iExec RLC

What is iExec RLC?

RLC is iExec’s native token, which represents Web3 marketplace for cloud computing. It allows users to sell their computing power as digital assets. Moreover, it also allows users to monetize their applications and data sets. Be sure to check the iExec RLC price chart above to see the current (or previous) RLC price.

In addition to tokenizing compute data, applications or datasets, the iExec RLC crypto project also helps developers in the process of creating Web3 projects. iExec provides them with various developer awards and grants that support them with the money they need for their projects.

To help developers maintain their privacy and ownership, iExec uses Confidential computing technology. Additionally, it gives developers access to CLI and JS libraries through the iExec SDK, allowing them to perform offline computing through the iExec decentralized cloud.

Additionally, iExec allows any user to create their own oracle without any programming knowledge. The oracle serves as a link between the real world and the blockchain. They are essentially like on-chain queryable APIs that you can use to feed data into your smart contracts.

Founders of iExec RLC

The iExec RLC crypto project was founded Gilles Fedak and Hayu He.

Gilles Fedak has a degree in philosophy and computer science. He developed the XtremWeb software as a continuation of his Ph.D. Job. Prior to founding iExec, Fedak worked as a research fellow at INRIA. Now, in addition to being the CEO of iExec, he is also the Deputy Director of Redchain Lab and a member of the Board of Directors/Administrators of WiSEED.

Hayu He has a degree in computer science. In addition to being the founder of iExec, he was an associate professor at Hohai University and a professor at the Chinese Academy of Sciences. In addition, he was a research engineer at INRIA and an innovation transfer engineer at ENS Lyon. He also co-founded iRentCPU.com.

How does iExec work?

There are three main players on the iExec platform:

• iExec employees – those who provide their computing resources. iExec employees are rewarded with RLC coins for their work.
• Application providers – those who monetize their algorithms and applications.
• Data providers – those who monetize their data sets.

The consensus mechanism used by the iExec RLC crypto project is Proof of Contribution (PoCo). PoCo certifies resources and connects them to off-chain providers. However, it stores all records on the chain securely and impartially.

In addition, iExec also secures the platform using Trusted Execution Environment (TEE). This ensures that the code executes as planned and that it cannot be changed. This is so because it executes the logic of the code in hardware.

Additionally, iExec uses the aforementioned open source desktop grid called XtremWeb-HEP. The grid allows you to create a virtual cloud infrastructure. The infrastructure provides users with high-performance computing services on demand. In other words, the Virtual Cloud allows you to share computing resources between network participants.

Purpose of RLC Tokens

The RLC token is basically medium of exchange on iExec as it serves as the settlement currency for all transactions made on the platform’s cloud marketplace.

In addition, to be qualified to perform computing tasks, iExec employees must stake RLC tokens as collateral. Additionally, as mentioned earlier, iExec workers are compensated in RLC tokens for their work.

RLC Tokenomics

The maximum number of RLC tokens is 86,999,785. This means that the token deflationary and the price of RLC may increase as its supply becomes more scarce. initial coin offering (ICO) RLC tokens were held in 2017. During the ICO, 10 thousand BTC were collected in three hours. This was the goal of the ICO.

If you are considering purchasing iExec RLC tokens, please be aware that the price of RLC is subject to fluctuations. This means that it can either increase or decrease. Why? Mainly because cryptocurrency market fluctuations affect the price of iExec RLC, just like other crypto assets.