{"id":6668,"date":"2024-04-03T03:49:06","date_gmt":"2024-04-03T07:49:06","guid":{"rendered":"https:\/\/coincentral.com\/?p=6668"},"modified":"2024-04-04T13:19:19","modified_gmt":"2024-04-04T17:19:19","slug":"iexec-rlc-beginners-guide","status":"publish","type":"post","link":"https:\/\/coincentral.com\/iexec-rlc-beginners-guide\/","title":{"rendered":"What is iExec RLC? A Beginner\u2019s Guide to Decentralized Cloud Computing"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Decentralized cloud computing sounds like a beautiful combination of buzzwords used to hype up a product, doesn\u2019t it? \u00a0Don\u2019t worry, iExec has substance to back up the buzz, and if this is the first time you\u2019ve heard about the project, that makes sense&#8211;the team isn\u2019t big on hype.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As this guide\u2019s title suggests, iExec is a platform for decentralized cloud computing\u2013 think IBM or Microsoft cloud services, but broken up into multiple nodes for off-chain computing of blockchain applications. It\u2019s a similar concept to Golem (supercomputing) and Siacoin (cloud storage), except it uses\u00a0cloud services for processing power. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its target audience is the blockchain realm itself and its budding ecosystem of DApps.<\/span><\/p>\n<h2><b>Blockchain and Cloud Computing<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Before we break down how iExec functions, it\u2019d be useful to look at centralized cloud computing as it stands today. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cloud computing has quickly become an industry standard for companies that want access to processing power without having to maintain expensive technological infrastructure. \u00a0Companies like Netflix, Apple, Etsy, and Xerox, for instance, manage some (or all) of their applications and data with cloud computing from companies like Amazon, Google, IBM, or Microsoft. \u00a0The reason is simple: if these companies already have tens of thousands of servers to support data-intensive computations, why not outsource their processing power? \u00a0Simply put, these services give businesses access to otherwise expensive resources.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">iExec wants to provide the same service, but they want to decentralize it. \u00a0The market for this industry was $22.4bln in 2016, and it\u2019s projected to reach $55bln by 2026. \u00a0More or less, the big players have cemented themselves as reliable providers, so why would iExec try to disrupt an industry that seems set in stone?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The simple answer is that they\u2019re not trying to.\u00a0 Instead, they want to be for decentralized applications what popular cloud computing services are for legacy businesses: the one-stop resource for blockchain cloud computing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You might be asking, why does blockchain need this? <\/span><span style=\"font-weight: 400;\">Basically, if any of the smart contracts built on <a href=\"https:\/\/coincentral.com\/what-is-ethereum\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> (or any DApp platform) want to function properly in real-world use, they\u2019ll need access to more computing than the Ethereum virtual machine provides. Ethereum\u2019s virtual machine houses and executes smart contracts on the network\u2019s nodes and mining programs. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As DApps and smart contracts see adoption and widespread use, running all these computations through Ethereum\u2019s blockchain would create a latency\/scalability disaster of such magnitude that would render the network useless&#8211;just look at what a few million dollars worth of <a href=\"https:\/\/coincentral.com\/crypto-multimedia-entertainment-reach\/\" target=\"_blank\" rel=\"noopener\">CryptoKitties<\/a> did to Ethereum in a matter of days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Essentially, iExec wants to create a network of computing resources that will allow the Ethereum ecosystem to scale to its potential in the future.<\/span><\/p>\n<h2><b>How Does iExec RLC Work?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To support DApps, smart contracts, and their platforms, iExec takes processing-intensive computations off-chain to keep a blockchain\u2019s on-chain functions running smoothly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To do this, iExec makes use of XtremWeb-HEP, an open-sourced Desktop Grid Software. \u00a0Desktop Grid computing (also known as Volunteer Computing) pools unused computing resources to be used by applications and platforms, and according to <a href=\"https:\/\/iex.ec\/app\/uploads\/2017\/04\/iExec-WPv2.0-English.pdf\" target=\"_blank\" rel=\"nofollow noopener\">iExec\u2019s whitepaper<\/a>, XtremWeb-HEP \u201cimplements all the needed features\u201d to make this possible on a global scale, including \u201cfault-tolerance, multi-applications, multi-users, hybrid public\/private infrastructure, deployment of virtual images, data management, security and accountability, and many more.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Essentially, with this software, DApps can run their programs using any computing resource in the iExec framework. This means that developers and DApp users can commission processing power from a resource as small as a PC\u2019s CPU to as large as a warehouse-sized data center. Options will be flexible, scalable, and free-market-driven, allowing users to find just the right amount of computing power for the task at hand.<\/span><\/p>\n<p><a href=\"https:\/\/iex.ec\/app\/uploads\/2017\/04\/iExec-WPv2.0-English.pdf\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-6669 size-full\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iexecgraphic.png\" alt=\"iExec infographic\" width=\"735\" height=\"779\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iexecgraphic.png 735w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iexecgraphic-591x626.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iexecgraphic-621x658.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iexecgraphic-283x300.png 283w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iexecgraphic-425x450.png 425w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iexecgraphic-600x636.png 600w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">iExec accomplishes this service matching using its smart contracts. \u00a0The Matchmaking algorithm, for example, takes resource requests on the network and matches them with an appropriate provider. \u00a0This smart contract basically looks at a DApp&#8217;s task and asks, \u201cCan this computing resource run this program?\u201d \u00a0If yes, then it\u2019s a match made in heaven. \u00a0If not, then it\u2019s time to move on (nothing personal).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to ensure that users are getting the resources they need, iExec uses a Proof of Contribution model. \u00a0This consensus algorithm makes sure that a provider provisions the computational power needed by the user, and it rewards this provider with RLC, iExec\u2019s token, in return for these services.<\/span><\/p>\n<h2><b>iExec\u2019s Platform Components<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Taking a step outside of the software and technicals, let\u2019s take a look at the pieces that make up iExec\u2019s platform. \u00a0These include its marketplace, DApp store, and data marketplace.<\/span><\/p>\n<p><b>Marketplace: <\/b><span style=\"font-weight: 400;\">The marketplace is iExec\u2019s hub for providers and users to exchange RLC for computer resources. \u00a0Through the marketplace, individuals\/developers running DApps can shop for the resources tailored to their application\u2019s needs.\u00a0 iExec comes with a Matchmaking smart contract that ensures that no provider is biting off more than it can chew when committing its processing power to a contract. \u00a0Moreover, a reputation smart contract manages a provider\u2019s reliability. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think of this like a Yelp review for computing resources. \u00a0This reputation system allows users to choose the level of reliability they want, paying less for a less reliable host if they so desire. \u00a0Thus, the marketplace is free-market driven, and the more providers and users on it, the more competition will dictate pricing.<\/span><\/p>\n<p><b>DApp Store<\/b><span style=\"font-weight: 400;\">: Finally, a decentralized equivalent to application stores. \u00a0As its name suggests, the DApp store allows you to browse and purchase DApps that are built on or use iExec. \u00a0And the cool thing is the <a href=\"https:\/\/dapps.iex.ec\/\" target=\"_blank\" rel=\"nofollow noopener\">DApp store is live<\/a> and already features applications you can purchase today. \u00a0Additionally, application providers can also submit their DApps for listing on the platform.<\/span><\/p>\n<p><a href=\"https:\/\/dapps.iex.ec\/\"><img decoding=\"async\" class=\"wp-image-6672 size-full aligncenter\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore.png\" alt=\"iExec dApp Store\" width=\"1909\" height=\"725\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore.png 1909w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore-591x224.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore-621x236.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore-300x114.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore-768x292.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore-874x332.png 874w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecdappstore-600x228.png 600w\" sizes=\"(max-width: 1909px) 100vw, 1909px\" \/><\/a><\/p>\n<p><b>Data Marketplace: <\/b><span style=\"font-weight: 400;\">This marketplace is to data what the DApp store is to applications. \u00a0With it, data providers can sell their excess data to DApp providers or any other party willing to purchase it. \u00a0Ranging from athlete stats to government consensus data, the sky\u2019s the limit to what you could market on this platform. \u00a0If someone is willing to buy it, you can use iExec to sell it. Unlike the DApp store (up and running) and Marketplace (set to release this year), the Data Marketplace is still in the conceptual stages of its development, so don\u2019t expect it for some time yet.<\/span><\/p>\n<h2><b>iExec Team and What\u2019s to Come<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">iExec\u2019s core team consists of six PhDs, four of whom have been working in cloud computing since the early 2000s.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These four, Gilles Fedak, Haiwu He, Oleg Lodygensky, and Mircea Moca, have experience working at INRIA and CNRS developing programs for Desktop Grid computing. \u00a0iExec is the product of their collective experience, and after Gilles Fedak discovered Ethereum in 2016, the team found the solution to a problem they had been debating since 2012: how to create a distributed cloud based on Desktop Grid computing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, iExec was born, and the team has been making steady progress towards realizing their goal since. They maintain an active <a href=\"https:\/\/github.com\/iExecBlockchainComputing\" target=\"_blank\" rel=\"nofollow noopener\">GitHub<\/a>, updating it consistently with the open-sourced fruits of their labor, including iExec\u2019s software development kit in November of 2017.<\/span><\/p>\n<p><a href=\"https:\/\/iex.ec\/about-us\/\"><img decoding=\"async\" class=\"alignnone wp-image-6671 size-full\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam.png\" alt=\"iExec team\" width=\"1556\" height=\"438\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam.png 1556w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam-591x166.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam-621x175.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam-300x84.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam-768x216.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam-874x246.png 874w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteam-600x169.png 600w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Most all of iExec\u2019s v1 \u201cEssential Edition\u201d of its roadmap has been accomplished. \u00a0Up next is the v2 \u201cMarket Network,\u201d which will look to expand on the DApp store and launch the network\u2019s Marketplace.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When this Marketplace is launched, iExec will also undergo a decentralization process, as all data\/computing centers are currently under the control of iExec\u2019s team for reasons of convenience. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The team will tackle V3-v5 in time, but most of these developments will come in the far future.<\/span><\/p>\n<h2><b>iExec&#8217;s Competition <\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In their whitepaper, the iExec team lays out the project\u2019s competitive landscape and explains these competitors in relation to iExec.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They\u2019re quick to note that <a href=\"https:\/\/coincentral.com\/off-races-best-decentralized-storage-solutions-storj-sia-filecoin-maidsafe\/\" target=\"_blank\" rel=\"noopener\">decentralized cloud storage providers<\/a> like <a href=\"https:\/\/coincentral.com\/filecoin-beginners-guide-largest-ever-ico\/\" target=\"_blank\" rel=\"noopener\">Filecoin<\/a>, <a href=\"https:\/\/coincentral.com\/storj-beginners-guide\/\" target=\"_blank\" rel=\"noopener\">Storj<\/a>, and <a href=\"https:\/\/coincentral.com\/siacoin-beginner-guide\/\" target=\"_blank\" rel=\"noopener\">Siacoin<\/a> are not direct competitors, and it&#8217;s easy to see why. \u00a0While iExec could theoretically take a step in this direction as it matures, it\u2019s not a storage platform; it\u2019s a computing platform.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This does put it in competition with other decentralized computing protocols like Golem and SOMN. Both of these, however, are taking aim at a different animal. \u00a0Essentially, they\u2019re both building a decentralized supercomputer on blockchain technology, while iExec is targeting DApp development and sustainability. \u00a0Both look towards a future of a blockchain-powered, decentralized internet, but their functions, while sometimes similar, are more complementary than conflicting. <\/span><\/p>\n<h2><b>iExec Trading History<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">iExec had a brief stint in the market cap top 100 before the crash, only to settle back down below this threshold during the bloodbath.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing,\u00a0 iExec has a market cap of $239,425,224 and is valued at $3.31 per token.<br \/>\n<\/span><\/p>\n<h2><b>Where to Buy iExec RLC<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Coinbase, <a href=\"https:\/\/coincentral.com\/binance-review\/\">Binance<\/a>, and HTX, account for the majority of RLC\u2019s trading volume. \u00a0Each exchange sports BTC and ETH trading pairs, while you can also buy it directly with USD on Bitfinex.<\/span><\/p>\n<h2>Where to Store iExec RLC<\/h2>\n<p><span style=\"font-weight: 400;\">RLC is an ERC20 token, so an Ethereum-compatible wallet will have you covered for storage, including <a href=\"https:\/\/coincentral.com\/myetherwallet-review\/\" target=\"_blank\" rel=\"noopener\">MyEtherWallet<\/a>, <a href=\"https:\/\/coincentral.com\/ledger-nano-s-wallet-review\/\" target=\"_blank\" rel=\"noopener\">Nano Ledger S<\/a>, Meta Mask, Exodus, Laxx, and imToken.<\/span><\/p>\n<h2><b>Final Thoughts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If iExec functions as intended, it could scale exponentially as more providers and computing resources join the network. \u00a0This could open the door for scalability solutions, sustainable DApp support, and future blockchain adoption. \u00a0It also provides a greener alternative to current cloud computing models, as resources are only used when they\u2019re needed and in a less energy-intensive manner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The project is certainly ambitious, but for what it\u2019s worth, the iExec team has worked on successful projects before in the same vein. \u00a0They helped to develop the <\/span><a href=\"https:\/\/desktopgridfederation.org\/\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">European Desktop Grid Infrastructure<\/span><\/a><span style=\"font-weight: 400;\">, a series of 200,000 nodes that executed more than a million tasks using Desktop Grid computing. \u00a0This project laid the foundation for iExec, while also demonstrating its feasibility.<\/span><\/p>\n<p><a href=\"https:\/\/iex.ec\/app\/uploads\/2017\/04\/iExec-WPv2.0-English.pdf\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6670 size-full\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp.png\" alt=\"iExec team experience\" width=\"922\" height=\"804\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp.png 922w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp-591x515.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp-621x542.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp-300x262.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp-768x670.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp-516x450.png 516w, https:\/\/coincentral.com\/wp-content\/uploads\/2018\/02\/iExecteamexp-600x523.png 600w\" sizes=\"(max-width: 922px) 100vw, 922px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">We don\u2019t know whether or not iExec will live up to its expectations, but we sure do have confidence that its team isn\u2019t piddling around with this project. \u00a0It have the experience, the brainpower, and the determination to see this project through, and for the future of blockchain, only time will tell if it will take advantage of its growth potential.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s iExec RLC, you might ask? Check out our iExec beginner\u2019s guide to learn more about iExec RLC platform and decentralized cloud computing.<\/p>\n","protected":false},"author":28,"featured_media":6676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"iawp_total_views":15,"footnotes":""},"categories":[5714],"tags":[5762],"class_list":{"0":"post-6668","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-articles","8":"tag-cryptocurrency-industry"},"wppr_data":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is iExec RLC? A Beginner\u2019s Guide | Coin Central<\/title>\n<meta name=\"description\" content=\"What\u2019s iExec RLC, you might ask? 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