iExec Launches World’s First Decentralized Cloud Marketplace Based on Blockchain

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by Maria Konash · 3 min read
iExec Launches World’s First Decentralized Cloud Marketplace Based on Blockchain
Photo: iExec

Meet iExec, blockchain-based cloud computing, which provides distributed applications secure and easy access to the services, data-sets, and computing resources they need.

Cloud marketplace pioneer iExec has announced the launch of its new blockchain-based platform that will see users trade computing power freely with individual traders and cloud providers. This decentralized solution will act as a dedicated cloud computing power marketplace, featuring some of the world’s leading cloud providers, including TFCloud, Stimergy, Nerdalize and Cloud&Heat.

Owing to iExec, app developers will now have open access to cheaper, more secure and more scalable computing power as and when required. With a Proof-of-Contribution algorithm securing the network, buyers and sellers can rest easy knowing that every transaction is fully audited and certified, with every executed computation verified off chain.

Computing Power Available For All

With the modern world now shifting to the next technological and industrial age, everyday life is being transformed at an incredible pace. However, the potential for computing power to bring that transformation about is held back by its limited availability.

It is this very issue that iExec’s marketplace will seek to address, by introducing standardized and uniform access for all computing resources previously available only on mainstream markets. Regardless of providers, users can now choose from large computing power capacities at the lowest cost, ensuring lower entry barriers for everyone.

Providers participating in iExec’s platform can charge their own prices and sell directly to peers, without paying fees to iExec. At the same time, blockchain innovations ensure high trust levels and traceability on the Ethereum protocol, with native RLC tokens used to power transactions on the network.

Monetizing Cloud Resources While Incentivizing Interactions

At the recent Blockshow Europe convention in Berlin, the iExec team introduced their blockchain cloud solution, detailing sophisticated technology driving their marketplace. These include the ability for public and private worker pools manage and organize machine work via a scheduler, a new “pay-per-task” pricing model that unifies provider resources regardless of heterogenous orders, and its revolutionary Proof-of-Contribution (PoCo) consensus algorithm that allows for off-chain computational verification, ultimately building trust on the decentralized platform.

Users can place “work orders” for their computations and apps to be executed, depending on pre-determined categories. Similarly, cloud providers can place sell orders that set their own prices for executing computations.

With key partners such as Stimergy, Cloud&Heat and Nerdalize, all providing “Green IT” cloud solutions, as well as major China-based provider TFCloud, iExec already has a formidable line of “workers” available as soon as the platform launches. As the development progresses, more providers are expected to join this list, and eventually, any individual can participate in the marketplace and earn RLC tokens for their interactions.

iExec will also continue to develop its cybersecurity research program, which has already shared initial findings with Intel during the Consensus 2018 event in New York City. iExec further benefits from acceleration support by the world’s largest startup campus, Ubisoft at Station F in Paris.

A Worker Contest will soon be organized to mark iExec’s recent launch, whereby the earliest supporters sharing their machines on the marketplace can earn RLC tokens.

Blockchain News, News
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