Blockchain startup iExec has released its decentralized cloud marketplace. This new development will make it possible, for the first time ever, for computing power to be freely traded on a dedicated market, like any other commodity.
Leading cloud providers, TFCloud, Stimergy, Cloud&Heat and Nerdalize have already announced their participation in this groundbreaking new network.
This new marketplace allows app developers to access affordable, secure and scalable computing power on-demand. Each transaction between buyers and sellers is securely audited and certified by the Proof-of-Contribution algorithm, which also verifies every off-chain computation once executed.
A Decentralized Marketplace for Computing Power
The world is in the midst of a technological transition that will enhance societies every-day life in unprecedented ways. The main issue hindering exponential growth in the world computing power is the colossal demand in contrast to the currently available supply.
iExec’s new open market for the trading of computing power represents a new paradigm for cloud computing and the industry. Unlike more mainstream markets, the iExec marketplace offers a uniform and standardized access to computing resources, regardless of their provider.
This market can offer its users access to a large capacity of computing power at the best rate. Because the marketplace is decentralized, the barriers of entry are extremely low and anyone can join in.
Participants can set their own prices in this peer-to-peer market and iExec does not take any fees. The marketplace uses state-of-the-art blockchain technologies, offering a high level of trust and traceability. The iExec team has recently released this marketplace on the Ethereum blockchain, on which RLC tokens can be used as a means of payment.
Monetizing Cloud Resources and Earning RLC tokens
The iExec marketplace, it’s applications, and its user can all place “work orders” for their computations to be executed, based on certain pre-selected categories. In a similar process, cloud providers place a sell order, defining the price at which they are willing to execute computations.
iExec has secured several key partnerships with “Green IT” cloud providers like Stimergy, Cloud&Heat and Nerdalize, as well as with the major Chinese provider TFCloud. These initial providers will be the official first “workers” when the platform launches.
More providers will be unveiled in the near future, and soon any individual will be able to join the marketplace and earn RLC tokens.
The iExec team recently made an appearance at the prestigious Blockshow Europe in Berlin, in which they revealed details on the technologies powering this marketplace.
These technologies included: public and private worker pools, a scheduler per pool to manage and organize machine contributions, a new pricing model labeled “pay-per-task” that allows providers to unify resources despite their heterogeneous offers, and finally Proof-of-Contribution (PoCo).
This is a new consensus algorithm for the verification of off-chain computations, ensuring trust on a decentralized marketplace.
iExec is also continuing its ambitious cybersecurity research program, whose first results with Intel were presented during Consensus 2018 in NYC. The startup is also currently being accelerated by Ubisoft at Station F in Paris, the world’s largest startup campus. To celebrate its recent deployment, iExec will organize a “Worker Contest”, where RLC tokens will be distributed to the first individuals sharing their machines on the iExec network.
Stay tuned to our social channels for more details on this upcoming event.