Community Update June: The Evolution of iExec’s Marketplace Strategy — An Introductory Note on the iExec Ecosystem Approach

Over the past month, discussions with our community have highlighted the importance of a deeper overview regarding the evolution of our marketplace strategy. To ensure a more comprehensive understanding of our goals and strategies, this week’s community update blog will provide additional clarity on why we are shifting from a marketplace vision to a broader ecosystem approach, a change that reflects our future direction and operational philosophy.

From Web2 Limitations to Web3 Innovations

In previous community updates, we initially framed iExec as a marketplace. The goal was straightforward: facilitate transactions using RLC tokens. This marketplace model, reminiscent of traditional Web2 ‘app store’ approaches, aimed to provide a platform where users could engage directly through intermediaries to purchase services.

However, after assessing scalability and adoption, it was clear that it was time to reevaluate this model. In Web3, marketplaces typically witnessing substantial and scalable success have been those centered around NFTs. Unlike traditional applications, Web3 users predominantly engage with platforms directly through their wallets, bypassing the need for a conventional marketplace or app store setup. This insight led us to move towards an ecosystem model, which we believe will foster greater adoption and scalability.

Building an Ecosystem

We’re focused on constructing an ecosystem centered around the RLC token. This ecosystem aims to enhance the utility and value of RLC, creating a more integrated experience where users hold RLC tokens in their wallets to engage in transactions directly — whether buying, selling, or earning.

We are in the process of finalizing the visual representation of the ecosystem, outlining these actors and where they fit into the ecosystem in a way that’s easy-to-understand. Additionally, we will launch a dedicated “Partners” webpage. This resource will offer insights into each participant’s role within our ecosystem, highlighting how each contributes to the overarching goal of enhancing the utility and value of RLC. Stay tuned for these exciting developments, providing clearer visibility into the network we are proud to facilitate and grow.

But until then here’s an insight into some of the various accelerators, investors, institutional partners, and builders in the iExec ecosystem:

Our accelerator partners include Cube3 and Decentral House, while dev and investor community and partners feature names like Storm Partners, V3ntures, Atka, and 50Partners. On the institutional front, we are supported by the Ethereum Foundation, Intel, and the Confidential Computing Consortium. In addition, partners linked with the RLC token include Meld.io, Revolut, Coinbase, Binance, Hummingbot, and Uniswap V3.

With a wide array of projects integrating iExec, our ecosystem spans multiple verticals. Here’s a preview:

In the DeFi sector, the following platforms have integrated iExec: Aleno, CypherLab, Mystic, and Nemeos. The DePIN vertical includes innovative projects like Hashguard (which specializes in file encryption), and Nephele also building with our developer tools. AI projects using iExec include Coexya and GenieAI, while the RWA sector includes Keenest. In the data and storage domain, we partner with Alterproof, Talent Layer, Sorcel, AceFile, and Ziplo. For payment solutions, Inflow will be using iExec, and for SoFi vertical projects include Hub, Boonty and 3Decrypt.

This is just a glimpse of the extensive network we are building. With more partners and projects building with iExec today than ever, there’s still more to be revealed.

Focusing on Builders and Users

Builders

iExec is the platform to build, own, and monetize in Web3. It provides a suite of developer tools designed to empower users with control over their data and digital assets (which can be anything like an email address or computing power). iExec developer tools are code packages, ready to integrate into applications. They simplify the integration of privacy, ownership and monetization features. Building with iExec, developers remove the complexities associated with decentralized technologies and enhance user engagement with transparent economic benefits.

Builders are at the core of our ecosystem. Our approach targets builders first. Releasing dedicated developer tools simplifies development processes, enabling builders to run iExec for specific use cases in their apps, while integrating RLC. The developer tool approach, offering ready-to-use code packages that address specific use cases and can be easily plugged into applications, marks a complete change from the older approach of providing an SDK with infinite possibilities. This shift has been a success. By understanding and leveraging these tools, builders can innovate and generate significant value, drawing more participants to iExec.Over the next few weeks, we’re excited to announce dozens more Web3 platforms that have integrated these tools.

End-Users

End users have multiple roles within the iExec ecosystem — from interacting with applications to monetizing their digital assets. Our platform enables users to protect, utilize, or monetize their data in ways previously unseen in the market. In most platforms, data is processed out of reach of its owners. Those who truly own the data are not the ones who get to decide how it is protected, used, and who benefits from it. iExec Dev Tools use privacy-enhancing technologies like Intel SGX to leverage the power of DeCC while removing all complexity. This allows users to maintain complete ownership of their data by encrypting it end-to-end. This way, data owners benefit from the value their data creates. This flexibility offers unprecedented control and value-creation opportunities over their digital identities and assets. Compensation comes in the form of RLC tokens, which can also be spent within the ecosystem. Because users have the unique ability to either spend or earn money, they enhance RLC’s velocity and utility. Users incentivize participation as well as improve circulation of the RLC token, maintaining its relevance and utility.

Implementation and Integration

One key initiative under this new strategy is the development of worker pools through partnerships. These collaborations are crucial as they define the operational specifics such as task types and participant eligibility, enhancing the overall functionality of the ecosystem. We are still fine-tuning the details concerning marketing strategies and AI use cases, with ongoing research to solidify these components.

Conclusion: A Strategic Shift for Scalable Growth

Our strategic evolution is a calculated response to the limitations encountered in the Web2 framework and the unique opportunities presented by Web3 technologies. By focusing on building an ecosystem that significantly values both builders and users, iExec is poised to redefine the blockchain landscape. We anticipate that this approach will not only foster greater innovation and collaboration but also enhance the intrinsic value of the RLC token, driving its broader adoption and use.

This strategic pivot, researched and refined over a year, promises a scalable, value-driven future, making iExec a cornerstone of Web3 innovation.

This transition marks a significant milestone in iExec’s journey, promising a more integrated and dynamic future for all stakeholders involved.