RLC was the 5th largest ICO in 2017 and all of the tokens offered were sold in less than 3 hours. Thus, what is iExec? How does it work and what do we need to know about it?
In this article, we will walk you through every piece of information about the RLC token.
What is iExec RLC?
The iExec network connects buyers with sellers, creating an ecosystem of decentralized and autonomous applications. This network aims to provide scalable, secure, and easy to access services and resources for companies.
Built on Ethereum smart contracts, the project allows its virtual cloud services to provide high-performance computing services on-demand. Furthermore, applications that run on Ethereum smart contracts can get off-chain computation services and datasets on-demand with the help of iExec’s Proof-of-Contribution.
How does iExec RLC work?
With the design of the Proof-of-Contribution protocol, iExec provides a flexible and highly robust solution for various tasks from the off-chain computation. Basically, the project creates a simple schelling game between off-chain computation providers. Each of the providers can propose a result and the number with the highest proposals will be chosen.
iExec also provides the decentralized oracle solution which is built on top of the decentralized cloud computing platform to allow developers to do their tasks easily. All they need is just to create a dApp with the logic of the oracle then the platform will replicate the work across other workers. The Proof-of-Contribution then will automatically record the consensus on different values given.
What makes iExec RLC unique?
The concept behind iExec is simple but still guarantees these benefits:
- Secure: Users can actually set the desired level of trust while using the platform for maximum security requested.
- Simple: Creating a decentralized oracle with iExec is simple with only a few steps. It is very user-friendly for developers who are looking for a simple solution while building applications.
- Cost-efficient: Without any third-party involved, the solution provided by iExec does not reply to any incentivizing behavior which makes it become a cheaper choice compared to other providers.
Furthermore, the project also offers other features such as dApp store, Data Marketplace and Cloud Marketplace to make it accessible for more users and developers in the cryptocurrency market.
What is RLC Token?
RLC is the utility token of the iExec project. As an ERC20 token, RLC can be securely and easily stored and traded. It can be used for various purposes such as payments for transactions.
The token also has the following use cases:
- Staking: RLC tokens can be staked by iExec workers by putting a security deposit while executing the computation tasks.
- Liquidity Mining: After the partnership with Hummingbot, users can register to become one of the liquidity miners on the platform to earn rewards in RLC.
- Liquidity Pool: Users can provide liquidity to the RLC-WETH pool on Sushiswap and other platforms to earn rewards.
Detailed information about RLC Token
RLC Token Metrics
- Token Name: iExec RLC.
- Ticker: RLC.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: 0x67b6d479c7bb412c54e03dca8e1bc6740ce6b99c
- Token type: Utility, Governance.
- Total Supply: 86,999,784 RLC.
- Circulating Supply: 80,070,793 RLC.
RLC Token Allocation
There is a total of 87 million RLC. Distribution is as below:
RLC Token Sale
The ICO ended on 19th April 2017 with 10,000 BTC raised in less than 3 hours.
How to buy RLC
You can use Coin98 Exchange to swap other tokens for RLC following these simple steps with: https://exchange.coin98.com/
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search RLC.
- If the result does not come up, you can paste the contract of RLC into the search box: 0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to mine RLC?
With the RLC’s use cases, users can choose to become a worker on the platform to earn RLC tokens.
Otherwise, providing liquidity on Hummingbot and other platforms also incentivizes users with RLC tokens.
How to store RLC
You can store RLC token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search RLC Token.
Step 3: Click on the correct result, copy the wallet address and send RLC to this address.
Roadmaps and Updates
Q1 – 2021: RLC successfully launched the DataCloud service, Sushiswap RLC farming and an Enterprise Marketplace.
Q2 – 2021: The project has been listed on major exchanges such as Huobi Global and Coinbase. During this time, they also announced rewards and grants programs for developers to expand the project.
Q3 – 2021: The team is planning to upgrade the platform to V6 with few technical improvements and launch Oracle Factory & Gallery.
Team, Investors, and Partners
Gilles Fedak is CEO & co-founder of iExec: Blockchain-based Decentralized Cloud Computing. The iExec RLC development team consists of 12 members who have experience as scientists, developers and technologists.
The project has raised a total of $12M over 2 rounds from 2017 through the Initial Coin Offering. Eden Block is the only investor on their list.
iExec RLC has some high-profiled names in their partner list including IBM, Alibaba Cloud, Google Cloud, Nvidia and Intel.
Is RLC a good investment?
This article has provided some of the main ideas related to the RLC token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making investment decisions:
- The team behind the project is relatively small and they face issues in gaining adoption and developer support. With more updates coming in V6, we are expecting to see new developments to bring adoption to the project.
- Being one of the largest ICO in 2017, the expectation of iExec is huge. However, they haven’t been developed as much as expected. With the rise of DeFi applications, the project can totally make its solution available to more projects in the market.
- RLC provides a decentralized cloud service for blockchain, which is a fairly novel option. When it was listed on Coinbase in May 2021, the project had considerable success as well. In furthermore, the European Union officially backed the project, you can find the information from this tweet However, because this is a very selective user niche, the project is expected to expand its client base in the future with the mentioned support.
I hope you have gained all of the important information about RLC including its features and highlights throughout this topic.
If you have any questions about RLC or want to know more about RLC, please feel free to leave a comment below for further discussions.
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