Here's What You Need to Know About iExec RLC (RLC)
Cryptocurrency

What You Need to Know About iExec RLC (RLC)

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Key Takeaways: –

  • iExec RLC is a decentralized cloud computing platform that allows users to purchase computing resources from a network of providers.
  • The platform offers a number of features, including web3 marketplace, iExec Portal, oracle factory, developer incentives, and data store.
  • iExec RLC uses the Proof-of-Contribution consensus mechanism to connect users with providers and reward them for their contributions.

Cloud computing is expected to reach $55 billion by 2026. Cloud computing services provide a reasonable alternative for companies that don’t want to take the hassle of managing expensive technological equipment. Netflix, Etsy, Apple, and Xerox are some of the popular companies that are using cloud computing services to serve their clients globally.

Problems with Existing Cloud Computing

The biggest problem is that cloud computing is currently under the control of a few companies like Google, Microsoft, Amazon, and IBM. Companies need to rely on these services while storing their customers’ valuable data. These service providers can sell that data for marketing purposes.

Similarly, they’re always at risk of hacking attacks because their servers are physically accessible. Another problem is that the servers of cloud service providers are installed in different locations throughout the globe. These service providers need to actively update the data on all the servers separately otherwise the users of a particular region won’t be able to access the products/services that are available in other regions.

Decentralized cloud computing is the solution to all these problems as it provides a network of multiple nodes for data storage. iExec RLC is one of the leading projects in this category.

What is iExec RLC (RLC)?

What is iExec RLC (RLC)?

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iExec RLC is a decentralized cloud computing platform dedicated to providing a secure marketplace for users who want to purchase computing resources. The network participants are encouraged to rent out their computing power to earn passive income. The platform offers a number of products and features like building web3 applications, training models with purchased data, creating oracles, trading assets, and selling computing power.

The platform provides a range of off-chain smart contracts that are supposed to facilitate these features.

iExec RLC Brief History

iExec RLC was introduced by Dr. Oleg Lodygensky, Dr. Gilles Fedak, and Dr. Haiwu He in 2016. However, the co-founders had been working on this project since 2012. They were initially planning to use Desktop Grid technology to establish a distributed cloud. By the time, they realized that the blockchain can be a better option to implement the system.

So, they finally launched the project in 2016 with the goal of providing distributed computing assets. iExec team raised around $16.5 million through two initial coin offerings (ICOs) in 2017. The team raised another $10 million through a funding round led by Accel. Binance Labs, Multicoin Capital, Republic Capital, LD Capital, and Hashkey Capital are some of the leading investors that supported this project.

The project became popular when the team introduced the web3 decentralized cloud marketplace in 2018. The adoption rate of iExec RLC was further accelerated when the company partnered with leading companies like Google Cloud, Amazon Web Service, and IBM. The project was launched by a small group of people but now has more than 50 employees who work together to consistently add new functionality to the system.

iExec RLC Important Features

iExec RLC offers a range of amazing features to smoothly run the DApps.

  • Web3 Marketplace – Web3 cloud computing is the prominent selling point of iExec RLC. It eliminates the need for investing in expensive hardware as the service providers can now obtain extra processing power at a reasonable price. At the same time, the platform provides earning opportunities for those who have excess computing power.
  • iExec Portal – The users can easily access all the features of the platform through iExec Portal. The developers can build innovative DApps using the tools and products that are easily accessible through the portal. The developers can rest assured about the privacy of their project no matter which features they use.
  • Oracle Factory – The oracles are traditionally used in blockchain networks to fetch data from external sources without affecting the security of the network. iExec Oracle Factory is primarily designed to simplify the DApp development process with its incredible computing resources. The developers can incorporate pre-built oracles into their projects using this platform.
  • Developer Incentives – iExec encourages developers to adopt virtual cloud infrastructures by incentivizing them under its Developer Rewards and Grants program. The platform consistently funds certain projects if they fit the merit.
  • Data Store – The developers can efficiently train their DApps by purchasing data sets from iExec Data Store.

How Does iExec RLC Work?

iExec RLC smoothly runs its on-chain operations while processing the intensive computations off-chain. iExec uses an open-source Desktop Grid software, XtremWeb-HEP, to make all the computing resources available for DApps. The platform offers flexible and scalable processing power options.

The developers can choose between a wide range of computing resources depending on the particular needs of their DApps. The platform uses a Matchmaking algorithm to find an appropriate provider to complete the DApp’s task. The platform incorporates the Proof-of-Contribution consensus mechanism to connect the user with the processing power provider.

The platform then rewards the power provider for their contribution. The rewards are offered in the form of RLC tokens.

iExec RLC Tokenomics

RLC is the native token of iExec RLC that people need to purchase computing resources from the web3 marketplace. The processing power providers receive RLC tokens as a reward for their services. With a circulating supply of 72.3 million tokens, RLC has a market cap of $93 million. It ranks among the 200 best cryptocurrencies in terms of market cap. It has a total supply of around 87 million tokens that will be released through rewarding process.

Conclusion

iExec RLC is a decentralized cloud computing platform that offers a number of features that make it a promising project in the space. The platform is well-funded and has a strong team, and it has already made some partnerships with leading companies. The platform has experienced incredible growth over time and it can play an essential role in the adoption of decentralized cloud computing.

Feel free to get in touch with us if you need more information about how iExec RLC (RLC) works. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the Crypto market.