iExec RLC

What is iExec RLC (RLC)?

iExec is a project aiming to build the future of Internet infrastructure by decentralizing the cloud computing market. Often considered the first blockchain-based cloud computing market, iExec connects cloud resource sellers with buyers, encouraging an ecosystem of decentralized, autonomous, privacy-preserving applications.

Reliant on the Ethereum blockchain and its ability to execute smart contracts, iExec provides companies with scalable, secure, and easy access to the services, datasets, and resources they need. Ethereum allows iExec to provide a virtual cloud infrastructure with high-performance computing services on demand for iExec users.

With its proof-of-contribution (PoCo) consensus protocol that validates off-chain computations, iExec strengthens applications running on Ethereum smart contracts by providing off-chain computation services and datasets. In addition, it offers uniform and standardized access to computing resources, regardless of their providers.

Who are the Founders of iExec RLC?

iExec was founded by project CEO Gilles Fedak and APAC head Haiwu He. Fedak was previously a research scientist at INRIA and has a PhD in philosophy and computer science.

Haiwu He also has a PhD in computer science and was a professor at the Chinese Academy of Science. He also previously founded a project called iRentCPU.

The current team includes CTO Oleg Lodygensky, PhD, COO Johan Moonen, and Enterprise Solutions Director Francis Otshudi. According to iExec, the core team comprises seasoned scientists, joined by outstanding hackers and top-notch marketers. A special mention is reserved for the team’s “Really Long Corgi,” Tilda.

How Does iExec RLC Work?

The iExec protocol is all about providing cloud computing resources, and it distinguishes between three broad types of cloud resource providers.

Application providers can monetize their applications and algorithms by setting a fixed fee for every single use of their software in a pay-per-task model. Decentralized application (dApp) developers benefit from this because blockchain tends to have limitations such as small amounts of storage, inefficient virtual machines, and a high latency protocol.

Therefore, dApp developers can execute computations “off-chain” on the iExect decentralized infrastructure thanks to the existence of application providers. They also don’t have to maintain any servers, meaning they can deploy dApps that can upscale and downscale rapidly based on user demand.

Dataset providers, the second type, can monetize their data using a fixed fee per single use, again via the pay-per-task model and the iExec Data Store. Datasets are regarded as a wide concept to protect, which iExec allows with multiple levels of security.

Finally, providers of computing power within the iExec network are called “workers.” Workers can connect their machines to the network and provide computing power in exchange for RLC tokens.

Doing so is permissionless, and anyone can make their computing resources available by joining a “worker pool.” The type of machine doesn’t matter either—workers can contribute anything from a simple home computer to a large data center.

What makes iExec RLC Unique?

iExec makes it very easy for developers to deploy a decentralized application on the blockchain and monetize it. Once a dApp is live, anyone can run tasks for payment in RLC over iExec. These payments are processed in a decentralized manner as well, handled between the iExec accounts of the users involved.

Confidential Computing, or Trusted Execution Environments (TEE), is also a feature of iExec. TEE ensures computation confidentiality through mechanisms of memory encryption at the hardware level, with applications and data being executed and processed being safeguarded against even the highest access levels.

iExec enables Trusted and Confidential Computing through the use of Intel’s SGX. This innovation relies on creating a special zone in the memory called an “enclave,” which only the CPU can access. Neither privileged access levels such as root nor the operating system itself can inspect the enclave’s contents.

The infrastructure of iExec has also been turned towards the development of a decentralized oracle called the iExec dOracle. Given that the technology builds upon iExec’s existing decentralized infrastructure, decentralized oracles are extremely easy to deploy, and developers can implement them quickly, even with custom logic.

How is the iExec RLC Network Secured?

At its core, the proof-of-contribution or PoCo protocol used by iExec is a simple Schelling game between off-chain computation providers called “Workers.”

A given number of workers is randomly chosen from a larger group and assigned the same computation. Each of them proposes a result, and the result proposed by the largest number of workers is taken as the overall computation result.

The trust level for the computation can be set arbitrarily and determines the number of replications. It also includes an on-chain mechanism that protects the entire system against attacks. Furthermore, the network is scalable too, getting cheaper as more Workers join the iExec platform.

PoCo was designed to provide trust in an open and decentralized environment of untrusted machines. In addition to achieving off-chain consensus, PoCo also orchestrates the different contributions to the iExec network. For this reason, payments to providers are always made fairly and promptly.

What is the Use of RLC?

One of the main uses of RLC, beyond being a transfer of value and a means of payment on iExec is staking. This is the means by which workers are rewarded for correct contributions but also penalized for bad behavior.

RLC, which stands for “Run on Lots of Computers,” is an ERC-20 token on the Ethereum blockchain.

How Much RLC is In Circulation?

The RLC token has a circulating supply of over 80 million and a total supply of just under 87 million. Following its October 2016 launch, the project carried out an ICO (Initial Coin Offering) in April 2017, which became the 5th largest ICO at the time, raising 10,000 BTC.

How Do You Buy RLC?

RLC is an ERC-20 token on the Ethereum blockchain, which means it’s very easy to acquire. If you’re one of the many crypto enthusiasts gravitating away from centralized exchanges, ERC-20 tokens are perfect for you.

Uniswap is the go-to for any ERC-20 token, but you can also buy RLC on other decentralized exchanges such as Sushi and Bancor.

How Do You Store RLC?

In the same way that ERC-20 tokens are easy to get a hold of, they’re also very easy to store. Some of the best and most popular crypto wallets were made for Ethereum-based tokens, RLC included.

As such, you can use any Ethereum-compatible wallet to store RLC, whether that’s a hot wallet like Metamask or a hardware wallet like Ledger.

Is RLC a Good Investment?

iExec is an offering that checks a lot of boxes when it comes to the future of the Internet and Web3, with decentralized solutions and fair compensation to resource providers.

It can be argued that there is a reliance on off-chain solutions and centralized technologies, given the project’s use of Intel SGX. However, unlike Amazon’s AWS, Intel SGX is purely hardware-based and provides no vector for user data to leak to the corporation behind the tech.

Ultimately, decentralized technology and Web3 are optimistic views of the future. It’s a long, quiet war against the infinitely funded establishment of a corporate-controlled, predatory internet, but if Web3 is to win, iExec could certainly play a major role in that particular revolution.