iExec (RLC) brings alternative solutions to computing storage; this has been among the factors that most developers within the crypto arena have been struggling with. This token is built on the Ethereum Smart Contract and is designed to allow scalability of applications operating within the blockchain platform. The infrastructure behind iExec is enhanced when it comes to computations outside the blockchain due to an alternative Cloud computing space that is created.
This token uses a protocol that is not so common within the blockchain and cryptocurrency arena, Proof-of-Contribution. iExec are able to issue certificates to outside participants through this protocol, this goes a long way in supporting outside computations to relieve data from the blockchain network. The consensus adopted by RLC will allow outside users to contribute in management of the platform together with an option of modifying security features.
iExec Proof-of-Contribution (POC)
This type of protocol is not very popular; the likes of Bitcoin and Ethereum mostly rely on Proof of Work and Proof of Stake consensus. However, we cannot underestimate the value this protocol is adding in cryptography; the scalability of the iExec platform is heavily dependent of this algorithm.
Network participants do not have to be within the iExec (RLC) blockchain to contribute to the network. With extra space from cloud storage, developers can make computations outside the iExec blockchain by allowing users to store data or transfer files within the cloud storage. Interested space buyers would have to purchase the RLC tokens in order to operate within the iExec blockchain; this would mean buying either BTC or ETH from a coin exchange then trade it for the RLC tokens in markets like Binance & Upbit. The token transactions amongst users have to be confirmed by the blockchain protocol embedded in iExec to prove that indeed there was contribution.
How does iExec (RLC) Future Look Like?
There is quite a lot to hope for from the iExec (RLC) team in the near future, the team has planned to develop a couple of products that will be in with how the milestones are funded. The implementation of a Go-to-market style is an approach that will be implemented by the following;
- iExec Essential Version
Crypto enthusiasts would take much interest in this crypto once they understand this feature; the “community edition” aims at increasing the iExec community by providing scalability on applications that can run on the platform. Current computation costs within the Ethereum network will be reduced while memory will be an issue of the past. The enhanced off-chain feature brings simplicity to the working product of iExec (RLC) and users derive the fundamental value of the token.
- Linking Payments
iExec are currently looking at the niche they cover within the payment system which would be advisable for any ICO to do prior to serious commitments. This is because of the speculation that crypto will eventually replace fiat money, iExec (RLC) are advancing the payment systems by a Pay-per-Task protocol which is set to allow enterprises to pay their clients directly from the Task smart contract. Blockchain will serve its purpose well through this token when app developers within the platform can make consensus on the method of payment via the smart contracts.
- Advanced Enterprise Protocol
Enterprises happen to be among the main targets of RLC which means that the developers have to carter for their tech needs within the platform. The team aims at building a network that will enhance the management of both public and private resources. Field research on a few startups has been conducted to figure out how these businesses can best interact with a decentralized cloud and retain or gain competitive advantage. So far a few mandatory procedures are required for this suggested protocol to work which include giving data and computations the same relevance.
The iExec (RLC) token is currently ranked at 108 out of over 1000 altcoins in market capitalization. This places the coin’s current price of $1.51 at a strong position of being bullish in the future; this will of course depend on market factors within the crypto arena and the value of extra cloud storage. The current daily average volume of RLC tokens traded stands at $5.96 million with over 80 million tokens in supply. This cryptocurrency has been the most risky in the Micro-Cap tokens category with 34% volatility in the last 5 days.