RLC is the native cryptocurrency of iExec, a decentralized computing platform built on the Ethereum blockchain that allows users to make money on their spare computing power by renting it out to others.
This computing power can be used to power decentralized applications, run off-chain computations or perform a range of other functions.
The native token RLC – which stands for “Run a Lot of Computers” – powers iExec. Users can exchange the RLC token for computing power on the platform.
How iExec works
Ethereum has limited space for computations in its blockchain, and so to become a “world computer,” it and other blockchains must source computing power from a pool of providers.
In the old days, administrators needed to set up their own servers when deploying websites on the internet. But a new “cloud” computing system emerged over time, offloading the management to services such as Amazon Web Services and Microsoft’s Azure. But developers crafting dapps on blockchains can’t use those platforms because they are controlled by a central entity. iExec offers cloud computing using “off-chain” decentralized computing power to get around that problem.
Because performing tasks on iExec is expensive, users need to pay RLC tokens in order to use the platform. Users can use their RLC tokens to pay for many computing needs – from servers to graphic processing units.
Key events and management
Based in France, iExec was founded by GiIles Fedak and Haiwu He in 2016.