A Beginner´s Guide to Buying, Selling, Using, and Mining iExec RLC:
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Ask a random person about cryptocurrencies like Bitcoin, and most will probably have heard the name. Some have strong opinions of it, others think it’s a farce, and most people don’t know. Ask successful billionaires, and the answers vary as well.
Many more people know about Bitcoin than when the initial name recognition study was done in 2015. Nevertheless, it’s safe to say that a large sum of people don’t understand cryptocurrencies. Those that do may view them as an elitist creation with no real world uses.
Many companies have set out to prove these assumptions wrong. Companies are creating platforms and tokens that have use in everyday life, hoping to become the next big thing in the tech world.
One company, iExec, is building the first marketplace for cloud resources, hoping to popularize blockchain based cloud computing. The proprietary platform runs on iExec tokens, also called RLC tokens. These tokens share characteristics with other crypto coins like Bitcoin and Ethereum.
iExec is a blockchain, meaning that it is a ledger which keeps a history of all transactions that take place on the platform. The ledger, or database, is by nature decentralized, and can therefore operate independently of a central governing body. All users who participate on the blockchain are able to audit and verify the blockchain’s transactions.
RLC is the crypto coin that can function on iExec’s decentralized cloud marketplace. RLC stands for ‘Runs on Lots of Computers’ and these coins can be used to access off-chain resources on the platform.
RLC has its own Reddit page that references articles and contains discussions about the coins. A majority, if not all public information about iExec and RLC tokens is online, so Reddit can provide avenues to research further definitions and explanations.
iExec RLC coins cannot be acquired with USD, GBP, or other fiat currencies. Those interested in purchasing RLC must first create a crypto wallet, a digital ‘bank account’ that houses crypto coins. Next, they must find an exchange where RLC is traded, such as Bittrex or Liqui. The account(s) registered with a crypto exchange can be funded with cash or credit card. Then, users must purchase BTC, ETH, or USDT which can then be exchanged for RLC coins. Because RLC is a relatively low volume coin, it isn’t as accessible as larger, more popular coins like Bitcoin or Ethereum.
In order to cash out of an RLC position, users must first convert their RLC coins into another cryptocurrency like BTC or ETH. Once this transaction has taken place, they must sell their BTC or ETH for a fiat currency like USD or GBP. Then users must move the money to a traditional bank account.
After the funds have settled, they can withdraw their money from an ATM in cash. The process isn’t as straightforward as simply turning RLC into dollars or pounds. But the extra step doesn’t take long, and overall the cashout process is simple.
The first way to use RLC coins is by investing in them. By following the steps outlined above, users can take fiat currencies and use their crypto wallet to purchase RLC coins as one would stocks, bonds, or commodities. The value of RLC coins is determined by buying and selling on an open exchange, so investors have the opportunity to see prices rise, though they can just as easily fall as well.
Additionally, as a decentralized currency, RLC coins are free from fiat currency central bank policy. They are therefore not subject to the same exchange rate risk that traditional assets are. Though RLC carries its own risks, investors don’t have to worry about the Fed or the ECB meddling with its value. The tokens can even be used for things like iExec RLC poker.
The second way RLC can be used is as the token for the iExec platform. This blockchain platform creates a decentralized marketplace for blockchain based distributed applications. It hopes to provide applications secure and easy access to services, data sets, and computing resources they need to run properly.
On the platform, users called resource providers rent out their processing power and computing sources. They can be application, server, or data providers. Whatever the case may be, they help developers do their jobs quickly and more efficiently. In turn, these tokens can be used to access the off-chain computation resources offered by iExec. This will facilitate more efficient development.
When someone mines a blockchain, they verify groups, or blocks, of transactions and add them to said blockchain. Miners, as they’re called, solve a batch of problems or tasks and are rewarded with crypto coins, typically of the blockchain that’s mined. Once the tasks are completed and the transactions are verified, the new blocks are added to the blockchain. The mining process provides additional transparency and accountability to the decentralized network.
Miners have access to various mining calculators. These are used to determine how profitable a mining task will be. They can also gauge one’s ability to mine a block.
Miners have the option to mine solo or mine with others in a mining pool. Those that want a higher profitability percentage should mini solo, but those that desire greater output and computing power should mine in a pool. However, mining in pools usually results in a lower profitability percentage. At the moment, RLC can’t be mined.
RLC tokens cannot be mined. As a result, to increase the value of a position, users must rely on cryptocurrency investment and trading strategies. RLC’s price and market cap increase and decrease with the ebb and flows of inflows and outflows on exchanges. Buying and selling pressure is what influences its price moves.
Another option, though not directly RLC mining, is to mine another coin like Ethereum or Bitcoin and then convert those coins in RLC after receiving compensation.
As with all cryptocurrencies, it isn’t yet known how RLC will scale as a blockchain. The issue of scalability certainly isn’t new with blockchain technology, and as valuations rise and price charts grow, developers will need to find a solution. VISA transactions blow even the best digital coins out of the water in terms of transacting power and speed. However, the progress being made is encouraging and optimistic. The team at iExec itself is working on creating a scalable platform.
iExec RLC finds its value as an investment vehicle and a blockchain platform token. RLC coins are awarded to those who join iExec as app, server, or data providers. These tokens in turn can be used to access off-chain resources on the iExec network.