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In a bid to take Cloud Computing to the next level, a blockchain startup from Lyon, France, has announced the release of their Software development kit (SDK) which creates a service that provides blockchain applications with access to decentralised, affordable, transparent off-chain cloud computing.
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The announcement took place at Devcon3 in Cancun, Mexico; iExec has been keeping a strong focus on creating a first of its kind; a Blockchain Based Cloud computing platform and the SDK they have released is going to further the capabilities of the product they have painstakingly been working to deliver.
The SDK release is noted by the company as being the first of many major milestones to be checked off by iExec on its roadmap to creating a decentralised economy, which it will achieve by powering blockchain applications using its’ much needed cloud processing platform.
The massive accomplishment arrives a number of months after iExec released their whitepaper detailing the future development of their decentralised marketplace for cloud based resources (Including storage, applications, data-sets, and servers).
Processing power and storage on the blockchain, despite their beaming positive qualities, have been under a more sceptical microscope as of recent. This comes as more and more services, products, and technologies seek to adapt themselves to the blockchain way of life but as the analysis of blockchain complexities digs deeper, it has become apparent that there are some potentially fatal flaws within it.
Problems with the Blockchain
The blockchain network much like all distributed systems requires a large robust network of users for the full benefits to be enjoyed by all, a partially supported blockchain isn’t quite as powerful as everyone has been told it is.
Network speeds and costs across the blockchain have often been praised for being ‘cheaper’ and in many cases ‘near free’ in their transaction costs; the truth of the matter however is that the Blockchain is indeed limited when it comes to ‘on-chain execution’ and scalability, especially in reference to block size.
As blockchains grow, the number of transactions they are required to process increases but due to the lack of scalability on the blockchain, the number of transactions executed on-chain can never exceed that of a single node that is participating in the network. As every new node is added to the blockchain, it gets weaker and requires larger bandwidth, storage and computing power at an alarmingly increasing rate.
iExec and their new SDK applies a heavy innovation and solution to this issue by creating a legitimate network to execute these processes ‘off-chain’, just as securely as they would be ‘on-chain’.
The team has been touted as the ‘Airbnb for servers’ as the platform automatizes peer-to-peer (P2P) interactions for its users and providers in a brilliantly transparent secure blockchain service.
CEO and Co-Founder, Gilles Fedak, PhD, said during his address at Devcon3:
“This first version of iExec shows that we are able to overcome several limitations from the blockchain technology. We are proud to release this product only six months after the start of the project. It opens new perspectives for decentralized businesses and new opportunities for developers and startups,”
Beginning in finance, iExec will provide their first proof-of-concept to demonstrate its state-of-the-art design of a proof-of-contribution protocol (PoCo) and continuing developments of trusted off-chain computations.
This new product from iExec is paving the way for a scalable blockchain experience, one that remains a cutting edge with dedication to the progression of blockchain technologies and the security of a sustainable ecosystem within it. To find out more, visit the links below.
Read more about iExec on their Website: https://iex.ec/
iExec YouTube Video – https://www.youtube.com/watch?v=6aSBj7BcCDY
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