iExec is a new decentralized cloud computing platform that is blockchain-based. It aims to tackle the current limitations of centralized cloud computing that are holding business and innovation back. A decentralized cloud connects users to one another, whether server providers, application providers, data providers or end users. All manner of business can be executed on the iExec cloud. At the same time the system is fast, efficient and secure.

‘Having a decentralized and globally accessible marketplace to trade computing resources is an invaluable step forward for the cloud computing industry as a whole’

The iExec Cloud Network Has Many Uses

Despite the vast scale of computing resources available to enterprise, the demand for more powerful solutions continues to increase. iExec combines blockchain technology with distributed computing so that consumers and enterprises from all over the world will be able to pool together computing resources, as well as exchange services. Rather than forcing businesses to invest in more expensive infrastructure, iExec provides on-demand, low cost computing resources. Anyone who needs to complete a demanding task, such as analysing large amount of data, performing compute intensive simulations, orrunning next AI algorithm, will be able to use additional computer resources whenever the need arises.

Affordable High Performance Computing For Everyone

iExec uses blockchain to open up access to unlimited computing resources in a safe manner. Cloud users will be able to buy as many or as little resources as they need from one another, depending on the project they are working on. This is made possible thanks to the Ethereum blockchain that will underpin the iExec network, allowing users to monetise their contributions. The iExec platform will enable a new marketplace to grow until its capabilities will be accessible by every company, everywhere, at an affordable price.

iExec’s cloud removes a central broker or distributor. With traditional cloud providers there are central gatekeepers to the data and services they provide. In contrast, iExec decentralizes the entire business of cloud computing to make sure fair and full access can be provided for everyone. On the iExec platform anyone, anywhere can use the computing resources they rent for their own projects, without having to force or approve the process. This effectively removes all barriers to entry when it comes to using the network.

An Emerging Business tool

iExec addresses the cost and security concerns of cloud computing among enterprise users. With a decentralized solution such as iExec, users will always retain control over their data. Moreover, the platform addresses any scalability and reliability concern clients may have, as there is is no centralized infrastructure to deal with. This also eliminates centralised points of failure.

Businesses also find cloud computing rather expensive but iExec’s highly competitive solution aims to make computing resources affordable for everyone. Since everyone in the world can rent their services through the iExec network, the costs are driven down significantly. This leads to better energy efficiency for everyone who makes use of this blockchain-based cloud computing platform. This has caught the attention of eco-friendly server providers Stimergy who will be the first service to operate on the iExec platform.

A Tool for the Emerging Decentralized Economy

Several industries will reap the rewards from this decentralized blockchain-based cloud computing platform. The Internet of Things, which aims to connect billions of consumer devices to the internet, will eventually show a growing demand for distributed computing. Through the iExec decentralized platform, access to distributed computing will only be a few clicks away. Moreover, participants can choose to rent resources nearest to their location for an optimal user experience. In fact, IoT devices will be able to trade resources between one another in real-time.

Decentralized applications represent another industry that will benefit from hassle-free cloud computing. Decentralized applications, known as DApps, are often created on top of the Ethereum blockchain which also powers the iExec service. At the moment, the Ethereum blockchain offers very few capacity to the Dapps for their execution: storage is limited to few Bytes, and the computation is very slow and expensive. All of these applications require significant computing resources and data, both of which will be accommodated by the iExec platform. By allowing Dapps to perform off chain computations iExec will considerably extend the application domain of the Dapps. We can now imagine Dapps in any domain of IT industry: artificial intelligence, machine learning etc.

iExec combines blockchain technology and smart contracts to ensure renting computing resources is fully automated and transparent. Both technologies rely on peer-to-peer connectivity, which effectively eliminates any intermediaries. Moreover, this technology also ensures computation is located close to the source of where data is generated. Having a decentralized and globally accessible marketplace to trade computing resources is an invaluable step forward for the cloud computing industry as a whole.

Funding The iExec Platform Through A Crowdsale

As one would expect, developing such a powerful distributed cloud computing platform is not cheap. iExec will host a crowdsale to raise the necessary funds for developing the platform. Participants in the crowdsale will receive RLC tokens, the native currency of the iExec platform. The crowdsale launches on April 19th, 2017 at 13:00 PM UTC. The team aims to raise a minimum of USD $2m to cover the costs of developing and bringing to market the blockchain-based cloud computing platform. Contributions can be made with Bitcoin (BTC) and Ethereum tokens (ETH).

Many thanks to Jean-Pierre Buntinx and freya stevens for this article!