The iExec RLC platform aims to utilise both the blockchain and cloud computing. What is iExec RLC (RLC)?
Let’s see what we can find out, and also take a look at some of the iExec RLC price predictions that were out there on 11 August 2022.
iExec RLC explained
One of the important developments over the past 10 years or so in computing has been cloud technology. This allows people to store data away from their hard drive, meaning that, at least in theory, their computers do not get clogged up with files and data that could slow things down. There is a theoretical link to blockchain technology and cryptocurrency, too, as the blockchain offers people the chance to make transactions and store information in a shared space.
The iExec RLC platform is designed to help people to link their computers on the blockchain and allow them to hire out their computing resources on the cloud. The idea is that people will be able to make money from not only their computing power, but also data and services. It does this by using an open source program called the XtremWeb-HEP, in order to ensure that the system works, and people can operate in a secure manner.
Unlike other similar platforms, iExec RLC operates in an off-chain manner, meaning that it takes computations and transactions off the blockchain (in this case, Ethereum) and carries them out separately before putting them back on the chain. This means, at least in theory, that it is quicker and cheaper than allowing those tasks to be carried out on the blockchain.
As the system’s whitepaper says: “The iExec network connects cloud resource sellers with cloud resource buyers, encouraging an ecosystem of decentralised and autonomous, privacy-preserving applications.
According to the whitepaper, “At iExec, we believe in a future of decentralised infrastructure and market network, where big data and HPC [Human Performance Capital] applications, highly valued datasets, and computing resources (storage, CPU, GPU) will be monetised on the blockchain with the highest level of transparency, resiliency, and security.”
The system does not have a centralised server but instead distributes computing tasks to nodes in the network. People can use the system to, for instance, build decentralised applications (dApps).
Every blockchain-based network needs its own native cryptocurrency, and iExec RLC has the conveniently named iExec RLC token, also known by its ticker handle of RLC. This crypto makes use of something called proof-of-contribution (PoCo) to allow people to add blocks to the blockchain and earn rewards in the form of RLC.
For PoCo to work, it needs to be able to validate transactions carried out on iExec RLC, while linking them to XtremWeb-HEP. PoCo consensus parameters are designed to ensure that all the processing power that contributes to the decentralised storage network is behaving in good faith.
RLC is used to pay transaction fees on the iExec RLC platform and it can also be bought, sold and traded on exchanges. It is important to point out at this stage that, because it is based on the Ethereum blockchain it is a token rather than a coin. You might see references to such things as an iExec RLC coin price prediction, but those are wrong.
iExec RLC was founded in 2016 by the French computer scientists Gilles Fedak, from Lyon, and Haiwu He. Incidentally, RLC stands for “runs on lots of computers”.
iExec RLC price history
Let’s cast our eyes over RLC’s price history. While past performance should never be taken as an indicator of future results, knowing how the token has behaved in the past can help us if we want to interpret an iExec RLC price prediction or else make one of our own.
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RLC first came onto the open market in April 2017, when it was worth a little under $0.30. It was caught up in the crypto bubble of late 2017 and early 2018, when it enjoyed a foray above $3 in January 2018. Following that, the market entered a so-called crypto winter, and on 15 December 2018, RLC sank to its all-time low of $0.1488.
Over the next two years, the RLC token price stayed below the dollar. In early 2021 the market went through a strong bullish phase, as Covid-19 stimulus cheques in the United States made their way into the cryptosphere. On 10 May 2021, RLC reached an all-time high of $16.50. After the Great Crypto Day Crash of 19 May 2021 RLC’s price dived, and it closed the year at $2.94.
Barring a brief run to $3.61 on 4 January, RLC has been on a downward slope throughout 2022. In May, after the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency, it fell to $0.6291. There was some recovery after this, but the cancellation of withdrawals on the Celsius crypto lending platform confirmed crypto was in a bear market, with RLC falling to $0.5693 on 18 June.
There has since been something of a fightback, with the token breaking past the dollar and trading at around $1.60 on 11 August 2022. At that time, there were just under 81 million RLC in circulation out of a total supply of a little below 87 million. This gave the token a market capitalisation of about $1.60 making it the 184th largest cryptocurrency by that metric.
iExec RLC price predictions
Now let’s take a look at some of the iExec RLC price predictions that were out there as of 11 August 2022. It is important to note at this stage that price forecasts, especially when it comes to something as volatile as cryptocurrency, are very often wrong. We should also remind you that long-term crypto price predictions are often made using an algorithm, which means that they can change at a moment’s notice.
At the time of writing, TradingBeasts had an iExec RLC price prediction for 2022 that said the token could trade at between $1.37 and $1.38 by the end of the year, before reaching $1.28 in August 2023. A year from then, the suggestion was that RLC could be worth an average of a fraction of a cent under $1.46, while August 2025 could see it trade at a little below $1.83, with it potentially closing the year approaching $1.93.
On 11 August 2022, PricePrediction suggested an iExec RLC crypto price prediction that could see RLC reach $1.20 this year, $1.78 next year and $2.56 the year after that. By 2025, the site said that the token might be worth $3.79, with growth forecast to continue into 2026, when the token could be worth $5.51, and 2027, when PricePrediction thought it could trade at $8.24. By 2028, the forecast was for a potential $11.98, before RLC was predicted to possibly reach $23.85 in 2029. The site made an iExec RLC price prediction for 2030 that said it could possibly trade at an average of $23.85, while in 2031 the forecast was for a potential $36.03.
CoinArbitrageBot had an RLC price prediction that said the token could be worth $3.61 in 2022 before potentially going up to between $6.42 and $6.43 in 2023. The following year, RLC could be trading at a little under $10.40, it suggested, while the site made an iExec RLC price prediction for 2025 of $16.82. Whether or not you trust this prediction will depend on whether you believe the token can double by the end of the year.
Finally, as of 11 August 2022, WalletInvestor was rather more bullish when it came to making its own RLC price forecast. The site said it thought that the price of iExec RLC could collapse over the following 12 months, sinking to a low of $0.198 by August 2023.
When considering an RLC token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. Never trade with money that you cannot afford to lose.
How many iExec RLC are there?
On 11 August 2022, there were just under 81 million RLC in circulation out of a total supply of a little below 87 million.
Is iExec RLC a good investment?
The iExec RLC platform aims to link the blockchain and the cloud, so whether or not it is a good investment will depend, at least in part, on how those two sectors fare in the future.
Remember, you should always carry out your own thorough research before making an investment. Even cryptocurrencies with a high market capitalisation have proved vulnerable to the current bear markets. Investors should be prepared to make losses and never purchase more than they can afford to lose.
Will iExec RLC go up?
At the time of writing some forecasters, such as CoinArbitrageBot predicted growth for RLC but, on the other hand, the likes of WalletInvestor said the token would go down in price.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether rRLC is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. Never invest money that you cannot afford to lose.
Should I invest in iExec RLC?
This is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.