The European Commission announces the “OntoChain” project with iExec as a key partner.
OntoChain is part of NGI (Next Generation Internet), an initiative to reshape the internet.
The Trust Project is an international consortium of news organizations based on transparency standards
The European Commission announced the “OntoChain” project with iExec (RLC) as a key partner. In September, the Commission announced funding of OntoChain to the tune of € 6 million, as part of the European “Next Generation Internet (NGI)” initiative.
The European OntoChain initiative
OntoChain is part of NGI (Next Generation Internet), a European initiative to reshape the Internet into a more human-centric network, emphasizing the values of privacy, collaboration and diversity .
At the heart of NGI and OntoChain is the idea of increasing trust in data to create new business models that fairly compensate cloud providers.
Adoption is the main objective of the French company iExec. OntoChain is an opportunity to showcase iExec’s decentralized cloud computing solutions, developed over the past two years.
About iExec (RLC)
iExec is a French startup that has set itself the goal of „decentralizing the cloud“. The Lyon-based company has developed the first decentralized marketplace for cloud computing resources.
Blockchain technology is used as a solution to organize a marketplace where users can monetize their computing power and data.
On the one hand, servers and data centers make their unused computing resources available, and on the other hand, applications and developers pay in RLC to access these resources. The price is negotiated between them: iExec does not intervene and does not receive any commission during these transactions.
The native RLC token gives access to the computing power of the network. “RLC” stands for “Runs on Lots of Computers” (which runs on many computers). During its Initial Coin Offering, the company had raised 12 million euros.
The RLC token is trading at $ 1.10 at the time of writing these lines.