Key takeaways
- EXIP addresses the problem that users don't actually own their domains but rent them from registrars who can revoke access at any time.
- The platform uses blockchain-agnostic NFT-based domains that can be minted on multiple blockchains including Ethereum, Stellar, and Binance Chain.
- EXIP tokens provide governance power allowing the community to vote on removing domains or TLDs, rather than centralized parties making decisions.
- Token holders receive staking rewards of 2.1% from each domain and TLD purchase, and can receive discounts when purchasing domains.
- EXIP is building a community-run DNS system where nodes operated by users process transactions, similar to how Bitcoin miners maintain the network.
Why renting domains is a global risk
Ashton Addison: What is EXIP, and what real-world problem is it solving?▶ 00:23
Shashi Meghawarna: The current internet is not as free as it seems. When you get a domain from a registrar, you don't own it; you're renting it. Organizations like ICANN have the power to seize or revoke your domain at any time. We also can't create our own top-level domains, because it would cost too much money and time, and not everybody can do that. We're addressing that global threat. As a community, we believe cyber wars will happen in the future, alongside physical ones. If a country-level domain were removed from the internet overnight, that country would face a huge financial crisis, because aviation systems, stock exchanges and banking systems would stop working.
Ashton: What does EXIP stand for?▶ 04:43
Shashi: Extreme Internet Protocol. This ecosystem is going to bring a huge change to the world, which is why we chose that name.
When you get a domain from a registrar, you don't own it; you're renting it.
Chain-agnostic domains and community moderation
Ashton: Why did you make the domain NFTs blockchain agnostic?▶ 02:57
Shashi: New blockchains keep coming to market, and Polkadot and Solana are recent examples with great potential. People may want to move from one chain to another because of things like transfer fees, gas fees and security. We don't want to depend on one chain. Users can have an NFT minted within our system that identifies their domain on whichever blockchain they prefer. For now we support Ethereum, Stellar and Binance Chain, and if the community wants another chain in future, we'll add it. EXIP is built by the community, for the community, so we want the community to decide most things.
Ashton: If domains can't be seized, how do you deal with adult or illegal content?▶ 05:07
Shashi: We considered this at the very beginning of the project. As a community, nobody would want those kinds of things. So we built in governance: holders of EXIP tokens can vote to remove a TLD or a domain from existence. No central party is in control. The community has that power, not us.
The EXIP token and community-run nodes
Ashton: What else is the EXIP token used for, and do you have to hold it to buy domains?▶ 06:24
Shashi: EXIP tokens give you discounts when you purchase TLDs and domains, and holding them earns you staking. We're launching first on Binance, and in future we'll introduce Ethereum-based and Stellar-based versions. The total supply is 2.1 million. If you don't want to use Binance Chain, you can send your Binance Chain tokens to a pool wallet, lock them there, and take out Stellar-based or Ethereum-based tokens instead. At any given time only 2.1 million tokens will be in circulation, all with the same value.
Ashton: Is there an incentive for everyday users to stake EXIP and help grow the ecosystem?▶ 08:33
Shashi: The EXIP ecosystem has a blockchain-based DNS, and the community runs it on nodes. Anybody can download the node software from October onwards, and when domains and TLDs are purchased, those nodes receive EXIP tokens. That's why this is a community project: the internet we're creating is run by the community, so nobody can shut it down. It's similar to how the Bitcoin network runs because of its miners. Current browsers won't support our TLDs, so we also have a browser extension for people who don't want to leave Chrome or Firefox. It's already approved and we're launching it before the 20th of next month. We're also building our own browser as a backup.
EXIP is built by the community, for the community, so we want the community to decide most things.
Launch plans and the long-term vision
Ashton: What is the current status of the EXIP token?▶ 10:38
Shashi: On the 20th of this month we're launching our token on the LAToken launchpad. Top-tier exchanges have already approved us, and before the launch we'll announce which exchanges we'll be on next. Our domain resolution system already launched on 14 March this year. We have a very good team, and we're also looking at some partnerships.
Ashton: What are the major milestones for the rest of the year, and where is this heading?▶ 11:34
Shashi: The first version of the entire ecosystem will launch before October. We're ahead of our roadmap at the moment. Our aim is real independence of the internet for users, without depending on any central party, by decentralizing every element of the project. We also aim to become a billion-dollar company in the next five years, and the rewards of all this should stay close to the community. That is our real vision.
This interview has been edited for length and clarity. Recorded July 2021.
