In less than 24 hours, iEx.ec, a company aimed at decentralizing the cloud, raised upwards of 12 million dollars.
Given the fact that currently most data is held in centralized mega data centers, iEx.ec’s goal suggests that we’re building the internet the wrong way. iEx.ec wants to decentralize the cloud, and it wants to do it now. To accomplish this, iEx.ec aims to use executable distributed code contracts, often referred to as smart contracts, supported by Ethereum.
The initial coin offering (ICO) for iEx.ec launched the morning of April 19 and quickly garnered attention as investors flocked at the opportunity to get RLC tokens, iEx.ec’s native token, with a 20 percent bonus. Funding quickly skyrocketed, with iEx.ec raising more than $2 million worth of Ether within 5 minutes of the launch. One transaction alone for 18,832 Ether (currently valued at $944,613.12) took place at 1:06:29 PM +UTC, shortly after the ICO went public. In total, the ICO raised close to $12 million US, around $8.5 million of which was in Ether. An Ethereum contract regulated the transfer of currency from investors to iEx.ec and stopped processing transactions as soon as the cap was met, closing out the ICO at 4:12 PM +UTC.
iEx.ec got attention from other players in the industry, with Gatecoin stepping up and announcing on April 9, “we are excited to announce our support for Iex.ec, a blockchain-based distributed cloud platform.”
Changing up the way cloud computing stores data is the basis of iEx.ec’s innovation. According to the company’s whitepaper, its technology “relies on the Ethereum smart contracts and allows building a virtual Cloud infrastructure that provides high-performance computing services on demand.”
Early in 2016, a brief published by Forrester.com named emerging blockchain technology as one of 10 factors that would shape the cloud computing climate of 2017, stating, “blockchain is still an early-stage, emerging technology but is showing great promise.” In that vein, iEx.ec is forging forward to make that speculation of great promise a reality.
With the enormous success of itslaunch, iEx.ec appears to be in position to make good on its desire to create a decentralized cloud.
This article was updated on April 20, 2017. The dollar amount raised in the iEx.ec ICO was $12 million.
Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. Jeremy is a full time staff writer for ETHNews.