A cryptocurrency, a medium of exchange, is digital, encrypted, and decentralized. There is no central authority that manages and maintains the value of a cryptocurrency. Instead, cryptocurrency users undertake these tasks via the internet. Although cryptocurrency is a new and exciting asset, it will be risky to buy them without profound research to understand its systems entirely.
What is iExec RLC?
iExec RLC cloud platform has developed RLC as an Ethereum token. In addition, the host platform supports high-processing applications in fields such as Artificial Intelligence, Finance, and Big Data. Moreover, the iExec RLC enables users monetize and rent computing power and data. It also allows users to power a decentralized marketplace for cloud resources applications. The iExec RLC is a cloud computing protocol performed over the internet.
Many cryptocurrency protocols adopt supercomputing or data storage. However, the iExec RLC protocol is a decentralized cloud computing protocol to build off-chain dApps. The iExec RLC does not have a centralized server for processing computations, and it distributes computations to multiple nodes around the network. Users can store files, access applications, process computations, and perform technical activities in a low-cost, reliable, and scalable way.
Blockchain tech is a part of the iExec RLC “Proof-of-contribution” protocol. Blockchain creates an avenue for smart contracts adoption in making orders and payments on the protocols Marketplace. They also provide mechanisms for performing decision-making over performance results. The RLC Token is a native token for achieving rewards and governance in the protocol.
iExec RLC: roots and history
In 2016, Gilles Fedak, Oleg Lodygensky, Haiwu He, Mircea Moca, and a team of developers, scientists, and researchers developed the iExec RLC in Lyon, France. The group includes 6 PhDs, of which four of them are cloud computing scientists. Grid cloud computing scientists Gilles Fedak and Haiwu co-founded the iExec RLC protocol. The Initial Coin Offering (ICO) took place on April 19, 2017. The company raised $12.5 million in less than 3 hours. RLC stands for ‘Run on Lots of Computers’. It is a cryptocurrency offering secure payments. Users can access iExec by paying with RLC tokens.
How does iExec RLC work?
iExec RLC Workers, the processing resource providers, are regular users, dApp, and data providers. They connect a processing device or machine to the network. Then, the connected machine earns RLC tokens. The dApp developers can monetize their deployed algorithms and applications. Also, valuable data set providers can make them available to other users in the iExec RLC platform.
iExec RLC enables dApps and smart contracts to perform transactions off-chain to run seamlessly. iExec RLC performs this by utilizing XtremeWeb-HEP software. The XtremeWeb-HEP is a desktop grid software that searches for all available resources for dApps and smart contracts. iExec RLC’s development team developed the cloud software to access large pools of processing machines. The desktop grid platform executes robustness, multiple users, multiple applications, hybrid public/private tools, and data handling features to make this project accessible globally.
The iExec RLC platform components include the Decentralized Application (dApp) store, iExec RLC Data Marketplace, and iExec RLC Cloud Marketplace. On December 20th, 2017, iExec RLC deployed Google’s Playstore or Apple App store. Therefore, users can use RLC Tokens to pay on the dApps store. Besides, the users can use the dApps store as the only platform to bridge them with iExec RLC dApps. Furthermore, users can interact and access data through Data Marketplace as an interface. In addition, users can use RLC’s Marketplace to utilize Big Data.
The Marketplace became an essential player in May 2019 as part of the V3 update. Furthermore, the RLC token is the currency for transactional payments. You should become a resource provider to earn RLC Tokens by renting your computing resources. You can apply as an Application, Server, or Data Provider.
Why choose iExec RLC?
In 2020, the centralized cloud computing industry enjoyed an enormous $375 billion market capitalization. Companies like Apple, Netflix, or Xerox depend on cloud providers like Google, Amazon, or Microsoft in their applications. Thus, cloud providers benefit from high data-centered computations. As a result, companies outsource these resources to cloud providers to reduce hardware, space, and computational requirements costs.
Many big companies have used iExec RLC. For example, IBM worked with iExec RLC to make SGX tech. IBM adopted iExec RLC as a platform for creating applications. Also, Google Cloud partnered with the iExec RLC to gain privacy protection.
The iExec RLC analysis indicates that the iExec RLC cryptocurrency price will rise in the upcoming years. However, predictions are that its reduction starts in 2024-2025. Accordingly, iExec RLC would offer a profitable long-term investment.