (MVL): A Web3 Mobility Ecosystem

iExec is a blockchain company and decentralized cloud platform that allows any user to rent computing power, execute applications and manage data sets.

As more web3 products become available to the public, there are exciting new opportunities for users to take advantage of. Systems like iExec have the potential to change the way the decentralized finance (

) industry runs. Are you interested in getting involved in iExec or investing in the iExec RLC token? Explore this helpful guide to learn more about the network and decide whether it's a good investment for you.

The iExec system consists of multiple products and features. People can create 

, build web3 applications, sell computing power, train models with purchased data, and trade assets. iExec manages all of these features through off-chain 

 smart contracts, and its users can conduct transactions with RLC, the native iExec cryptocurrency.

iExec was founded by Dr. Gilles Fedak, Dr. Oleg Lodygensky and Dr. Haiwu He. The company's roots date

 when the co-founders were working on ways to implement a distributed cloud through 

. Once they learned about Ethereum, they realized that blockchain technology could be the solution to their quest. In 2016, they officially launched iExec as a company meant to offer distributed computing assets through a blockchain system.

Initially, iExec was a small project with just a few developers. However, in 2018, iExec launched its web3 decentralized cloud marketplace, the first of its kind, and it quickly attracted a lot of positive attention. Now, iExec has a team of over 50 engineers, developers, designers and other staff working on the project, who continue to implement new features and add more functionality to the iExec system.

iExec aims to democratize web3 development by offering useful services to anyone working on decentralized applications (

). Their goal is to create a convenient way for anyone to access computing assets, data sets and other services. Instead of having to purchase expensive hardware, users can rent cloud-based computing services from other users who have excess processing space.

Much of iExec's focus is on tapping otherwise unexplored aspects of the blockchain. iExec has become the first company to offer a blockchain-based decentralized cloud market, a new paradigm that makes things far easier for developers. Unlike other companies that let users rent computer power, iExec's goal is to keep things decentralized and simple. They pride themselves on providing a very convenient interface and extremely secure, reliable transactions.

iExec works through a thoughtful blend of multiple mechanics. The system is built on XtremWeb-HEP, an open-sourced 

 software that lets DApps use any of the computing resources within the iExec system. It's essential for renting out processing power. In the iExec system, cloud resource sellers with excess computing power can join worker pools and set their own prices for using their resources. DApp developers can then browse the marketplace and purchase computing power at their preferred price.

The system is managed through smart contracts that run on a unique

. All funds that users pay for computing power are locked while the worker pools process the user's request. Computing providers only receive funds if they all achieve consensus, and prove that the provider has actually completed the requested work. PoCo is run on the iExec sidechain, and the Ethereum mainchain is only updated once all PoCo off-chain computations have been finalized.

Though the iExec network initially started only as a computing power provider, it has branched out considerably over the years. More and more features have been added to help iExec users work on DApps. Let’s look at some of the many exciting features of this system.

 is iExec's trademark feature. Most people who use this virtual cloud infrastructure do so to buy and sell computing power in the marketplace. iExec's decentralized marketplace lets resource providers make money off of excess computing power, while users can obtain extra processing power without needing to invest in pricey hardware.

Blockchain oracles are a valuable feature that help users transfer outside data into a blockchain. For example, once an oracle is created, a user can set up a program to automatically make purchases when a cryptocurrency reaches a certain price. In the iExec 

, users can browse oracles created by others and incorporate these into their own projects. The iExec oracle factory contains many computing resources to simplify DApp development.

 is a user-friendly service that connects people to all the other features found within iExec. You can create an account in the portal and then use a wide range of products and tools for making DApps. The portal provides helpful features, while ensuring developers still retain privacy and ownership over their projects.

 offers a wide range of data sets for developers. You can use the company's cloud resource sellers, refine your project or purchase data to train your DApp.

As part of its push to encourage web3 development and virtual cloud infrastructures, iExec hosts several different Developer Rewards and Grants programs. If iExec feels your project has merit, they may provide helpful funding for it. You can also make money by claiming bounties for completing various projects.

iExec has implemented many exciting projects over the years, from simple cloud-based processing rentals on the cloud-computing iExec marketplace to the iExec network, which hosts a broad range of developer tools, grant programs and other decentralized network features. Recently, iExec has been focusing on ways to build its community. Its road map includes new developer bounties, a variety of hackathons and other events and developer project showcases.

In addition to these more social goals, iExec has prioritized its cryptocurrency and NFT programs. After recently getting RLC listed on some major exchanges, iExec is starting a new

 to boost its RLC token, creating iExec Worker Pass NFTs and rolling out some new technical upgrades in 2023.

iExec's native cryptocurrency token is RLC, which stands for "Runs on Lots of Computers." RLC is an 

 token that’s used throughout the entire iExec decentralized network. Users can make payments for all iExec services with RLC, and resource providers can also earn RLC through the various user reward systems.

RLC was released on Apr 20, 2017. Almost 

), and a total of 10 BTC were collected through the ICO. The coin has a max supply of 86.99 million tokens. RLC has a current circulating supply of 72.4 million coins, so at its current price of $1.81, the coin has a market cap of close to $131 million.

RLC has been around for years, so the iExec token has undergone a lot of changes. Despite mostly staying under $1, the crypto has had a few notable peaks. In January 2018, its price increased by 516%, reaching almost $4. RLC further impressed investors with an all-time high of $15.51 in May 2021. With so many dramatic dips and peaks, it's no surprise that crypto analysts predict more big changes for this token.

Analysts at PricePrediction believe that RLC will increase to $2.52 by the end of 2023, double to $5.28 by 2025 and reach $17.78 in 2028. By 2030, RLC’s price is predicted to surge to $37.05. 

While analysts at DigitalCoinPrice are also bullish for RLC, they believe its growth will gradually slow to hit $3.84 by the end of 2023 and $6.38 by 2025. They forecast RLC price’s will reach $9.61 in 2028, and continue to increase to $18.25 by 2030.

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