Since the inception of cryptocurrencies, each week we come to hear about more and more terms associated with the field. This does not make it easy, especially for laymen, to get an accurate insight into the complex and intricate world of cryptos. Many people are entering this field based on half knowledge and understanding by simply seeing the profits others are making. Cryptocurrency is a lot more than digital money. There are so many other concepts and processes that govern this principle.
RLC coins prove that crypto is not just about being “internet money”. Basically, the RLC coin runs on a blockchain that lets individuals rent the computing power for dApps. It allows people to share cloud resources of computing power. RLC is basically an Ethereum token that is made for the iExec cloud platform. This platform is based on its users monetizing and renting data (and computing power).
Since this is a slightly complex form of currency and platform, here are a few FAQs that are answered to help you:
What is iExec RLC?
It is an Ethereum token that is designed to help the users pay for and rent computing power and data on the platform. It enables the developers to start and run programs on a completely decentralized marketplace. This was created by the brilliant minds of 6 PhDs, four of whom have previous experience in cloud computing. Post the discovery of Ethereum, iExec was the reproduction of these brains.
What are the features of iExec RLC?
- It is a decentralized platform for cloud computing that is built on the Ethereum blockchain.
- It provides on-demand access to the resources required for computing and technology for decentralized apps.
- These decentralized applications are beneficial as they can access pocket-friendly and high-performance resources like certain databases, web hosting services, etc.
- The RLC coins are the sole cryptocurrency created by iExec. It is the asset that is used to access the goods and services within the institute.
What is the full form of RLC?
RLC stands for – Run on a Large number of Computers. It is based on a complete software platform that runs on several computers worldwide.
How good is RLC as a cryptocurrency?
If you are looking to buy cryptocurrency and are thinking of investing in RLC, the most recent stats would suggest that it can jump high to being one of the most valuable cryptos in the ecosystem. The current circulating supply of RLC is about 80,070,793 shares with a market cap of 295,257,532 dollars.
How to buy these coins?
Like any other cryptocurrency, RLC coins can be bought in a similar manner.
- Firstly, you would have to register on an online exchange platform that would allow you to trade in these coins. It would be important to conduct research before registering on any application or medium. This would help to ensure that you have a website that you are familiar with, is user-friendly, and has an interface that you can work with. Another major aspect to take care of before registering on such a platform would be the safety and security offered. Any platform that offers a KYC verification would be preferable as this verification makes sure to wean off the fraudulent individuals hoping to scam the genuine users.
- After registration and uploading all the relevant documents and images as required, you can go ahead with trying to understand which cryptocurrency you would like to invest in. If your choice is already made, you can study the patterns and trends to make the purchase. Experts advise against reading too much into these trends as they are highly volatile and are not accurate predictors of what might happen next.
- To buy any crypto, like RLC, you will have to enter the bank details and transfer money in your country’s denomination against the value of one coin for that particular currency.
What can you use the iExec RLC coins for?
You can use these coins for several purposes:
- Gaining access to the platform and ecosystem as offered by iExec. The computing capacity of the company can be viewed with this coin
- Deals can be made using the RLC tokens
- You would also be able to make payments to all the resource providers that accept this currency as a suitable method.
- Trading would also be possible, especially for those users that believe in the price and rise of this coin.
What are the advantages of an RLC token?
- Innovative platform – The company has developed a new and innovative platform that enables high-performance computing to happen in a seamless manner.
- Ease of access – Even though the system is complex and costly, iExec provides on-demand access to the computing resources on the platform.
- Superiority of the software – The software on which this platform is built has been running in the market for more than 10 years. It is known to be superior in several fields like aeronautics, finance, energy physics, etc.
Are there any cons to RLC?
The only major drawback that is associated with this token is that there are several competitors that have dipped their feet into the area of decentralized data sharing.
Overall, investing in this company and the cryptos seems like an effective idea. Despite its competitors, it was made the fifth-largest ICO in history. Go on to platforms to register and invest in this coin.