iExec RLC

About iExec RLC

Distributed computing has immense potential to transform a wide range of industries from healthcare to finance. The founders of iExec recognized this opportunity early on and created a decentralized marketplace for cloud computing resources. Their platform makes it possible to monetize unused computing power, enabling anyone to contribute resources and make a profit. The result is a more efficient and democratic model of cloud computing.

What Is iExec (RLC)?

The iExec platform connects users looking to rent computing power with providers who have spare capacity to offer. It uses blockchain technology to ensure transactions are secure and transparent. The network’s native cryptocurrency is called RLC or “Run on a Large Number of Computers”.

RLC tokens act as the currency for buying and selling computing resources on iExec. Owners of computers, servers or data centers can earn RLC by contributing their unused processing power or applications to the marketplace. This gives individuals and businesses an incentive to participate and expands the pool of available cloud computing power.

History of iExec

The origins of iExec can be traced back to the collaborative efforts of Dr. Gilles Fedak, Dr. Oleg Lodygensky, and Dr. Haiwu He in 2012. At the time, the trio was exploring innovative methods to create a distributed cloud infrastructure utilizing Desktop Grid technology. The advent of Ethereum and blockchain technology provided them with the missing piece to their puzzle, leading to the official establishment of iExec as a company in 2016, with the aim of delivering distributed computing resources via a blockchain-based system.

In its early stages, iExec operated as a modest endeavor with a handful of dedicated developers. However, a significant milestone was achieved in 2018 with the introduction of iExec’s groundbreaking web3 decentralized cloud marketplace, the first of its kind in the industry. This innovative platform garnered widespread acclaim and attention, propelling iExec to new heights. As a result, the company has expanded its workforce to over 50 professionals, including engineers, developers, designers, and other essential staff members. This talented team continues to enhance and refine the iExec system, incorporating new features and functionalities to further solidify its position as a leader in the decentralized computing space.

The RLC Token

The RLC token enables the iExec marketplace to run smoothly. Application providers pay RLC to access computing resources while resource contributors earn RLC for leasing out their hardware. Other users must hold RLC to participate in the network.

RLC transactions are fast, inexpensive and transparent thanks to the blockchain architecture. Smart contracts ensure providers are paid quickly without middlemen taking a cut. Holders also receive a share of fees generated on the platform by staking their RLC.

RLC has a fixed total supply of 87.6 million tokens. The circulating supply is lower, around 80 million as of October 2022. RLC trades on major exchanges like Binance and Coinbase. The token price has seen volatility but has potential to gain value over time as the iExec network expands.

iExec RLC Technology

iExec utilizes advanced technologies to create a scalable, high-performance decentralized cloud platform. At the core is Ethereum-based blockchain technology that records transactions and enforces smart contracts.

The network integrates trusted execution environments (TEEs) including Intel SGX. TEEs allow off-chain computing with privacy protections. For even greater scalability, iExec developed a Proof-of-Contribution protocol called PoCo.

Together these technologies offer the security and efficiency of blockchain with the performance needed for compute-intensive workloads like AI. The architecture is designed to run decentralized versions of applications from video rendering to genomics analysis that are impossible on chain.

Features of iExec

iExec has evolved significantly from its origins as merely a provider of computing power, expanding its services to encompass a wide array of functionalities that support the development and operation of decentralized applications (DApps). Below is an overview of its multifaceted system.

At the heart of iExec’s offerings is its Web3 marketplace, a hallmark feature where users predominantly engage to trade computing power. This decentralized platform enables those with surplus computational resources to monetize them, while others can acquire additional processing capabilities without the need to invest in expensive equipment.

A pivotal aspect of iExec is its facility for blockchain oracles, which are instrumental in integrating external data into blockchain networks. Through the oracle factory, users can discover and employ pre-existing oracles, or even craft their own, facilitating automated transactions based on predefined conditions. This enhances the utility and flexibility of DApp development.

The iExec Portal serves as a gateway to the suite of tools and services offered by iExec, simplifying access to its diverse functionalities. By registering on the portal, users gain access to a comprehensive array of resources for DApp creation, all the while maintaining control over their privacy and intellectual property.

For developers in need of extensive datasets, the iExec Data Store provides a robust selection to fuel project development or train DApps, leveraging cloud resources available from the platform.

iExec actively promotes the growth of Web3 and cloud-based innovations through various incentives, including Developer Rewards and Grants. These initiatives offer financial support for promising projects and reward contributions to the ecosystem through bounty programs.

iExec has embarked on numerous projects, ranging from cloud processing services to an expansive network replete with tools for developers, funding opportunities, and decentralized features. With a community-building focus, iExec’s recent initiatives include launching developer bounties, hosting hackathons, and showcasing developer projects. On the technical front, emphasis has been placed on enhancing its cryptocurrency and NFT initiatives, such as promoting the RLC token through a new Learn and Earn campaign, issuing Worker Pass NFTs, and implementing technical upgrades in 2023.

iExec RLC Use Cases

iExec lets any internet-connected device contribute computing power. Individuals can earn RLC with a laptop not being used or servers with extra capacity. Larger companies are also getting involved.

In China, energy firm Tai’an Tambaoan Power Company provides green computing resources to iExec via wind and solar farms. When the wind is not blowing, wind turbines can mine cryptocurrency or perform complex computations instead of going idle.

Decentralized AI model training is another key use case. Companies can protect proprietary data while tapping collective resources to train AI/ML algorithms faster. The decentralized nature prevents any one party from stealing the model.

Scientists are leveraging iExec for research computing with sensitive health data. The protections allow pooling datasets to accelerate medical discoveries. iExec’s technology unlocks groundbreaking new applications across sectors.

Investing in RLC

The long-term investment case for RLC centers on the immense potential of decentralized cloud computing. As blockchain-based services see adoption across industries from finance to pharmaceuticals, demand for iExec’s platform should rise.

Partnerships with notable companies like Intel, Alibaba Cloud, and online education leader Orai lend credibility. The specialized marketplaces create tangible use cases and revenue streams beyond speculative trading.

Still, RLC price has proven volatile like other cryptocurrencies. Supply dynamics around staked and circulating tokens also impact its price outlook. Due diligence is warranted before investing based on individual risk tolerance and portfolio goals.

In an increasingly decentralized economy, iExec sits at the intersection of two massively important trends – cloud computing and blockchain. While the road ahead has uncertainties, the project and token have reasons to be optimistic.