What is RLC?
RLC, also known as iExec (RLC) is a decentralized marketplace for cloud computing services that has been built on the Ethereum blockchain. It allows users to rent computational resources from anywhere in the world for applications such as Artificial Intelligence, Big Data analysis and High Performance Computing. The platform was developed by French startup iExec and launched in April 2017.
How Does RLC Work?
The iExec platform works by allowing users to submit tasks or jobs which require specific computational resources such as CPU power, storage space or memory. These requests are then submitted to miners who use their own computer hardware resources to complete them in exchange for a fee paid in RLC tokens – the native token of the iExec network. Once a job is completed, it can be verified by other nodes on the network before payment is issued using smart contracts technology built into Ethereum protocol. This ensures that all transactions between parties are secure, transparent and reliable without any need for third-party intermediaries or fees associated with them.
What Are Some of Its Benefits?
One of the major benefits of using RLC tokens on the iExec platform is its ability to provide access to a global pool of computing power at competitive prices compared with traditional cloud providers like Amazon Web Services (AWS). Furthermore, since it’s built on top of Ethereum’s blockchain technology means that all transactions conducted through this system will be cryptographically secured and immutable – providing an extra layer security when dealing with sensitive data while ensuring trustworthiness due its decentralized nature. Additionally, there are no additional costs associated with middleman services since every transaction done through this system happens peer-to-peer eliminating wasteful overhead costs traditionally encountered when dealing with centralized solutions like AWS or Microsoft Azure Cloud Services etc..