What is the RLC token used for?

The iExec token, known as RLC, is an integral part of the platform's ecosystem, operating as an ERC-20 token. This token serves as the primary mode of exchange within the decentralized cloud marketplaces offered by iExec.

The use of RLC tokens as the primary medium of exchange and for staking purposes underscores the importance of this digital asset within the iExec ecosystem. It not only facilitates transactions but also promotes trust and accountability among platform participants.

All financial transactions conducted on the iExec platform are settled exclusively using RLC tokens. This ensures seamless and efficient transactions without the need for intermediaries or additional conversion processes.

For workers looking to execute computation tasks on the iExec network, staking RLC tokens is a necessary requirement. This security deposit mechanism ensures that workers are committed to fulfilling their tasks and discourages malicious behavior.

The staking process involves locking up a certain amount of RLC tokens, which acts as a guarantee for the worker's performance. It incentivizes workers to complete their tasks diligently and efficiently, as failure to do so could result in the forfeiture of their staked tokens.