What Is iEXec RLC? Is iExec RLC a Good Buy?

What is iEXec RLC?

iExec RLC (RLC) is known as a Cloud Computing platform, built on the Ethereum Blockchain. This project is a fork of Ethereum, designed to perform tasks related to big data and computer applications. iExec RLC’s development team provides decentralized applications (dApps) running on Blockchain, helping users easily access services and infrastructure.

Essentially, iExec RLC is like Amazon S3 or Microsoft Azure. However, instead of focusing on servers in one location. iExec RLC splits into multiple Nodes, allowing off-chain calculations for Blockchain applications.

https://iex.ec/

iExec RLC’s protocol connects both sellers and buyers of cloud resources, promoting the development of a decentralized and privacy-preserving dApp ecosystem.

Main features of iExec RLC

DApp store

DApp store is a decentralized version of the Google Play app store, including many types of decentralized applications (dApps) built on the iExec platform. iExec RLC targets areas such as: artificial intelligence, big data, internet of things and financial applications that require strong computing power.

All applications built on iExec will be listed on the DApp store. Users can browse and use their favorite dApps. Meanwhile, developers can release their dApps and earn income from it.

Data market

More than just providing a marketplace for applications and computing resources. iExec RLC also plans to build an expanded marketplace for data. Here, data owners can sell their data to dApp developers or anyone who wants to buy.

This data market can include various types of data such as government data, stock market statistics, real estate data, etc. Expanding into the data market increases the value and utility of the iExec platform.

iExec Cloud Marketplace

iExec Cloud Marketplace

Users have access to perform transactions with cloud computing. Users can also release their computing resources to the network for free in exchange for RLC coins as payment. At the same time, people can shop for the resources they require to power the dApp. These include a Smart Contract, ensuring no supplier can provide more resources than they have available.

Cloud Marketplace on iExec RLC allows buyers to choose from a variety of machines (CPU, GPU, trusted execution environment). In addition, iExec RLC specifies the level of trust they see fit.

In addition, iExec RLC also owns a reputable Smart Contract to measure and evaluate supplier reliability. With this system, reputable suppliers will demand higher prices. However, users can also choose less reliable suppliers to reduce costs.

Xtremeweb-HEP

iExec RLC provides computing power for dApps and smart contracts. This is done by decoupling computing power from the blockchain so that on-chain functions continue to run smoothly.

iExec RLC uses open source software Xtremeweb-HEP to combine all available computing resources and make them available to applications. This platform can optimize global computing power with features such as fault tolerance, security, accountability.

Xtremeweb-HEP allows any dApp to access any computing resource on the iExec RLC network. Thanks to that, dApps are developed more flexibly, can expand and access the free market.

iExec RLC uses algorithms and smart contracts to efficiently meet customers’ computing resource needs.

PoC (Proof of Contribution) consensus algorithm

Proof of Contribution

To ensure users receive requested resources, iExec uses the Proof of Contribution (PoC) consensus algorithm. This is how iExec generates computing power by creating consensus versus off-blockchain computing.

In addition to providing trust, the PoC also aligns various contributions to the iExec network. Thanks to that, iExec always ensures transparent and timely payments. iExec also includes mechanisms to control access to applications and data.

Tokenomics information

Basic information RLC Token

• Token Name: iExec RLC

• Ticker: RLC.

• Blockchain: Ethereum.

• Token Type: Utility Token.

• Token Standard: ERC20.

• Circulating Supply: 72,382,548 .

• Total Supply: 86,999,785

• Max Supply: 86,999,785

• Contract: 0x607f4c5bb672230e8672085532f7e901544a7375

Token Use Case

Basically, RLC is an ERC20 token that has a management and operational role on the Ethereum network but can also be used in the iExec RLC ecosystem.

• Staking: Users can participate in Staking RLC coins to receive rewards.

• Liquidity Mining: iExec has partnered with Humming Bot, allowing any user to have enough RLC coins to leverage the platform. Users act as market makers and redeem rewards offered by exchanges, token issuers.

• Liquidity Pooling: RLC coin owners have the opportunity to become RLC liquidity providers on some decentralized exchanges such as Uniswap, Bancor.

RLC Token Allocation

RLC tokens are allocated as follows

• ICO sale: 69%

• Reserve fund: 6.9%

• Development team and investors: 17.2%

• Rewards and network growth: 6.9%

RLC Sale

The project called for capital in the form of ICO on April 19, 2017, the project raised a total of 10,000 BTC for 87,000,000 RLC tokens.

RLC Vesting schedule

Updating

RLC exchange & storage wallet

RLC storage wallet

RLC token is ERC-20 compatible, so it can be stored in any ERC-20 compatible wallet such as: Trust Wallet, MetaMask,…

RLC trading platform

If you want to trade the electronic currency iEXEC RLC coin, you can choose one of many large and small exchanges in the world including Binance, OKX, Upbit, Gate.io,

iExec RLC development team

Development team

Gilles Fedak – CEO

• Has more than 10 years of experience in Cloud Computing research activities.

• Formerly a research scientist at Inria – a research institute for Digital Science and Technology.

• Possesses two prestigious degrees, Master of Computer Science and PhD in Philosophy, author of more than 80 scientific journals.

Haiwu He – Co-founder

• Professor at Chinese Academy of Sciences and Computer Network Information Center (CNIC).

• Scholar of the Chinese Ministry of Education.

• Haiwu has many years of experience working at INSIA as a researcher.

• He has more than 30 published journal articles and scientific articles on Big Data, Blockchain and HPC.

In addition, iExec RLC also owns a development team of experts with many years of experience in Cloud Computing as well as other related fields.

Partner

iExec RLC is a potential project with a new direction, so it has attracted a lot of attention from investors. Currently, iExec RLC cooperates with many large and experienced units in the industry, such as: IBM Cloud, UBISOFT, SCONE, Parity, Genesis Mining, RSK, SHIFT, Bpifrance, Intel,…

Roadmap

Quarter 1/2023:

Launch of iExec V6, enhancing data synchronization and enhancing iExec scalability.
Launched iExec DeX service, supporting transactions on many different exchanges.

Quarter 2/2023:

Launched iExec Enterprise, helping businesses deploy secured applications on iExec.
Improved iExec Oracle Factory, providing compatibility with many different blockchains.

Quarter 3/2023:

Launch of iExec Enclave v2, adding security and reliability tapplications on the iExec network.
Launched iExec DeFi, providing diverse financial products and services on the iExec network.

Quarter 4/2023:

Launched iExec V7, adding distributed and multi-chain features tiExec.
Launch of iExec NFT, providing a platform for NFT applications on the iExec network.
Please note that this roadmap may change or be updated during the development of the iExec project.

Similar projects

Projects similar to iExec RLC can be mentioned as:

Siacoin

• Siacoin: Project specializing in intensive storage of decentralized files. Siacoin users can distribute and interact with other network participants.

• Golem: Real estate project based on Ethereum platform. This project appeals to HPC users and creates quality virtual “supercomputers”.

Conclude

Through this overview article about the iExec RLC project, AZC News hopes readers will grasp basic information about this project to make their own investment decisions. Wishing you a successful investment!