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As more web3 products become available to the public, there are exciting new opportunities for users to take advantage of. Systems like iExec have the potential to change the way the decentralized finance (DeFi) industry runs. Are you interested in getting involved in iExec or investing in the iExec RLC token? Explore this helpful guide to learn more about the network and decide whether it's a good investment for you.
Key Takeaways:
The iExec system consists of multiple products and features. People can create oracles, build web3 applications, sell computing power, train models with purchased data, and trade assets. iExec manages all of these features through off-chain Ethereum smart contracts, and its users can conduct transactions with RLC, the native iExec cryptocurrency.
iExec was founded by Dr. Gilles Fedak, Dr. Oleg Lodygensky and Dr. Haiwu He. The company's roots date back to 2012 when the co-founders were working on ways to implement a distributed cloud through Desktop Grid technology. Once they learned about Ethereum, they realized that blockchain technology could be the solution to their quest. In 2016, they officially launched iExec as a company meant to offer distributed computing assets through a blockchain system.
Initially, iExec was a small project with just a few developers. However, in 2018, iExec launched its web3 decentralized cloud marketplace, the first of its kind, and it quickly attracted a lot of positive attention. Now, iExec has a team of over 50 engineers, developers, designers and other staff working on the project, who continue to implement new features and add more functionality to the iExec system.
iExec aims to democratize web3 development by offering useful services to anyone working on decentralized applications (DApps). Their goal is to create a convenient way for anyone to access computing assets, data sets and other services. Instead of having to purchase expensive hardware, users can rent cloud-based computing services from other users who have excess processing space.
Much of iExec's focus is on tapping otherwise unexplored aspects of the blockchain. iExec has become the first company to offer a blockchain-based decentralized cloud market, a new paradigm that makes things far easier for developers. Unlike other companies that let users rent computer power, iExec's goal is to keep things decentralized and simple. They pride themselves on providing a very convenient interface and extremely secure, reliable transactions.
iExec works through a thoughtful blend of multiple mechanics. The system is built on XtremWeb-HEP, an open-sourced Desktop Grid software that lets DApps use any of the computing resources within the iExec system. It's essential for renting out processing power. In the iExec system, cloud resource sellers with excess computing power can join worker pools and set their own prices for using their resources. DApp developers can then browse the marketplace and purchase computing power at their preferred price.
The system is managed through smart contracts that run on a unique Proof of Contribution (PoCo) model. All funds that users pay for computing power are locked while the worker pools process the user's request. Computing providers only receive funds if they all achieve consensus, and prove that the provider has actually completed the requested work. PoCo is run on the iExec sidechain, and the Ethereum mainchain is only updated once all PoCo off-chain computations have been finalized.
Though the iExec network initially started only as a computing power provider, it has branched out considerably over the years. More and more features have been added to help iExec users work on DApps. Let’s look at some of the many exciting features of this system.
The web3 cloud computing iExec marketplace is iExec's trademark feature. Most people who use this virtual cloud infrastructure do so to buy and sell computing power in the marketplace. iExec's decentralized marketplace lets resource providers make money off of excess computing power, while users can obtain extra processing power without needing to invest in pricey hardware.
Blockchain oracles are a valuable feature that help users transfer outside data into a blockchain. For example, once an oracle is created, a user can set up a program to automatically make purchases when a cryptocurrency reaches a certain price. In the iExec oracle factory, users can browse oracles created by others and incorporate these into their own projects. The iExec oracle factory contains many computing resources to simplify DApp development.
The iExec Portal is a user-friendly service that connects people to all the other features found within iExec. You can create an account in the portal and then use a wide range of products and tools for making DApps. The portal provides helpful features, while ensuring developers still retain privacy and ownership over their projects.
The iExec Data Store offers a wide range of data sets for developers. You can use the company's cloud resource sellers, refine your project or purchase data to train your DApp.
As part of its push to encourage web3 development and virtual cloud infrastructures, iExec hosts several different Developer Rewards and Grants programs. If iExec feels your project has merit, they may provide helpful funding for it. You can also make money by claiming bounties for completing various projects.
iExec has implemented many exciting projects over the years, from simple cloud-based processing rentals on the cloud-computing iExec marketplace to the iExec network, which hosts a broad range of developer tools, grant programs and other decentralized network features. Recently, iExec has been focusing on ways to build its community. Its road map includes new developer bounties, a variety of hackathons and other events and developer project showcases.
In addition to these more social goals, iExec has prioritized its cryptocurrency and NFT programs. After recently getting RLC listed on some major exchanges, iExec is starting a new Learn and Earn campaign to boost its RLC token, creating iExec Worker Pass NFTs and rolling out some new technical upgrades in 2023.
iExec's native cryptocurrency token is RLC, which stands for "Runs on Lots of Computers." RLC is an ERC-20-compliant token that’s used throughout the entire iExec decentralized network. Users can make payments for all iExec services with RLC, and resource providers can also earn RLC through the various user reward systems.
RLC was released on Apr 20, 2017. Almost 87 million RLC were issued during the initial coin offering (ICO), and a total of 10 BTC were collected through the ICO. The coin has a max supply of 86.99 million tokens. RLC has a current circulating supply of 72.4 million coins, so at its current price of $1.81, the coin has a market cap of close to $131 million.
RLC has been around for years, so the iExec token has undergone a lot of changes. Despite mostly staying under $1, the crypto has had a few notable peaks. In January 2018, its price increased by 516%, reaching almost $4. RLC further impressed investors with an all-time high of $15.51 in May 2021. With so many dramatic dips and peaks, it's no surprise that crypto analysts predict more big changes for this token.
Analysts at PricePrediction believe that RLC will increase to $2.52 by the end of 2023, double to $5.28 by 2025 and reach $17.78 in 2028. By 2030, RLC’s price is predicted to surge to $37.05.
While analysts at DigitalCoinPrice are also bullish for RLC, they believe its growth will gradually slow to hit $3.84 by the end of 2023 and $6.38 by 2025. They forecast RLC price’s will reach $9.61 in 2028, and continue to increase to $18.25 by 2030.
In the past, most of the big jumps in the iExec token price have been correlated with new advancements from the project. Each time the company releases an exciting new feature, there’s more interest in their token. Therefore, those looking to invest in RLC will benefit from keeping a close eye on iExec news and considering how new announcements might impact RLC’s price.
RLC was initially sold through iExec, but now that the ICO is over, the only ways to obtain it are either from iExec network rewards (for instance, via worker pools) or by purchasing it from other crypto holders. You can purchase the token on a variety of exchanges that offer it for sale in exchange for fiat currency or other cryptocurrencies.
If you’re interested in trading RLC, you can do so on Bybit, which offers RLCUSDT Perpetual Contracts. To get started trading, simply create a Bybit account and fund it with cryptocurrency.
As one of the top blockchain-based cloud resource sellers, iExec is a great crypto company to invest in. The RLC token has a lot of important applications and is backed by a robust network of developers and cryptocurrency users. Although this crypto has been around for years and isn’t at its peak price anymore, it's still very reliable.
Based on both crypto price predictions and past token performance, the RLC token seems like an excellent choice for many investors. If you prefer long-term investments in crypto projects with proven success rates, iExec RLC might be the investment for you. As long as you follow safe investment practices, RLC is a great addition to your crypto portfolio. However, keep in mind that this is not financial advice and you should always do your own research.
When it was first created, the iExec network created a new paradigm for web3 developers. Its ability to offer computing resources and services such as the iExec oracle factory and Data Store make it a very helpful and reliable service. As the native token for all off-chain computations, the RLC token is an essential part of the iExec network. This utility makes it a very intriguing crypto to invest in.
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