iExec and IT Behemoths Are Fixing Blockchain

iExec

iExec, the company that provides blockchain-based decentralized cloud computing, is on a roll. It has partnered with behemoth companies like Microsoft and Intel and presented a new product.

In a new tweet, iExec proudly announced that it has commenced a new collaboration with a number of companies. These include really big names like Microsoft, Intel, Enterprise Ethereum Alliance, and Consensys. The company adds that it has revealed the “first implementation of the new EEA Trusted Compute Specification.”

iExec is excited to announce the latest collaboration with @Microsoft, @Intel, @EntEthAlliance and @ConsenSys

Revealing the first implementation of the new EEA Trusted Compute Specification @ #Devcon5, Oct 9th

Official EEA announcement in thread below:https://t.co/VBZNsrXCKA

— iExec (@iEx_ec) October 8, 2019

iExec elaborates on the details in its Medium post and points out the flaws of the early blockchain systems. These include imperfect privacy and confidentiality. The solution? Adding trusted off-chain execution to a blockchain.

The new product, EEA Off-Chain Trusted Compute Spec V1.1, is set to do that. The company presented it at the Devcon 5 conference in Japan.

“The spec addresses how a smart contract on mainnet can offload its compute-intensive workloads to off-chain networking without compromising user experience and security,” the company writes.

What’s it all about?

According to the post, the specification has a specific purpose, i.e. to develop Hyperledger Avalon. The latter is the Hyperledger’s most recent project a.k.a as the Trusted Compute Framework (TCF), “which is a ledger-independent implementation that helps developers in building the next wave of confidential computing applications.”

For the uninitiated, Hyperledger Avalon combines elements of Hyperledger, EEA, and cloud service providers. Intel, iExec, Alibaba Cloud, Baidu, BGI, Chainlink, Consensys, EEA, Espeo, IBM, are all behind the product. Other companies include Kaleido, Microsoft, Banco Santander, WiPro, Oracle, and Monax.

That said, who benefits from using such a TCF? Developers who are seeking a trusted liaison between on-chain and off-chain networks. The use cases include loan systems, trusted tokens or attested oracles.

“The achieved result is a TTF (Token Taxonomy Framework) compliant application running in Besu, an enterprise Ethereum client compliant with the latest EEA Client Specification, and hosted on an off-chain EEA-compliant Trusted Compute pool. This pool is deployed by iExec on a Microsoft Azure SGX-enabled virtual machine,” concludes iExec.

In the past, Altcoin Buzz covered potential solutions for fixing Ethereum’s scalability. Read more here.

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