What is iExec RLC?
Most companies manage their applications and data with cloud computing and IEXEC wants to provide this service just that they want to decentralize it. In a nutshell, IEXEC want to be a decentralized cloud computing platform similar to Golem.
IEXEC platform includes the marketplace which is where providers and users exchange RLC, DApp store which allows users to browse and purchase DApps that are built on iExec and the data marketplace. Because running dApps demands computing power, the platform make use of XtremWeb-HEP to pool free and unused computing power from willing computer owners from all over the world and use smart contracts for service matching.
RLC stands for Run on Lots of Computers and it’s the token for IEXEC. RLC tokens can be stored, transferred or traded and used for payments. If you wish to buy RLC tokens check out Binance, Bittrex. There it can be exchanged for BTH and ETH. To have access to iExec’s resources and services one needs to own RLC tokens. It’s an ERC20- compliant token therefore it is safe and can be stored in any Ethereum compatible wallet.
So as to ensure the users are getting what they need iExec has adopted Proof of Contribution model as their consensus algorithm. This mechanism ensures that a provider supplies the computational power users needs and gets rewarded with RLC which are iExec’s token for that service.