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The world is increasingly dependant on computers. Silicon chips are found in the smallest of things, such as digital wrist watches- and go up to dedicated, custom built rigs for scientific research such as understanding how subatomic particles interact to create the whole universe around us.
Computing power has increased exponentially over the last century or so, following Moore’s Law which states that computing power will double nearly every two years. A normal smart cell phone of today has more power than the computer used to guide astronauts to the moon in 1970s.
Computing Power Lacks, Still
Even with the increased number crunching prowess of digital and electronic systems, it is still out of reach of many individuals and organizations for the work they perform. This has to do more with economics than the lack of power overall.
Though the hardware is getting cheaper in terms of Dollar per flop (Floating Point calculations, a method of measuring computer performance), the need of ever more computing power means that the drop in price is offset by the demand. The increasing cost of electrical power needed to run the machines is another compounding factor. This has led to a situation where small and medium enterprises and individuals can no longer afford to have expensive machines for their purposes.
Many have turned towards computer sharing, where they can rent out unused power and space from other users.
iExec: Computing Power Sharing On The Blockchain
Even with computer sharing options available, the option is still too expensive as the cost of rented power and space is relatively high. iExec is a blockchain startup that redefines the concept of computing power-sharing through the decentralized technology.
Using blockchain as an efficient too, the platform offers the following advantages:
- Elimination of Commissions: By giving a peer to peer connection, the middleman’s cut is done away with, bringing down costs.
- Trustless With Smart Contracts: Immediate payment through smart contracts mean that a trustless and transparent environment is created, fostering easy deals within the user community.
- RLC, Computing Token: Instant and secure payments with the platform’s unique RLC token.
Partnerships, Presence And Rewards
iExec has already partnered with several major cloud computing organizations such as Nerdalize, TFCloud, Stimergy and Cloud&Heat who will provide their computing power for users on the platform. There are more deals in the pipeline, enabling a vast availability of power for users as the platform expands.
To showcase their concept, the developers are actively participating in several forums around the world. It was present in Berlin’s Blockshow Europe, where it discussed about the protocols and the technology to be used in their platform.
The platform is organizing a Worker Contest where limited amount of founding users of the platform will be rewarded with free RLC tokens.
The iExec platform brings a game changer system in the market, allowing even the smallest of organizations and the budget constrained individuals to rent out cheap and affordable computer power for their working, enabling efficient use of unallocated resources.
For more information about the cloud computing decentralized platform, visit their website.