Synthetix Network Token SNX to iExec RLC RLC Exchange

Crypto Pair Details: SNX to RLC

Synthetix Network Token SNX

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was rebranded from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

iExec RLC RLC

iExec is an open-source, decentralized cloud computing platform, running on Ethereum blockchain. iExec allows decentralized applications (dApps) an on-demand access to computing resources and technologies on iExec cloud. iExec has built a blockchain network where dApps can take advantage of cost effective and high-performance resources such as servers, databases, SaaS applications, web hosting and computer farms. iExec’s native cryptocurrency — The RLC token is the primary asset used to access services in iExec infrastructure. RLC is short for “Run on Lots of Computers.” iExec is headquartered at Lyon, France. It was founded by Gilles Fedak and Haiwu He, both are serving as Chief Executive Officer and Head of Asian-Pacific Region of iExec, respectively. Oleg Lodygensky is the Chief Technical Officer. Gilles Fedak received his PhD from the University of Paris Sud in 2003, and has been working as INRIA (Inventeurs du Monde Numerique) research scientist at ENS in Lyon, France. Similarly, Haiwu completed his M.Sc. and PhD from the University of Sciences and Technologies of Lille, France. On April 19, 2017, iExec launched its token sale and raised more than $12 million in exchange for 86,999,784 RLC. In order to support dApps, smart contracts, and their platforms, iExec takes processing-intensive computations off-chain so as to keep a blockchain’s on-chain functions running smoothly. To do this, iExec makes use of XtremWeb-HEP, an open-sourced Desktop Grid Software. Desktop Grid computing (also known as Volunteer Computing) pools unused computing resources to be used by applications and platforms, and according to iExec’s whitepaper, XtremWeb-HEP “implements all the needed features” to make this possible on a global scale, including “fault-tolerance, multi-applications, multi-users, hybrid public/private infrastructure, deployment of virtual images, data management, security and accountability, and many more.” Essentially, with this software, dApps can utilize any computing resource in the iExec framework to run their programs. In their whitepaper, the iExec team lays out the project’s competitive landscape and explains these competitors in relation to iExec. They’re quick to note that decentralized cloud storage providers like Filecoin, Storj, and Siacoin are not direct competitors, and it’s easy to see why. While iExec could theoretically take a step in this direction as it matures, it’s not a storage platform; it’s a computing platform. This does put it in competition with other decentralized computing protocols like Golem and SONM. Both of these, however, are taking aim at a different animal. Essentially, they’re both building a decentralized supercomputer on blockchain technology, while iExec is targeting dApp development and sustainability. Both look towards a future of a blockchain-powered, decentralized internet, but their functions, while sometimes similar, are more complementary than conflicting.

SOURCE: COINGECKO

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