What is an RLC coin, and should you buy some now?
Cryptocurrency isn’t just “internet money,” and RLC coins prove this. It runs on a blockchain that allows people to rent computing power for dapps. If you’ve always wanted to release an online service but lacked the funds, iExec’s RLC might help!
First, we’ll talk about how iExec and the unique way it’s applying cryptocurrency. Then, we will elaborate on how RLC coin works in the crypto space and the real world. More importantly, we’ll see if it’s a good idea to add them to your portfolio.
If you follow cryptocurrency trends, you’ll see the numerous uses of blockchain technology. Specifically, the RLC coin lets people share cloud resources of computing power. This may enable first-time software developers to launch their projects.
Rent computing power from the blockchain
Nowadays, we use online services more than ever. Almost everyone on the planet uses social media. If you want more, you can choose from thousands! Your phone contains several apps.
Powerful computers make most of these apps possible. Let’s take Facebook, for example. That site has billions of users. FB has to manage everything they do, from posts to instant messages!
What if you have a great idea for a helpful online service? If you don’t have those kinds of machines, you’re out of luck. Fortunately, iExec may change this with the power of crypto.
Gilles Fedak and Haiwu He started the company in 2016. You may find its headquarters in Lyon, France. Then on April 19, 2017, iExec launched its RLC token sale.
Its network allowed people to access cloud resources for decentralized applications (dapps). They’re like regular apps that get unique features from the blockchain.
The cloud computing services included servers, databases, web hosting, etc. These come from regular people on the RLC chain. Meanwhile, dapp startups need these to launch their services.
Why does the iExec cloud need RLC coins?
Cryptocurrencies are the incentives that draw people into a blockchain. The crypto network needs regular people to enable its services. That’s what helps it become decentralized.
Take bitcoin, for example. Its network is made up of computers owned by average folks. They’re known as miners. They confirm BTC transactions to earn more bitcoin.
Without the bitcoin reward, people aren’t likely to join its blockchain. The iExec RLC token works similarly. RLC stands for “runs on lots of computers.”
As the meaning suggests, the network truly needs these machines to work. These computers are divided into two types: providers and developers. Read below for more details:
- Providers – The iExec cloud’s computing power comes from them. You may find these folks on the iExec Marketplace. They’ll post their offerings and pricing. Then people can choose the ones they need for their dapps.
- Developers – They’re an important part of the network. These folks make the iExec valuable with various dapps that are useful in different fields. All blockchains have value depending on how useful they are in the real world.
Join the decentralized cloud with RLC coin
iExec recently announced the start of the Developer Rewards program!
The program allocates $1 Million, offering funding rewards and support to anyone building with the iExec $RLC protocol.
Learn more about the reward tiers:https://t.co/4r3acQu4eB
— iExec – Official – $RLC | Hiring! (@iEx_ec) May 10, 2021
We mentioned that crypto networks reward miners. Similarly, providers and developers earn RLC coins for their efforts. That’s because they both need to stake RLC tokens beforehand.
Anyone can be a provider if they have the tools and funds needed. If you’re interested, here are the requirements for iExec RLC providers:
- ETH & RLC – You will need to store these in a digital wallet. Then, you must deposit the RLC coins in your iExec account.
- High-end PC – It must have at least 2 CPUs. Of course, it’s best to have a more powerful machine. This lets you provide more computing power. In turn, you can charge higher for your services.
- Virtual machine – You may download it from this iExec link. Afterward, go to the iExec Workerpool page and select a worker pool.
If you have an amazing dapp in the works, you may launch it as an iExec RLC developer. You need to meet three requirements first:
- It would help if you used RLC tokens and the iExec tech stack.
- Your project must not use someone else’s code.
- You must submit full documentation and resources.
If the iExec team approves your work, it will let you join the network. What’s more, you’ll receive a grant paid in RLC coins. You may earn $7,000 to $200,000, depending on the project!
Should you invest?
RLC coins are promising because of their prominent partnerships. They have projects with popular tech firms. Here are some examples:
- IBM – One of the largest American tech companies worked with iExec RLC to make SGX tech. It was intended as a platform for creating applications.
- Google Cloud – The iExec RLC partnered with this company to gain privacy protection.
- Alibaba Cloud – The big Chinese e-commerce brand worked with iExec and Intel for its Encrypted computing.
- Nvidia – If you’re a PC gamer, you probably use a graphics card from this company. It’s integration with iExec RLC to create Nvidia’s Inception.
It’s still affected by crypto market trends, though. Unfortunately, it’s following the Bitcoin crash earlier this year with another. The price of BTC is down to $29,000 at the time of writing.
Also, it faces competition with similar cryptos. Siacoin, Golem, and SONM also provide computing power. They’re cheaper than RLC coins too.
The RLC price is $2.10 at the time of writing. It’s #143 on the crypto list. RLC has a market cap of $166,719,236.75 and a trading volume at roughly $10,866,207.69.
If you’re interested in RLC, you might want to wait for the market to dip further. Crypto prices may fall further in the coming weeks. If you buy now, they may lose significant value.
Please research your investments by yourself before spending on them. This article is intended to inform viewers about the RLC coin and its uses.
Other cryptos may fit your portfolio better. For example, Filecoin (FIL) works similarly, but it’s more popular. Instead of computing power, it offers cloud storage.
What’s more, you might want to explore more conventional asset classes. For example, bond funds and money market funds are good if you want fixed income.
Learn more about RLC coin
What is an RLC coin?
RLC coins are the native cryptocurrency of the iExec blockchain. It serves as an incentive for RLC providers and developers.
Is the RLC coin a good investment?
It may see long-term growth due to its partnerships with major tech companies. However, the ongoing crypto market crash may delay this.
How do I get an RLC coin?
You may purchase RLC coins from various crypto exchange platforms. Binance and Coinbase are the biggest ones, and you may buy from those sites too.
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