iExec Launches Decentralized Cloud Computing Platform
Computing resources have become a hotly demanded commodity as too few suppliers are being chased by an increasing pool of consumers. This problem continues to worsen as centralized cloud computing services, like Amazon Web Services, struggle to keep up with demand.
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In light of this relatively new problem, a group of blockchain-based startups have risen up in order to provide a solution to this shortage by reducing the barriers to entry within the computing sharing industry. By reducing the barriers to entry, blockchain-based platforms such as these hope to widen the pool of available computing resources and alleviate the growing problem.
iExec: A Decentralized Cloud Marketplace Emerges
One such startup, iExec, recently announced the launch of a fully functional version of their blockchain-based cloud marketplace. Through this marketplace, people will be given the ability to fluidly trade computing power with one another.
According to the startup’s press release, the release of iExec will mark the first of its kind platform to dedicate an entire marketplace to the trading of computing power in a peer-to-peer fashion.
iExec ultimately envisions a product that enables everyone to share and monetize their computing resources, however, the actual provision of computing power will be limited to a select few leading providers for the time being as they incrementally open the platform up to more and more people.
The end in mind for the startup is cheap, scalable, and secure computing power on-demand — providing people additional computing resources, in real-time, when they need it.
The Mechanics of iExec
Peer-to-peer trading on the iExec platform will work like any other trading dynamic between buyers and sellers, being guided by prices and price discovery.
A sort of auction will take place between buyers and sellers as users can all place “work orders” for their computations to be executed, while cloud providers place a sell order, defining the price at which they are willing to execute computations.
Unlike most decentralized computing sharing projects that do not utilize blockchain tech, such as [email protected], iExec will not use central brokers to distribute and manage tasks — instead this function will be provided automatically by Ethereum powered smart-contracts.
Thus, there is a trustless nature inherent to iExec that doesn’t require a dependency on the intervention of humans to work properly.
iExec Continues to Advance Its Vision
In addition to its launch announcement, iExec has also established notable partnerships with what it calls “Green IT” cloud providers such as Cloud&Heat and Nerdalize, as well as with the major Chinese provider TFCloud.
Furthermore, 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. One thing they showcased, among others, included their proof-of-contribution that acts as the platform’s custom consensus algorithm for the execution of offchain computations.
Notably, the iExec team is also working with Intel on cybersecurity efforts as part of research program the two are jointly conducting. The startup is also currently being accelerated by Ubisoft at Station F in Paris, the world’s largest startup campus.
Image via iExec
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