Blockchain technology allows for the creation of innovative business models. iExec is one of those projects which seeks to combine blockchain with cloud computing. It aims to build the first marketplace for cloud resources in a decentralized manner. There are quite a few intriguing aspects to this project, and it is fully powered by the RLC token.
What Exactly is iExec?
The company has one simple goal in mind: reinventing the concept of cloud computing altogether. Building the next generation of IT infrastructure is not an easy task, but focusing on decentralizing cloud computing is certainly an option worth exploring. After all, the “cloud” in its current form just means moving data to someone else’s computer or server. It doesn’t solve any central point of failure-related problems whatsoever. iExec envisions an entirely different business approach in this regard.
How Does it all Work?
There are many aspects of iExec that one needs to be aware of. First of all, the team is working on building a decentralized marketplace for cloud computing resources. Anyone in the world can offer their spare computing resources to let others store data or perform other activites. Overcoming blockchain-based limitations as a developer, for example, is just one of the potential use cases for decentralized cloud computing.
Additionally, iExec accommodates distributed applications or dApps. This provides users with scalable, secure, and convenient access to the services provided by iExec. Because this project resides on top of the Ethereum ecosystem, it also benefits from smart contract technology in building a virtual cloud infrastructure.
Combining blockchain with big data and high-performance computing creates some interesting opportunities. iExec wants to make this business model cheaper and more accessible to the general public. With its on-demand, secure and scalable solution providing unlimited computing resources, this project is certainly headed in a good direction. The technology also uses XtremWeb-HEP for parallel and distributed computing.
The iExec RLC Token
None of these features will be accessible without owning and using the iExec RLC token. It is a currency which is used for completing payments throughout the iExec ecosystem. For iExec RLC investors, it also creates an opportunity for long-term profits, assuming this decentralized cloud computing ecosystem becomes popular in the future. Anyone who rents out computing resources to iExec will be rewarded with RLC tokens accordingly.
The Road Ahead
The iExec project will see multiple version releases of its infrastructure. Each future version will offer more functionality and new features. As of right now, there is still a lot of work to be done. The main focus currently is collecting feedback from the recently released Blender application, which offers CGI rendering solutions. Later this year, we will see a new version of the SDK including the full marketplace and a new algorithm which will let more workers join the network.