iExec (RLC): An Overview of the Project
iExec RLC exemplifies the transformation of a Web3 marketplace with its native ERC-20 token RLC, evolving into an entity similar to an Ethereum sidechain. The platform’s distinct consensus algorithm, dedicated dApps creation infrastructure, secure smart contracts, and oracle factory are hallmarks of this transformation.
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iExec has emerged as a prominent provider of resources for blockchain-based decentralized computations. By employing blockchain technologies and smart contracts, it has cultivated a novel decentralized marketplace where users can buy and sell computational resources and power, and even datasets, in addition to decentralized applications (dApps).
iExec offers support for DApps across diverse sectors such as big data, healthcare, artificial intelligence (AI), rendering, and fintech. Launched on October 16, 2016, by two visionary scientists, the project set out to introduce a new decentralized peer-to-peer model into cloud computing.
iExec RLC Founders
Gilles Fedak is the CEO and co-founder of iExec. Before initiating iExec, he served as a research associate at INRIA and the University of California, San Diego, and as ATER at the University of Paris-Sud. His academic credentials include a Ph.D. in Philosophy and Computer Science.
Haiwu He, another co-founder of iExec, oversees the Asia-Pacific region (APAC). He previously held the position of a professor at the Chinese Academy of Sciences, was a research engineer in innovation at ENS Lyon, co-founded iRentCPU, worked as an expert and research engineer at INRA, and taught as an associate professor at Hohai University. Like Gilles, he also has a Ph.D. in Philosophy and Computer Science.
Components of the iExec RLC Project
The iExec RLC project consists of key components like the iExec Marketplace, iExec SDK, oracle factory, and the native RLC token.
The platform empowers users to monetize their surplus computational capacity and earn rewards in the form of RLC tokens. Therefore, the native RLC token operates as the internal currency of the iExec network, facilitating transactions among participants.
Users within the iExec network can either offer or rent computational resources. To access the iExec network, they are required to install a client software application, which serves as a gateway to the iExec network and facilitates access to the marketplace and SDK tools.
iExec Marketplace
The iExec Marketplace functions similarly to a decentralized exchange, where users can trade spare computational power.
The iExec network utilizes smart contracts to manage and oversee rental agreements, ensuring synchronous fulfillment of responsibilities on payment and provision of computational resources for rent.
Users can lease out their computational resources based on an exchange trading system, offering customers information about the types of computational power, rental fees, and the location of the equipment.
The marketplace represents a comprehensive decentralized trading platform. Source: iex.ec
iExec SDK
The iExec SDK is a toolkit that developers can utilize to create and deploy decentralized applications (dApps) on the iExec network. The SDK provides developers with a suite of functionalities and tools, including:
- A platform for the development and deployment of dApps on the iExec network.
- A collection of APIs to interact with the iExec network and gain access to computing resources available on the marketplace.
- An Ethereum-compatible wallet to store RLC tokens and interact with the iExec network.
Developers are advised to use the iExec SDK to craft applications and oracles that can be utilized globally. The SDK tools provide developers access to various computing resources, inclusive of CPUs, GPUs, and FPGAs, which can be employed for executing complex computing tasks or calculating hash functions.
By leveraging the open-source XtremWeb-HEP software designed for building desktop applications, developers can integrate features such as multitasking, resilience, support for an unlimited number of users, deploying VR images, private infrastructure, data management, enhanced security, and more.
PoCo Consensus Algorithm
The platform has integrated a unique consensus protocol termed as PoCo, or Proof-of-Contribution, facilitating consensus on computations performed off-chain. External resource providers can utilize leased resources, which, due to PoCo, are effectively certified for use within a blockchain setting.
iExec enables smart contracts to overcome the limitations of the Ethereum blockchain, including scalability issues, weak code protection, and susceptibility to attacks.
iExec has developed a Trusted Execution Environment (TEE) to maintain a high level of smart contract security. Due to the implementation of logic at the hardware level, this secure environment can assure code execution and its immutability.
Employing such a strategy significantly enhances the dependability of smart contracts, reducing the risk of potential hacking or external modifications.
Oracle Factory
iExec offers access to a marketplace of pre-existing oracles, which facilitate the transmission of real-world data to the digital environment. The catalog consists of nearly 80 oracles, the majority of which deliver current market values of various fiat currencies in pairs with digital assets or other fiat currencies. The library is public, and the oracles are free to use – to gain access to the code and data, users must authenticate themselves on the platform. There's also an option to create personal oracles and add them to the library.
The Oracle Factory. Source: iex.ec
Tokenomics
The native RLC token, an ERC-20 standard token, has been issued on the Ethereum network. Currently, 81 million RLC have been minted out of a potential 87 million. RLC ranks 175th in the CoinMarketCap rating by market capitalization, which is over $159 million.
RLC is available for trading on various cryptocurrency centralized exchanges (CEX), such as WhiteBIT, Coinbase, Kraken, Huobi, and HitBTC, among others. Decentralized exchanges (DEXs) like SushiSwap, Uniswap, Polkaswap, etc., also list this asset.
RLC can be stored in any wallets that support Ethereum network assets, including Trust Wallet, MetaMask, Ledger, and more.
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