Have you ever heard of cloud computing? That’s what iExec’s blockchain project focuses on. With their distributed cloud platform, they want to solve the many problems of central systems. An important component for users of the platform is the iExec token, which we call the RLC token. This token is also for sale on various large and small crypto exchanges.
In this article you can read more about what iExec and RLC are, how they work and for which applications these technologies can be used. We will of course also tell you more about the price and market capitalization of the RLC token.
- 1 What is iExec (RLC)?
- 2 The Problems Centralized Systems Cause
- 3 The History of iExec (RLC)
- 4 Team and partners
- 5 iExec ICO
- 6 How does iExec work?
- 7 iExec’s applications
- 8 Blockchain agnostic
- 9 RLC Token – The token of iExec
- 10 Importance of the RLC Token
- 11 Pricing and Capitalization of iExec (RLC)
- 12 How will I be paid if I participate?
- 13 Benefits of RLC
- 14 Cons
- 15 iExec’s biggest competitors
- 16 RLC Price and forecast
- 17 How to buy the RLC token from iExec?
What is iExec (RLC)?
IEx.ec is a Blockchain- based distributed cloud platform built on top of Ethereum . This stack technology is designed to directly support distributed applications. While building the infrastructure for desktops, they initially focused on running an existing distributed computer network in Stimergy, installing server racks and recycling systems. But also on energy treatment in buildings.
IEx.ec also creates functions to access functions outside the blockchain, such as data and applications. We also call this off-chain data. However, the go-to-market strategy will mainly focus on a product called E-Fast. This is a complex financial calculation platform to support traders.
Right now, the biggest problem with cloud computing is centralization. iExec was created with the aim of solving this problem by using blockchain to decentralize it. See a video below where IExec explains exactly what their project entails.
The Problems Centralized Systems Cause
If there is a problem with the servers, access to the site can be interrupted for many hours. In the case of large companies, this can quickly mean a loss of several million euros in revenue.
You see more and more smart cities. If our cities also become ‘intelligent’ in the near future, a server failure could have serious consequences:
- Chaos with traffic lights.
- Supply issues for automated processes (refrigerator filling, stock in stores, automatic raw material routing in factories, etc.)
- The death of people under automatic medical treatment.
In addition, 50% of the energy costs are used to cool servers, which is abnormal from an ecological point of view. By creating a decentralized system, we can eliminate the above problems.
The History of iExec (RLC)
This Lyon project, which dates back to 2017, is headed by researcher Gilles Fedak. He has worked at the INRIA (National Institute for Research in Informatics and Control) and has a solid experience in the field of informatics. A French start-up, but also with Chinese ramifications, because Gilles Fedak is supported by co-founder Haiwu He. This professor at the Chinese Academy of Sciences and also a former member of INRIA is on the list of the 100 “Most Creative People in Business of 2017” in China
Team and partners
The main features of iEx.ec are their own development. They are being built as part of their work at INRIA and CNRS. The team is also affiliated with the Chinese Academy of Sciences.
The blockchain part was created by two experts from La Javaness. This is a French digital enhancement accelerator. The company’s China office also houses a data management expert, an Active Positive Server developer, two public relations specialists and a new media specialist.
In the future, the team will cooperate in research with some famous European and Chinese universities. There are also plans to receive additional funding through national and European research agencies.
The core team of iExec therefore consists of scientists, supplemented by people with exceptional hacking knowledge and leading marketers. The members of the team below are the most striking.
- (Dr.) Gilles Fedak – CEO, co-founder and researcher in parallel distribution systems. Gilles Fedak is co-author of more than 80 reviewed scientific papers.
- (Dr.) Haiwu HE – Co-Founder and Head of Asia-Pacific Region.
- (Dr.) Oleg Lodygensky – CTO, engineer, researcher and lead developer of XtremWeb-HEP.
- (Dr.) Jean-Charles Cabelguen – Chief Innovation Office International Marketing Manager.
- (Dr.) Mircea Moca – Business Developer, Fintech expert and synergy analyst.
- (Dr.) Lei Zhang – Director of Security for Blockchain and Cloud Computing.
In addition, iExec has also indicated partnerships with leading players in the technology market. The main partners are Intell and Ubisoft.
iExec has raised funds in an Initial Coin Offering ( ICO ) to fund the development of the project. At the time, it was the fifth highest raised ICO. The project roadmap runs until 2021 and the team still has sufficient capital to complete the project. And that is necessary, because there are still several tasks to be completed before the project is brought to a successful conclusion. As it looks now, that will work without any problems.
How does iExec work?
To solve the current problems of cloud computing, iExec wants to create a market for cloud computing. Private individuals and professionals can then buy or resell computing power. iExec is already referred to by some as the AirBnb of cloud computing.
iExec has decided to articulate its market based on 4 components:
- Individuals and professionals can provide computing power in exchange for RLC tokens.
- Developers can rent out their dApps for RLC.
- It is possible to provide data in exchange for RLC tokens.
- Professionals and individuals can take advantage of these services by paying with RLC tokens.
In order to facilitate the use of these services, end users will be able to purchase them with euros or dollars. iExec will then automatically convert these amounts into RLC tokens that will be refunded to the people who offer their computing power.
iExec is useful for providing computing power to many different applications. Here are some applications where iExec will work great:
- In the field of artificial intelligence (AI).
- Everything that has to do with Big Data.
- In finance ( DeFi ).
- For 3D graphics rendering.
- In cryptography.
An interesting point to highlight is that the project is called blockchain agnostic. This means that no matter which blockchain you use, iExec will be able to work. At the moment the project only works via the Ethereum blockchain, but the ambition of the team is to make it work on as many different blockchains as possible (ICX, NEO , etc. ).
This will allow the company to adapt to market conditions, which can vary widely. And that is more than necessary. Blockchain technology is constantly changing and very fast. Therefore, blockchain projects will have to prepare themselves for this so that users will not be affected by the rapid and severe changes that are taking place in the world of cryptocurrencies and blockchain.
RLC Token – The token of iExec
The company’s name is of English origin and comes from the term “I exec”, which in the Netherlands means ‘I carry out’. The name of the RLC token also comes from the English “Run on Lots of Computers” which roughly translates as “works on many computers”. Let’s take a look at how the token works and for what purposes you can use it as a user.
Importance of the RLC Token
With the RLC token you can buy computing power or use certain dApps that are specifically intended for the iExec network. You earn RLC if you make your unused computing power available to users or if you decide to rent out some of the dApps you’ve created.
Many of the total tokens have been made available for trading. Because of this, the value of the token has a great opportunity to increase as the demand for using iExec gets stronger and stronger. In the future, few new tokens will become available. Demand is therefore likely to increase, while supply will not increase.
Pricing and Capitalization of iExec (RLC)
At the time of writing (March 2021), iExec RLC has a market cap of approximately $170,900,000. There are currently 80 million tokens in circulation. The total number of tokens is 87 million, which means that only 7 million more tokens will be added in the future. RLC’s price is currently at an average of $2 per token.
How will I be paid if I participate?
You are compensated every time you make your unused computing power available to complete a task. The more difficult the task, the more money you will earn.
To choose a task to perform, you must make a deposit. This deposit is a percentage of the fee associated with the task and cannot be recovered if you do not complete the task. So it is important that you make sure that the task is not too difficult. Then the chance of loss is a lot higher than with an easy task.
There is a system that ensures that the tasks that the users complete are kept up to date. That way, all non-serious people are automatically removed from the system.
You do not need to own a CDN to use the services that iExec offers. It has partnered with Request Network , which allows you to pay with any currency, both fiat and crypto. The conversion will take place automatically thanks to the system set up by REQ.
If using the service can be done without owning a CDN, it won’t be if you want to sell your computing power. In order to complete a task, you are required to possess the RLC token to make a deposit. Without it, you will not be able to participate in the completion of a specific task.
Benefits of RLC
- The project is supported by major institutions. This sends a strong signal to investors who want to invest in crypto.
- The core team has been active in the Cloud Computing field for almost 2 decades. All current issues in this area are known to the team and they know what to do to improve the system.
- All steps of the script have been carried out and have taken place on time.
- If you are a dApp developer, the team will provide you with dedicated support.
- The team travels to all major blockchain related events around the world. This allows them to promote their product to professionals.
- Due to the Franco-Chinese composition, iExec is familiar with the specific needs in Asia and Europe.
- The total cloud computing market is expected to reach $400 billion by 2020. Compared to CDN’s current market cap, there is therefore still a lot of room for growth.
- Marketing is not their forte at the moment. It is therefore still a fairly unknown blockchain project.
- Announcements that would have caused some cryptocurrencies to rise did not have much effect on the price of the RLC token.
iExec’s biggest competitors
The biggest challenge for the project is the Golem Network. This is a decentralized computing economy, where one can rent, develop and sell software. As mentioned in the iEx.ec report, the main difference between IExec and Golem is that supercomputer Golem mainly targets high-performance computing (HPC) users. iExec, on the other hand, focuses more on the distributed cloud, which will attract DApps first and wait for cloud and HPC users to join them later. This will mainly happen when the network grows to become more competitive for other projects. At the moment, dApps and DeFi are becoming increasingly important, and it seems very likely that iExec RLC can piggyback on the growing demand for these specific topics.
RLC Price and forecast
How to buy the RLC token from iExec?
To buy RLC, you can go to different crypto exchanges. Think, for example, of the well-known exchanges such as Binance , ByBit or Bitvavo . However, there is a good chance that you can also buy this token from other (and smaller) exchanges. However, make sure that the crypto exchange you use is safe. This way you can be sure that you will not lose your crypto or get scammed.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com