All about the upcoming Version 2 release: “The Dragon in the Clouds”
The marketplace connects users with cloud providers.
Workers are the cloud providers in charge of executing the works submitted by users. Similarly to blockchain miners, workers share their resources and get rewarded in RLC. These workers can be public or private, and are organized in worker pools. For each one of these, a scheduler manages the work distribution.
The iExec decentralized marketplace is where offer meets demand for computing power. The marketplace relies on state-of-the-art blockchain technologies, which offer a high level of trust and traceability. Welcome to the new era of decentralized economy.
Applications and users place “work orders” for their works to be executed based on pre-selected criteria.
Workers place a sell order defining the price at which they are willing to execute works. They receive RLC each time they fulfill a “work order”.
iExec introduces a new paradigm for cloud computing. For the first time ever, cloud computing can be traded on a global market, just like any other commodity. Comparably to the oil market, the iExec marketplace offers a uniform and standardized access to computing resources, regardless of their provider. At any given moment, the market is able to give customers access to a large capacity of computing power at the best rate.
Users have on-demand access to the resources they need. A new pricing model labeled “Pay-per-Task” allows workers to unify resources, offering valuable flexibility to users.
Anyone can be a network participant. The underlying blockchain and desktop grid technologies are cutting-edge, but users and workers benefit from a friendly user-interface from which they can engage with the iExec network.
Participants can set their own prices in a peer-to-peer market free of fees. Competition between workers, and the aggregation of spare resources from all over the world guarantee competitive prices for cloud computing.
PoCo is the protection shield of the iExec marketplace. It is a consensus algorithm that guarantees protection against Byzantine workers (who could provide bad results to penalize users) and users (who could argue against legitimate work performed by legitimate workers). PoCo enforces trust on a decentralized network.
iExec’s Proof-of-Contribution is a consensus protocol. Its goal is to ensure trust between all the marketplace participants, more specifically between users and workers.
PoCo offers a high level of trust and traceability. It enables users to rely on the results computed by an external actor, whose incentive is based on income.
Poco leverages many concepts in the fields of economics, statistics, cryptography and game theory. The result certification is reached by majority voting, while staking provides economic incentives. A reputation score is calculated for network participants and is stored on-chain.