iExec RLC (RLC) operates as a decentralized marketplace designed specifically to provide cloud resources to developers. The network is unique in that it enables anyone to monetize their applications, servers, and data sets. Developers gain access to trusted off-chain computation and data, while, regular users can earn simply by sharing unused CPU power with the network.
What Problems Does iExec RLC (RLC) Attempt to Fix?
There are a variety of issues that the iExec protocol seeks to eliminate. For one, the network combats centralization in the market. Currently, Amazon and a handful of other data center operators run the market. They have the power to dictate prices and features as they see fit with regular users left out of the equation. iExec provides a suitable alternative to the market via its fully distributed cloud computing platform.
Cloud Computing Statistics
The cloud computing sector has experienced impressive growth. In 2020, the combined end-user spending on cloud services totaled more than $270 billion. This year has increased the pace of adoption by 23.1 percent to a staggering $332.3 billion. Analysts predict that this trend will continue and By 2022, projections indicate that this figure will rise to $397.5 billion.
iExec seeks to tap into this budding market in many ways. The protocol offers a more balanced approach that removes the middlemen from the equation. Instead, peers provide services to other network users via a secure blockchain-based protocol.
Another issue that iExec helps reduce is blockchain limitations. Every blockchain network has some form of technical limitations brought on by its structure. For example, Ethereum is plagued with scalability concerns. These issues have resulted in record-high gas fees.
iExec enables you to avoid these concerns by allowing developers to execute computations on a new distributed infrastructure. In this way, the network offers more scalability, security, and easy access. Both developers and users benefit from this feature.
Benefits of iExec RLC (RLC)
There are a lot of benefits iExec users and developers enjoy. For one, the network was built from the ground up to streamline Dapp development. The protocol provides grants and other support systems to empower developers seeking to make the transition to the network. The developers want to cultivate a healthy ecosystem that enables iExec protocols to flourish in the market.
iExec can charge much lower fees than competitors due to its decentralized format. You pay only a fraction of the costs of utilizing an Amazon data center’s services. When these low fees are combined with the added responsiveness of the network, it creates a more enjoyable user experience across the board.
How Does iExec RLC (RLC) Work
iExec leverages a decentralized network that enables Providers and Developers to link up and exchange applications and computational power. The entire system was designed to remove all technical boundaries from the processes. As such, you don’t need any previous experience to navigate the dashboard and start earning rewards.
iExec RLC (RLC) Providers
Providers are the main users of the network. These are nodes that rent their CPU power to others via the market. You get a lot of freedom in terms of pricing and offerings when operating as a provider. You can also monetize your processing by executing tasks and apps.
iExec RLC (RLC) Developers
Developers are a critical component of the network. They utilize providers’ services to create and execute applications. In turn, these applications improve the functionality and reach of the network, it has been said that it’s not the market cap that determines the value of a coin but rather its Dapps. This statement rings true as Dapps are how regular users interact with the network.
The iExec market was purpose-built to serve the new data economy. Now, anyone can earn rewards when they participate in the network. Developers gain instant access to a large capacity of computing power from the provider offering the best rate. They can effortlessly scroll through the options until they find a provider that suits their requirements.
iExec offers access to powerful CLI and JS libraries for developers. These protocols simplify Dapp development by enabling off-chain computations. These protocols also play a vital role in reducing ETH gas fees. Developers can create more robust and immersive Dapps leveraging the added computational power and storage provided by iExec.
iExec RLC (RLC) Dapp Store
One of the best features of the network is its Dapp store. Anyone can create a Dapp on iExec and monetize their efforts. The platform has also helped sponsor exciting Dapps in the past. Developers can execute apps using the marketplace. The introduction of a Dapp store compliments the network and is unique in the market.
iExec RLC (RLC) Wallet
The Data Wallet is another feature that is unique to iExec. Here, developers can monetize their Datasets and AI models. The wallet incorporates enterprise-grade security processes to keep your apps operating safely. You can also send and receive RLC token transactions utilizing this wallet.
RLC is the native utility token of the iExec cloud platform. Users must hold RLC to interact with the services of the platform. Specifically, you will need to pay a small fee in RLC to access the network of servers, applications, and data. RLC is
History of iExec RLC (RLC)
iExec entered the market in 2016 as a privately held corporation. The Platform was co-founded by Gilles Fedak and Haiwu He. Currently, the platform is headquartered in Lyon, FR.
iExec RLC (RLC) – A More Democratic Cloud Service Provider
The developers behind the iExec network succeeded in creating an entirely new market for their users. The open and decentralized nature of the network means that anyone can now monetize their unused CPU power, data, and applications. As such, you can expect to see iExec continue to expand its market penetration as more users get hip to its unique features.