iExec V5: Interoperability and Privacy Tools for DeFi
iExec has released the first part of its 2020 V5 release, before further enterprise news in the coming months. This latest technical version is titled iExec V5: Interoperability and Privacy Tools for DeFi.
As the ecosystem of Decentralized Finance becomes one of the primary use cases for Ethereum, the goal of the V5 release is to ensure that the iExec technical stack is interoperable with existing and future systems for years to come. The upgrades that make up this latest version make iExec a flexible tool for DeFi, as well as being the best option for privacy in the blockchain industry.
Interoperability: The Future of iExec Smart Contracts
It is essential that the iExec technical stack will not only survive the test of time, but will be able to adapt to the ever-evolving blockchain, Ethereum, and DeFi ecosystems. To make this possible, many of the version 5 upgrades will be for the smart contracts making up the decentralized network that is iExec.
NFTs: Cloud Computing Resources as DeFi assets
Within the iExec ecosystem, we deal with ownership of assets. Although this ownership has always been represented through smart contracts metadata, there was no easy way for an individual to demonstrate blockchain-level ownership of these assets. With V5 all computing resources, be it computing power, datasets or applications can now exist as stand-alone ERC721 NFTs, visible on Opensea and Etherscan. Since the birth of the iExec Marketplace, ‘Cloud Computing Resources as a Commodity’ has been a reality. Now, these resources can exist as tradable DeFi assets. These assets entering the world of DeFi opens up the possibility of unique use cases for these assets — imagine using a highly valuable dataset as collateral for loans, for borrowing DAI or USDC. This could integrate with DeFi services such as Rocket loan, or even Compound at a later stage.
ENS Names: Lengthy Ethereum HEX addresses could become a thing of the past
All assets on iExec, be it an application, dataset, or worker pool, are currently visible in the iExec Explorer. Although this does technically allow to monitor everything happening on the iExec network, for some it can be confusing. For the average worker pool owner, for example, it would be difficult, if not impossible, to remember the ethereum HEX string associated with their worker pool, With the full implementation of ENS addresses in iExec V5, HEX addresses could essentially disappear from the iExec marketplace and explorer completely, being replaced by human-readable addresses.
An example of this would be Genesis Cloud setting up worker pool with the ENS name genesiscloud.iexec.eth, for example. iExec V5 will allow users to find the ENS names from corresponding ethereum addresses, with the reverse operation also being possible. As well as being easier to remember, ENS names may also add an extra element of security, avoiding the common situation where hackers may attempt to make slight modifications to addresses.
iExec Confidential Computing: Trusted and Privacy-Preserving Compute in DeFi
iExec is known for being advanced in confidential and trusted computing, having released the first full Trusted Execution Environment, (TEE) solution for blockchain. With V5, privacy-preserving computing can be ensured in DeFi.
With the upgraded V5 version, it is now possible to build a privacy-preserving DeFi application, no matter what your preferred coding style is. Whether they have a research background using Python, or a classic developer using Javascript or Node.js, iExec has got you covered: the iExec TEE solution will now support all programming languages.
Want to get started with Trusted Computing? The iExec Documentation gives a walkthrough of building a trusted application encrypted with Intel SGX:
🔐https://docs.iex.ec/for-developers/confidential-computing
As an additional trusted computing workflow improvement, it is now possible to download your computational result through either IPFS or Dropbox. The decentralized Web3 or the traditional web2, it’s your choice!
ERC1538 Smart Contact Upgradability: Flexibility in an ever-evolving ecosystem
iExec V5 will see the first smart contract upgrade since V3, two years ago. In the past, iExec has had to wait until new version releases to update the smart contracts, as everything needed to be changed and redeployed. With iExec V5 and the implementation of ERC1538s, all these changes. ERC1538s smart contracts are made up of modules, allowing for agile, on-the-fly updates of smart contracts. This flexibility is essential for the iExec technology stack to be able to keep up with the quickly developing and ever-evolving DeFi ecosystem.
A New SDK making developers’ lives easier
iExec V5 includes a brand new Software Development Kit (SDK), with numerous usability upgrades. Not only has the SDK been upgraded, but there have also been improvements to the iExec Marketplace. Users will now be able to upload their input files directly within the Marketplace UI as well as new advanced parameters such as application arguments. An extensive list of all changes can be found on the iExec GitHub.
Enterprise Announcements and the future iExec Roadmap
Now that the upgrades to the iExec smart contacts and wider tech stack have been presented, it's time to start getting excited about the second part of the V5 release at the end of the year. Here, we can expect business updates and more details on the future iExec enterprise roadmap.
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