Wallet Management

The cryptocurrency wallet is a secure software program to interact with blockchains.
The wallet enables user to send and receive digital currency and monitor their balance and conduct other operations as smart contract.
iExec service runs on ethereum blockchain, the deal between agents (data owner, resources provider, requestor, developer) are made using RLC token.
This transaction execution (smart contract) takes some amount of gas in ETH, this gas is used to calculate the amount of fees that need to be paid to the network in order to execute an operation.

Create your Wallet

If you haven’t already, you will need to create an Ethereum wallet:

Warning

Remember your password. You will need it later. Back up your wallet properly.

_images/mew_createwallet.png
  • Download your Keystore file, keep it safe and secret.
  • To Import the wallet using the Keystore file, you will need to open the downloaded wallet file with any text editor and copy its content.
Useful link:

Credit your wallet with ETH and RLC

Your wallet must be credited with both ether (ETH) and RLC.
Ether is used to process the smart contracts.
Useful links:

Login with Metamask

Once you’ve unlocked your Metamask, you can login on the iExec marketplace https://market.iex.ec with embedded wallet management.
In the Account, both Balance and Allowance are displayed, and values are expressed in nRLC (nano RLC).
When a computing deal is closed, a dedicated smart contract is created, an allowance step is mandatory to give authority to this new smart contract to proceed to the payment when the computing task is successfully ended.

Set up the SDK with your own wallet

Edit the wallet.json file with your own information

Create the file if it is missing

iexec wallet create

Go checkout the iExec SDK page to get wallet management option.

Account and wallet

iExec is a decentralized exchange and therefore, it uses smart contracts to execute your trades.

iExec does not directly interact nor tap into a user’s wallet. An Ethereum wallet owner remains the sole proprietor of his assets, and needs to deposit RLC from his Ethereum Wallet to his iExec Account for them to be used.

For example, workers must deposit a certain amount of RLC from their Ethereum Wallet to their iExec Account in order to be able to stake and participate as network computers.

Similarly, requesters must have an account topped up with RLC in order to trigger the execution of an application. The amount of RLC engaged in the deal will be locked throughout the execution, and transferred to the cloud resource providers at completion.

For these cloud resource providers (application, compute and dataset providers), the reward from a successfully completed task is deposited in their iExec Account. Providers can then decide to withdraw some or all of their balance from their iExec Account to their Ethereum Wallet at any given time.

The iExecClerk smart contract service is the piece of software that manages under your authority all of your token interactions, with a high degree of security.

Staking and incentives

Staking is a important part of the consensus protocol, to prevent attacks and maintain a high level of trust between participants.
Workers and schedulers have to commit a security deposit, who computed an erroneous result will lose their stake.
The movements of RLC is presented below.
Role RLC needed ETH needed Staking and incentives
Requester yes no payment, token locked during execution
App provider no yes for deployment reward
Dataset provider no yes for deployment reward
Worker yes yes stacking for security deposit, reward
Scheduler yes yes stacking for security deposit, reward