In recent years, there has been a growing demand for computing power from various industrial sectors as well scientific domains that are looking to run intensive applications as well as quantify huge volumes of complex data sets. As a result, the processing power needed to run such big data applications is usually derived from the cloud or high-performance computing (HPC) infrastructures.

However, HPC systems are both complex to govern and also quite expensive — since their data centers consume massive amounts of energy for running their servers and cooling systems. This not only increases energy costs but also has a direct adverse impact on the environment.

iExec (RLC) is a French startup building a blockchain-based cloud computing platform designed to provide decentralized applications running on the blockchain with scalable, secure access to specific services, data-sets and computing resources that they require. The ecosystem utilizes Ethereum smart contracts and allows for the development of a unique virtual cloud infrastructure that delivers high-performance computing services on demand to users.

iExec leverages a set of desktop grid-based research technologies to collect computer resources that are underutilized on the internet. For example, the platform harnesses the power of XtremWeb-HEP, a mature, open-source desktop grid software that allows iExec to implement key features such as fault-tolerance, multi-application deployment, hybrid public/private infrastructure utilization, enhanced security and accountability.

Interested in iExec? Here’s a quick rundown of the project:

Platform & Development

From a usability standpoint, iExec has been designed to support an emerging class of blockchain-based distributed applications (DApps) as well as enable cost-effective high-performance computing by utilizing an infrastructure that is based entirely within a decentralized cloud framework.

Through its blockchain-based cloud service, iExec plans to provide customers with a channel for procuring access to on-demand, secure and competitive computing infrastructures.

According to the project’s roadmap, iExec envisions the creation of a dynamic ecosystem that will evolve over the years and offer organizations with services such as storage solutions, web hosting and SaaS applications. Additionally, through the distributed cloud network, the platform should drastically decrease the negative carbon footprint of data centers on the environment.

Lastly, using a proof-of-contribution (PoCo) protocol, external resource providers will have their resource usage certified directly on the blockchain. In coming years, iExec is looking to deploy a scalable, high-performance, secure infrastructure sidechain that will promote a new form of distributed governance.

Team

The project is backed by a host of industry professionals, including big names like Gilles Fedak and Oleg Lodygensky. Fedak is a French research scientist who previously worked at INRIA — where he was involved with a number of cloud computing related projects. Similarly, Lodygensky serves as the CTO of iExec. He is also the person responsible for the development of XtremWeb-HEP — a data-driven volunteer cloud middleware.

Token Financials

All transactions taking place within the iExec ecosystem are facilitated via a native currency called RLC. As of May 28, iExec RLC possesses a market cap of $171.37 M. In all, a total of 86,999,785 RLC have been minted, out of which 80,070,793 tokens are currently in circulation.

Final Take

With iExec looking to usher in a new era of cloud decentralization within today’s ever-evolving tech market, this project remains one of the most intriguing of 2018. It is also worth noting that the iExec ICO raised nearly $12.5 million within 3 hours of its launch — proving solid popularity in today’s crowded ICO market.

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Disclaimer: The author(s) of this article may have a position in one or more of the cryptocurrencies mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.