iExec

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is iExec?

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iExec (RLC) is a decentralized, blockchain-based cloud computing platform that connects resource providers and users in an open marketplace. It enables on-demand access to computing power, datasets, and applications, utilizing the RLC token as its primary medium of exchange. The platform aims to provide a scalable, secure, and manageable infrastructure for decentralized applications, leveraging technologies like Desktop Grid computing and Proof-of-Contribution consensus.

How is iExec used?

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iExec (RLC) is a decentralized cloud computing platform that connects service providers and users in a blockchain-based marketplace. Here's how it works:

Decentralized Cloud Computing: iExec allows decentralized applications (dApps) to access on-demand computing resources and technologies on its cloud infrastructure. This includes servers, databases, SaaS applications, web hosting, and computer farms.
RLC Token: The RLC token is the primary medium of exchange on the iExec platform. It is an ERC-20 token with a capped supply of 87 million tokens. Users can purchase RLC on various exchanges, earn it by participating in the marketplace, or provide liquidity for the token.
Marketplace: The iExec Marketplace allows service providers to offer their computational resources and users to request these resources. The marketplace uses a matchmaking smart contract to match user requests with suitable providers. Users can place "work orders" that are automatically executed when their criteria are met by providers.
Enterprise Marketplace: iExec also has an Enterprise Marketplace designed for businesses, which includes Know-Your-Customer (KYC), Know-Your-Business (KYB), and Anti-Money-Laundering (AML) features for enhanced security and compliance.
Proof of Contribution (PoC): iExec uses a Proof of Contribution model to ensure fair and timely payments for computational power. This model also orchestrates contributions to the network and includes a permission mechanism to control access to applications, datasets, and worker pools.

Overall, iExec aims to provide a decentralized, cost-effective, and high-performance computing solution for the blockchain ecosystem and its growing realm of decentralized applications.

How do I store iExec?

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To store iExec (RLC) tokens, you have several options:

MyEtherWallet (MEW): MEW is a feature-rich platform that offers secure storage, transfers, and management of RLC tokens. You can use MEW to store and manage your RLC tokens with confidence.
Ledger Nano S: You can also store RLC tokens on a Ledger Nano S. Simply connect your Ledger to your PC or Mac, unlock it, and use MyEtherWallet to manage your RLC tokens.
Trust Wallet: Another option is to use Trust Wallet. You can acquire RLC tokens by purchasing them on a cryptocurrency exchange, then withdraw them to your Ethereum address in Trust Wallet. Ensure you use the ERC-20 network for the transfer. Trust Wallet allows you to view your RLC balance, send tokens, and utilize them for transactions and trades.

Coin98 Wallet: Coin98 Wallet is another platform where you can store RLC tokens. To do this, open Coin98 Wallet, click "Receive" on the home screen, search for RLC Token, and follow the on-screen instructions.

These wallets provide secure environments for storing and managing your iExec RLC tokens.

How to buy iExec?

To buy iExec (RLC) tokens, you can follow these steps:

Create an Account:
- On Coinbase: Download the Coinbase app and sign up with a valid ID and proof of address.
- On Binance: Register via the Binance app or website with your email and mobile number.
- On Kraken: Create a Kraken account and fund it.
Verify Your Identity:
- On Coinbase: Verify your ID, which may take some time depending on your location.
- On Binance: Verify your identification to secure your account.
- On Kraken: Complete the sign-up process and fund your account.
Add a Payment Method:

On Coinbase: Connect a payment method like a bank account, debit card, or initiate a wire transfer.
On Binance: Choose from options like credit card, bank deposit, or third-party payment channels.
On Kraken: Fund your account with a supported payment method.

Select iExec RLC:
- On Coinbase: Search for iExec RLC in the app or on the website and select it.
- On Binance: Click on "Buy Crypto" and select iExec RLC from the available options.
- On Kraken: Select your desired RLC trading pair.
Enter the Amount:
- On Coinbase: Input the amount you want to spend in your local currency, which will be converted to iExec RLC.
- On Binance: Enter the amount you want to buy, and you have 1 minute to confirm the order at the current price.
- On Kraken: Enter the amount you want to trade.
Finalize the Purchase:

On Coinbase: Tap "Preview buy" to review the details and complete the purchase.
On Binance: Confirm your order and store or use your iExec RLC in your Binance account.
On Kraken: Complete the trade with your selected RLC trading pair.

Additionally, you can also use decentralized exchanges (DEX) like Uniswap or SushiSwap by connecting your Web3 wallet and following the trading procedures specific to each DEX.

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History of iExec

The history of iExec (RLC) dates back to 2012 when the company was founded by Dr. Gilles Fedak, Dr. Oleg Lodygensky, and Dr. Haiwu He. The founders, who have extensive backgrounds in research and academia, aimed to create a decentralized cloud computing platform that leverages blockchain technology to provide on-demand access to computing resources and technologies for decentralized applications (dApps).

On April 19, 2017, iExec conducted its Initial Coin Offering (ICO), raising $12 million by selling 60 million RLC tokens at $0.2521 each. This successful token sale was completed in less than 2 hours and 45 minutes, making it the 5th largest ICO at the time.

Since its inception, iExec has focused on developing a blockchain-based cloud computing marketplace that allows dApps to utilize off-chain computing resources, ensuring that blockchain functions run smoothly. The platform uses XtremWeb-HEP, an open-sourced Desktop Grid Software, to pool unused computing resources and make them available to dApps.

iExec's native cryptocurrency, RLC (short for "Run on Lots of Computers"), is the primary asset used to access services within the iExec infrastructure. The token has been listed on several exchanges, including Binance, Bittrex, and Upbit, and can be stored in any ERC-20 compatible wallet.

Throughout its history, iExec has positioned itself as a unique player in the decentralized cloud computing space, focusing on providing processing power rather than storage solutions. The project has gained popularity and exposure, with its market capitalization reaching $239,425,224 as of 2024.

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How iExec works

iExec (RLC) is a decentralized platform that provides cloud computing resources to developers, focusing on the blockchain ecosystem and decentralized applications (dApps). Here's how it works:

Decentralized Cloud Computing

iExec is similar to traditional cloud computing services like Amazon S3 or Microsoft Azure, but instead of having all servers in one centralized location, it is broken up into thousands of nodes. This allows for off-chain computing for blockchain applications, making it more scalable and efficient.

Desktop Grid Software

iExec uses an open-sourced Desktop Grid Software called XtremWeb-HEP, which pools all available computing resources and makes them available to applications and platforms. This software enables any dApp to utilize any computing resource on the iExec network, making it flexible and scalable.

Smart Contracts and Proof of Contribution

The matchmaking algorithm on the iExec platform uses smart contracts to match client needs with host availability. It ensures that users receive the resources they request and that providers are fairly compensated. iExec utilizes a Proof-of-Contribution (PoC) consensus algorithm, which orchestrates contributions to the network and ensures timely payments.

RLC Token

RLC is the native utility token of the iExec cloud platform. Users must hold RLC to interact with the services of the platform, paying a small fee in RLC to access the network of servers, applications, and data. RLC is used for payments, and all resource providers accept it as a means of payment.

Data Wallet

iExec offers a Data Wallet, which allows developers to monetize their datasets and AI models. The wallet incorporates enterprise-grade security processes to keep apps operating safely, and users can send and receive RLC token transactions using it.

Providers and Developers

Providers are nodes that rent their CPU power to others via the market, while developers utilize providers' services to create and execute applications. The platform is designed to remove technical boundaries, making it accessible to users without prior experience.

Marketplace and SDK

The iExec marketplace allows developers to access a large capacity of computing power from providers offering the best rates. iExec offers powerful CLI and JS libraries for developers, simplifying dApp development and reducing ETH gas fees. The platform also features a Dapp store where anyone can create and monetize their dApps.

Overall, iExec provides a decentralized cloud computing platform that enables developers to access scalable and efficient computing resources, while ensuring fair compensation for providers and promoting the growth of the blockchain ecosystem.

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iExec's strengths

iExec (RLC) has several strengths that contribute to its potential success:

Decentralized Cloud Computing: iExec operates as a decentralized marketplace, allowing developers to access cloud resources without relying on centralized providers like Amazon or Microsoft. This decentralized approach can provide more flexibility and cost-effectiveness.
Low Fees: iExec's decentralized format enables it to charge lower fees compared to traditional cloud computing services. This can lead to a more enjoyable user experience and increased adoption.
Streamlined Dapp Development: The platform is designed to streamline Dapp development by providing grants and support systems for developers. This can foster a healthy ecosystem and encourage the growth of Dapps on the network.

iExec Marketplace: The marketplace allows developers to access a large capacity of computing power from providers offering the best rates. This creates a competitive environment where providers can monetize their processing power and developers can find the best deals.
iExec SDK and CLI/JS Libraries: iExec offers powerful tools for developers, simplifying Dapp development and reducing ETH gas fees. These tools enable developers to create more robust and immersive Dapps.
Dapp Store: iExec's Dapp store allows anyone to create and monetize Dapps, which can increase the platform's value and attract more users.

Data Wallet: The Data Wallet provides a secure environment for developers to monetize their datasets and AI models, ensuring enterprise-grade security and facilitating RLC token transactions.
Proof of Contribution (PoC) Consensus Algorithm: iExec uses a PoC algorithm, which ensures fair and timely payments to providers and orchestrates contributions to the network, maintaining trust and control over access to applications and resources.
Experienced Team: The iExec team has a strong background in developing successful projects, such as the European Desktop Grid Infrastructure, which demonstrates their ability to execute ambitious projects.

These strengths position iExec as a promising platform for decentralized cloud computing and Dapp development, with a focus on cost-effectiveness, flexibility, and scalability.

iExec's risks

iExec (RLC) carries several risks, primarily related to its decentralized cloud computing model and the competitive landscape it operates in. Here are some key risks:

Competition: iExec operates in a highly competitive space with other decentralized cloud computing projects such as Siacoin, Storj, Maidsafecoin, and Golem. This competition could lead to difficulties in gaining market share and adoption.
Blockchain Limitations: While iExec aims to overcome blockchain limitations by allowing off-chain computations, it still relies on blockchain technology. This means it may be vulnerable to issues like scalability concerns and high gas fees, which could impact its performance.
Regulatory Uncertainty: As a decentralized platform, iExec may face regulatory challenges and uncertainties, which could affect its operations and adoption.

Technical Complexity: The platform's decentralized nature and use of advanced technologies like Proof-of-Contribution (PoC) consensus algorithm and XtremWeb-HEP software may make it difficult for users to understand and navigate, potentially limiting adoption.
Market Volatility: As with any cryptocurrency, the value of RLC can be highly volatile, making it a risky investment. Market fluctuations can result in significant losses for investors.
Implementation Challenges: iExec's ambitious goals, such as providing a fully decentralized cloud computing platform, may be difficult to implement and scale, which could lead to delays or setbacks.

Security Risks: As a decentralized platform, iExec may be vulnerable to security risks, such as hacking and data breaches, which could compromise user data and trust in the platform.
Adoption and Market Acceptance: iExec's success depends on widespread adoption and acceptance by developers and users. If the platform fails to gain significant traction, its value and viability may be impacted.

These risks highlight the importance of thorough research and careful consideration before investing in iExec (RLC).

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