What Is iExec RLC?
RLC is the native token of iExec, which is a Web3 marketplace for cloud computing. It allows users to sell their computing power as digital assets. Besides that, it also allows users to monetize their applications and datasets. Make sure to check the iExec RLC price chart placed above to see the current (or previous) RLC price.
Apart from tokenizing could computing data, apps, or datasets, the iExec RLC crypto project also assists developers in the process of building Web3 projects. iExec provides them with various developer rewards and grants that support them with the money needed for their projects.
To help developers preserve their privacy and ownership, iExec utilizes Confidential Computing technology. Besides that, it provides developers with access to CLI and JS libraries through the iExec SDK, which allows them to run off-chain calculations through the decentralized cloud of iExec.
Additionally, iExec allows any user to create their own oracle without any programming knowledge. An oracle serves as a link between the real world and the blockchain. They essentially are like queryable on-chain APIs that you can use to input data into your smart contracts.
The Founders of iExec RLC
The iExec RLC crypto project was founded by Gilles Fedak and Haiwu He.
Gilles Fedak has a degree in philosophy and computer science. He developed the XtremWeb software as the continuation of his Ph.D. work. Prior to founding iExec, Fedak worked as a research scientist at INRIA. Now, apart from being the CEO of iExec, he is also a deputy director at Redchain Lab and sits on the board of Directors/Administrators at WiSEED.
Haiwu He has a degree in computing sciences. Besides founding iExec, he was an assistant professor at Hohai University and a professor at the Chinese Academy of Sciences. Also, he was a research engineer expert at INRIA and an innovation transfer engineer at ENS Lyon. Besides that, he co-founded iRentCPU.com.
How Does iExec Work?
There are three main actors on the iExec platform:
- iExec Workers – the ones who provide their computing resources. iExec Workers get rewarded with RLC coins for their work.
- Application providers – the ones who monetize their algorithms and apps.
- Data providers – the ones who monetize their datasets.
The consensus mechanism employed by the iExec RLC crypto project is the Proof-of-Contribution (PoCo). PoCo certifies resources and connects them to off-chain providers. However, it keeps all of the records securely and impartially on-chain.
Besides that, iExec also secures the platform by using the Trusted Execution Environment (TEE). It ensures that the code execution goes as planned and that it cannot be altered. This is the case because it executes code logic at a hardware level.
Besides that, iExec utilizes the aforementioned open-source desktop grid called the XtremWeb-HEP. The grid makes it possible for the formation of the Virtual Cloud infrastructure. The infrastructure provides users with on-demand high-performance computing services. In other words, the Virtual Cloud allows the exchange of computing resources between the participants of the network.
The Purpose of RLC Tokens
RLC token is mainly a means of exchange on the iExec because it serves as the settlement currency for all transactions made on the platform's cloud marketplace.
In addition to that, in order to be qualified to carry out computing tasks, iExec Workers must stake RLC tokens as security deposits. Besides, as mentioned before, iExec Workers get rewarded in RLC tokens for their work.
Tokenomics of RLC
The max supply of RLC tokens is 86,999,785. This means that the token is deflationary and the RLC price might increase as its supply becomes more scarce. The initial coin offering (ICO) of RLC tokens was held in 2017. During the ICO, 10 thousand BTC was raised within three hours. This was the goal of the ICO.
If you're considering buying iExec RLC tokens, bear in mind that the RLC price is prone to fluctuation. This means that, just as it could increase, it could also decrease. Why? Mainly because the swings of the crypto market affect the iExec RLC price, just like it affects other crypto assets.
