What is iExec Coin (RLC)?

iExec stands out as the premier supplier of decentralized computing based on blockchain technology. Leveraging blockchain, it establishes a marketplace where individuals can profit from their computing capabilities, applications, and datasets.

This platform offers immediate access to cloud computing resources upon request. iExec caters to various fields including big data, healthcare, AI, rendering, and fintech. Established on October 16, 2016, iExec aims to revolutionize cloud computing by introducing a fresh paradigm in this domain.

Think of iExec as a platform akin to Amazon S3 or Microsoft Azure. However, unlike these centralized services, iExec operates through a network of numerous nodes, allowing for decentralized off-chain computing specifically tailored for blockchain applications.

The trend of decentralized cloud computing has been on the rise, especially with the emergence of blockchain startups seeking the cost-efficiency and operational effectiveness offered by a blockchain-based platform.

Similar initiatives such as Siacoin, Storj, Maidsafecoin, and Golem share this focus. Nevertheless, iExec sets itself apart by not solely concentrating on storage but also harnessing cloud services for computational power. Its primary target lies within the blockchain ecosystem and the expanding domain of decentralized applications (dApps).

Who is the founder of iExec Coin?

iExec boasts a robust team equipped with extensive expertise in research and cloud computing. Specifically, among the core team of six PhDs, four members have dedicated over a decade to the realm of cloud computing.

These four individuals, namely Gilles Fedak, Haiwu He, Oleg Lodygensky, and Mircea Moca, have invested substantial time in developing Desktop Grid applications. iExec emerged as a culmination of their collaborative endeavors.

Gilles Fedak encountered Ethereum for the first time in 2016, marking a pivotal moment for the team. This encounter led to the resolution of a longstanding debate that had persisted since 2012: the creation of a distributed cloud computing platform based on Desktop Grid computing.

How Does iExec Coin Function?

If the platforms supporting dApps can't handle their computing demands, how does iExec manage to support all that power? By moving them off-chain, allowing on-chain functions to run smoothly.

iExec achieves this through XtremWeb-HEP, an open-source Desktop Grid Software. This software aggregates available computing resources for use by applications and platforms.

As outlined in iExec's whitepaper, they aim to enable this globally, supporting fault-tolerance, multiple applications and users, hybrid public/private infrastructure, virtual image deployment, data management, security, accountability, and more.

Essentially, the software enables any dApp to tap into iExec's computing resources, offering developers the freedom to access processing power, even as substantial as a warehouse-sized data center. This flexibility and scalability empower developers, driven by a free-market approach to resource allocation.

The matching of client needs with host availability is managed via smart contracts. iExec's matchmaking algorithm processes network resource requests, matching them appropriately with providers. It assesses each task, determines the required computing resource, and progresses through tasks accordingly.

To ensure users receive requested resources, iExec employs a Proof-of-Contribution (PoC) consensus algorithm. This mechanism establishes computational power as the protocol for off-chain consensus within iExec.

Beyond providing trust, PoCo manages contributions to the iExec network, ensuring fair and timely payments. Additionally, it includes a permission mechanism for controlling access to applications, datasets, and worker pools.

What are the main features of iExec Coin?

• Oracle Services: iExec provides Oracle services enabling decentralized applications (dApps) to access real-time data. By utilizing a data source, anyone using a browser can retrieve data from an external data point for their blockchain-based solutions. 
  Given that blockchains typically operate independently and don't interact with external datasets, Oracles facilitates real-time functionality for applications on the blockchain.

• Web3 Marketplace: Within a blockchain environment, locating and renting memory or disk space from Blockchain cloud services can pose significant challenges. Users have the opportunity to link their devices and lease their memory/storage in exchange for RLC tokens. All these transactions occur atop a blockchain, simplifying tracking mechanisms for participants.

• iExec SDK: Users have access to the SDK, enabling them to employ the JavaScript library and Command-Line Interface (CLI) to perform 'off-chain' computations using the iExec decentralized cloud.

  To read more on iExec Coin (RLC) visit Suncrypto Price Explorer