iExec Cloud Computing Solution for Blockchain Developers / RLC
iExec is an innovative French startup, which aims to ‘decentralize the cloud', by creating a global cloud computing marketplace where anyone can rent out their processing power for profit. RLC is the internal currency of iExec.
The cryptocurrency RLC gives access to the computing power of the network. RLC is an acronym for ‘Runs on Lots of Computers'. RLC is iExec's native currency, and functions as a ‘utility token', a monetary transfer medium with a single purpose: buying and selling computing power on the iExec network. RLC is running on the Ethereum blockchain.
RLC launched on Ethereum on 19th April 2017 with 87 million RLCs in circulation. There will never be any new RLC created, meaning that the price of RLC will rise if more people buy and use it. RLC was created and distributed as part of a crowdsale iExec conducted in April to fund project development. During this crowdsale, iExec collected 2,761 Bitcoins and 173,886 Ethers: the equivalent of 12 million euros at the time. The price of RLC varies greatly in the global market, as you can see on Coinmarketcap
If someone invests in RLC, it is because they think the future of cloud computing will be decentralized, or just expect RLC to grow in value. What does that mean? What are the challenges of this decentralization?
‘Decentralizing the cloud' means to move power from the giant companies (Amazon, Google, and alike) which control the cloud computing market today, to a network of smaller companies and everyday users.
It is not easy to explain what is going on behind the scenes, but let's say that today's centralized cloud model is slowing down the development of technologies whose demand is increasingly strong: smart cities, Internet of Things, artificial intelligence, virtual/augmented reality, etc.
The ‘cloud' is basically a service, enabling you to buy computing power and storage over the Internet. Instead of buying the hardware, users only pay for using the hardware. The appeal of cloud computing solves the problem of companies having to buy a set of servers, but not using them to their fullest potential.
