iExec
iExec (RLC) is an open-source, decentralized cloud computing platform, running on the Ethereum blockchain. iExec allows decentralized applications (dApps) and on-demand access to computing resources and technologies on the iExec cloud. [1][2]
Overview
Located in Lyon, France, iExec was founded on October 16, 2016, by Gilles Fedak and Haiwu He, both serving as Chief Executive Officer (CEO) and Head of the Asian-Pacific Region (APAC) of iExec, respectively. [2]
iExec is a blockchain-based project that provides cloud computing services comparable to those of Amazon Web Services and Microsoft Azure. However, the iExec project offers a more decentralized approach. The main services of iExec allow users to have on-demand access to computing power, datasets, and applications over a decentralized network. This network is furnished by resource providers who are incentivized with tokenized rewards. Although iExec competes with centralized cloud computing services, its ultimate objective is to surpass Web2-based legacy systems and become a one-stop resource for blockchain-based cloud computing.[4]
iExec supports applications in fields such as AI, decentralized finance (DeFi), and healthcare. The project’s primary offering is the iExec Marketplace, which allows resource providers and users to exchange RLC — the primary native token and medium of exchange on the iExec crypto platform — for a wide range of computational resources and blockchain-based cloud services. Service providers can place sell orders that establish the price at which they are willing to complete the tasks they offer, and end users can place “work orders” that allow their requests to be automatically executed if and when service providers meet their pre-selected criteria.
Product
iExec Marketplace
At its core, iExec is a decentralized cloud computing platform that runs on the Ethereum network. However, given the resource-intensive nature of many of iExec’s supported dApps and smart contracts, iExec takes processing-intensive computations off-chain to streamline its functions through the use of XtremWeb-HEP — an open-source protocol that pools unused computing resources for use by third-party applications and platforms. [4]
The iExec crypto team created XtremeWeb-HEP, which is a project that provides software capable of facilitating global enterprise-scale computational resource-sharing. The software is designed to operate in a secure off-chain environment and offers fault-tolerance, support for hybrid public/private IT infrastructures, as well as data management, security, and accountability features. [4]
iExec’s consensus protocol is called Proof of Contribution (PoCo), and it is designed to link the platform’s XtremWeb-HEP distributed computing infrastructure with its decentralized cloud services marketplace, and to achieve trust between marketplace participants. [4]
The iExec Marketplace is populated with four types of stakeholders: Users — marketplace participants looking to tap into the platform’s decentralized cloud computing services, Application providers — businesses or independent developers that provide users with dApp services on the iExec Marketplace, Workers — providers of on-demand computational resources, and Schedulers — they organize workers into working pools, delegate user tasks to workers, and score the quality of workers’ inputs. [4]
When a transaction is agreed upon in the iExec marketplace, the Proof-of-Contribution (PoCo) consensus mechanism validates the contributions made by workers through its XtremeWeb-HTP middleware. The workers who have been selected by the scheduler for a task will have proof of their involvement on the blockchain, even though the majority of the computational workload required for each task is off-chain. At this stage, the workers will also be automatically granted access to any relevant datasets needed to complete their tasks. Delegation decisions made by schedulers will be transparently recorded on-chain, thereby preventing any fraudulent activity. [4]
RLC Token
The iExec RLC token is an ERC-20 token that serves as the platform’s primary medium of exchange. All transactions that occur on iExec’s decentralized cloud marketplaces are settled in RLC tokens, and workers need to stake RLC tokens as security deposits to be eligible to execute computation tasks. [5][1]
Tokenomics
RLC token has a total capped supply of 87 Million. 69% of these tokens were sold in a public crowd sale (on April 19, 2017) as part of iExec’s Initial Coin Offering (ICO). 17.2% of its total supply was allocated to the Founders & early investors, 6.9% to Bounty & R&D, and 6.9% to Contingency. [5]
Oracle Factory
Launched in October 2021, iExec’s Oracle Factory is a developer interface that allows users to create custom oracles from any kind of data. The product was initially deployed on a testnet blockchain, it migrated to the iExec Sidechain in August 2022 and in November 2022, became cross-chain on Ethereum & Polygon[9]. The Oracle factory makes it possible to deploy oracles from any kind of data, including sports results, NFT price, temperatures, and flight schedules. The Oracle factory is designed to bridge Web2 data with Web3, and users can create oracles directly from their browser. [6][7][8]
Confidential Computing
iExec’s Confidential Computing is a solution that combines blockchain and confidential computing to help build projects while preserving privacy and ownership. The solution ensures computation confidentiality through mechanisms of memory encryption at the hardware level. Applications being executed and data being processed are safeguarded against even the most privileged access levels (OS, Hypervisor…). [11]
iExec’s confidential computing solution revolves around the Secret Management Service (SMS), a key component that holds and delivers the ‘secrets’ of computational tasks. These secrets act as keys to unlock protected resources or sensitive information used within applications. [11]
iExec x Intel Partner Alliance
In August 2023, iExec strengthened ties with Intel by becoming a Gold Member of the Intel Partner Alliance. The achievement marks a new chapter in the continued collaboration with Intel and also highlights iExec’s dedication to privacy-preserving solutions through the combination of Confidential Computing and Blockchain technologies. [10]
Back in 2018, Intel and iExec worked together to construct the first end-to-end secured solution combining confidential computing and blockchain, presented together a the Consensus 2018 event in New York City. Both parties also co-authored the Off-Chain Trusted Compute Specification with Intel, a groundbreaking initiative for the Ethereum Enterprise Alliance (EEA) consortium. [10]
As a member of the Intel AI Builder Program, iExec and Intel offered a solution for AI model renting to empower owners to securely monetize valuable AI assets. [10]
Team
- Gilles Fedak, Ph.D. - CEO, Co-Founder
- Haiwu He, Ph.D. - Co-Founder Head of Asian-Pacific Region
- Oleg Lodygensky, Ph.D. - CTO
- Anthony Simonet-Boulogne Ph.D. - Head of Research & Innovation
- Francis Otshudi - Chief Product Officer
- Johan Moonen - Chief Operating Officer
- Nelly Cornejo - Head of Adoption
