Decentralized cloud computing service is a beautiful combination. It has the ability to build up any product. iExec is becoming the biggest hype in the crypto world.
iExec is the destination for decentralized cloud computing. Similar to popular cloud computing platforms such as IBM and Microsoft, iExec is broken down into several nodes for “off-chain computing” of the blockchain apps. iExec is a similar idea to Siacoin.
Let’s discuss what is iExec, founders, working model and more in this article.
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What is iExec RLC (RLC)?
iExec is the top player in decentralized computing that is based on blockchain technology. The blockchain is used to organize and manage the market network, people can effectively monetize their applications, computing power and more. It performs by offering “on-demand” access to cloud services. iExec has the ability to support apps in multiple domains such as artificial intelligence, health care, big data, rendering and more.
iExec RLC network will connect both sellers and buyers without hassles. It builds an ecosystem of autonomous apps and decentralized. The ultimate goal of iExec RLC is to offer secure, easy and scalable access to both services and resources for individuals and businesses. iExec RLC is built on the Ethereum (ETH) smart contract.
The full form of RLC is “Run on Lots of Computers”. RLC is the leading cryptocurrency that provides users with safe and secure payments. Individuals and businesses can access the iExec network by processing their payments using RLC tokens.
Who created iExec RLC (RLC)?
iExec was created by Gilles Fedak and Haiwu He on October 10, 2016. The headquarters of unexceptional is located in France.
Previously, Gilles Fedak worked as a research scientist in INRIA. He holds a PhD in computer science and philosophy. The goal of iExec (RLC) is to reintroduce cloud computing services by building the latest cloud computing prototype.
Another co-founder of iExec Haiwu Hu worked as a professor in the “Chinese Academy of Sciences”. He is the co-founder of the “iRentCPU”. Haiwu holds a PhD in computer science. He worked at INRA as a research expert.
How does iExec RLC (RLC) work?
iExec supports decentralized applications and smart contracts, it brings processing computations to the off-chain. This enables the functions on the on-chain to run smoothly and efficiently.
In order to run the functions smoother, iExec uses “XtremWeb-HEP”, a popular desktop grid tool. The software pools unused resources that are to be used by the decentralized applications. XtremWeb-HEP will enforce required features that are made possible on a large scale such as multi-user, data management, multi-application, fault tolerance, public/private/hybrid infrastructure, security, etc. The best part of XtremWeb-HEP is that the decentralized application can use all the computing resources in the framework of iExec in order to run the program. It means developers and decentralized applications users can use resources that are ranging from small to large. They can use the processing power as small as your desktop and also as bigger as the warehouse data centers. With the flexible and scalable features, users will have an opportunity to find and use the required computing resources for their projects at hand.
In order to make sure that the user will receive the necessary resources, iExec will utilize the “proof-of-contribution” model. This model will ensure that every provider provides the necessary computing resources by the user. It rewards the provider with the iExec’s RLC coin, in return.
Key components of the iExec RLC (RLC) platform
Now let’s have a look at the components of iExec’s platform. The key components are
- Marketplace
- Decentralized application store and
- Data marketplace
- Marketplace: It is iExec’s hub for the users and also providers to exchange “RLC tokens” for the computing resources. With the iExec marketplace, users and developers can run decentralized applications can utilize the resources personalized towards the application’s requirements and needs.
- Decentralized application (DApp) store: The decentralized is equal to the application store. At the DApp store, users can have a look and buy a decentralized application that uses iExec. Developers can list their DApps on the DApp store.
- Data marketplace: As the name suggests, data providers or users can sell their additional data to third parties or DApps providers to purchase.
Uniqueness of iExec RLC (RLC)
It’s an open fact that the iExec RLC network has been designed for providers who are looking for computing resources. Here the providers are called “iExec Workers”. If you want to become an iExec worker, you can connect your machine and earn RLC tokens in return for contributing the resources to the iExec network.
Good news to application providers! You can monetize your algorithm with ease. On the other hand, data providers who are owning the datasets can easily make them open for this usage with iExec. There is a consensus protocol called proof-of-contribution (PoCo) that effectively provides consensus via off-chain computing. With the help of PoCo, providers will be able to use their resources that are certified on a blockchain.
iExec network provides several distributed applications that can run on blockchain i.e DApps that is secured, scalable and simple access to data-sets, services and also computing resources. All these work on the Ethereum (ETH), enabling an efficient “Virtual Cloud Infrastructure” that offers high performing computing solutions on demand. iExec can support the leading class of the blockchain DApps and offers cost-effective solutions for its users.
How many iExec RLC (RLC) are there in circulation?
The current price of the iExec RLC (RLC) is $1.53. As mentioned above, iExec RLC is the token that is completely based on the Ethereum (ETH) platform. Keeping it simple, iExec RLC is the popular “ERC-20 compliant digital token”.
There are around 80 million iExec RLC tokens in circulation with a total supply of 86 million iExec RLC tokens. RLC tokens are securely stored and transferred with ease.
In a nutshell
iExec is referred to as “RLC”. It is the top player for decentralized computing that is based on blockchain technology. Users can monetize the computing power, applications and datasets easily on the iExec network. The platform does this by offering on-demand to its computing resources. iExec is divided into multiple nodes for off-chain computing and blockchain apps.
