As visual technology progresses, consumers and businesses alike are pushing for higher resolution content and computer-generated graphics. Creators, designers and video editors are constantly rendering videos, animations and graphics for various projects. As long as it’s a high-resolution image or animation, the rendering process is used.
Major blockbuster films with realistic CG animations (such as the Marvel cinematic franchise) and video games with immersive graphic representations are just two of the many examples.
This growing push by the creator and consumer economy is one of the main reasons for the global demand for more rendering power. That’s why the idea of Render (RNDR) was born as a solution for various industries hungry for more processing and GPU rendering power.
The network’s design seeks to meet the growing global computing demand. By allowing access to scalable GPU computing power, anyone can render their creative visions without high overhead and hardware. This can include everything from simple videos to immersive AR/VR environments, and much more.
Keep reading to learn everything about the Render Network and its potential for numerous future projects.
What Is the Render Network?
The Render Network is a protocol based on the Ethereum blockchain which provides distributed GPU rendering power. Anyone can purchase the processing power with RNDR tokens. OTOY, a graphics-focused company with over two decades of experience in the field, manages the protocol.
New technologies will continue to push the rendering requirements, otherwise known as processing power. Following the growing popularity of DeFi and the ever-expanding metaverse, Render’s protocol seeks to keep up with growing GPU consumption by offering immense processing power.
It’s a more sensible way to use GPU computing power than the proof of work consensus (PoW) that powers popular cryptocurrencies such as Bitcoin.
To ensure secure token exchange, minting, and rights protection, Render also relies on smart contracts.
The software that powers the whole platform is OctaneRender®, and the unit of power is OctaneBench®. OctaneRender now supports both NVIDIA and AMD GPUs. Additionally, both Windows and macOS users can utilize the software to share their computing power with the network.
OctaneBench®, on the other hand, determines the power of graphics cards and uses the metrics to classify pricing tiers of services on the platform. It considers the node reputation, security, speed and cost to place the node into a particular pricing tier.
On top of that, the system network also offers a storage solution through its partnership with Sia, a practical, decentralized storage solution that helps creators keep all of their valuable renders in one place.
What Is GPU Rendering Power Used For?
Growing rendering needs drive the Render Network’s increasing popularity. The network can be used to render the following:
- High-resolution images
- Parts of the metaverse
- 3D animations
These are only some examples, as rendering power has applications for a broad range of digital creations. Being able to render digital assets quickly is especially important for the growing VR and AR industries. In addition, considering that the metaverse is quickly becoming mainstream, there are great opportunities to be had in creating digital assets for its platforms.
Rendering power plays an important role in real-time, on-screen digital projections. Without enough of it, the results would be choppy, pixelated and low-resolution. It would be impossible to stream digital concerts and other similar events, as they’d generally be unpalatable to watch and not at all immersive.
The current challenge with processing power is overhead. Companies may invest heavily in most in-house solutions — but not necessarily in GPU power — since they don’t need it all the time. These idle GPUs lead to a waste of financial resources and power.
With Render, users simply rent processing power that’s already available on the network. There’s no need to make additional investments, but rather merely to pay a small fee to borrow available processing power whenever the need arises.
The “renters” are, in fact, called Node Operators. These are essentially millions of network members who rent their processing power to the network. When someone needs processing power, they get it from the network nodes, and use RNDR tokens to pay for the service.
Win-Win Processing Power
Both the creator and service provider are safe in the exchange. When the renderer (or GPU supplier) has finished the job, there’s a watermark — otherwise known as proof of render — to prove that the work has been completed as requested. To release the funds from escrow, the digital creator has to confirm the end of the rendering job.
On top of that, the network provides digital rights creation. Every renderer receives creator rights, which protect the copyright of each rendered product. The end goal is to create a complete marketplace with 2D and 3D assets which people can trade.
They’re doing a great job, too — as it’s good to see that Apple devices can now join the network via Octane X™ software, which we’ll discuss in greater detail below.
What Is the RNDR Token?
RNDR is an ERC20 token that’s native to the Render Network. It belongs to the category known as utility tokens, which allow holders to pay for services on a network. The whole network runs on Ethereum, the giant platform that’s home to numerous Decentralized Finance (DeFi) takes the decentralized concept of blockchain and applies it to the world of finance. Build… and DApp projects.
In 2016, there was an ICO for 25% of the total RNDR Token supply. The cost per unit was $0.25, making it a great deal for early adopters.
Today, there are a total of 536 million RNDR in supply, of which around 150 million are in circulation. Approximately 65% are in escrow, ensuring secure payments between creators and renderers. There are also 10% in the Render Reserve (RR), ready for further user acquisition.
Every transaction on the network comes with a fee, which ranges from 0.5% to 5%. Keep reading to learn more about the role of RNDR.
What Are RNDR Tokens Used For?
The RNDR Token is the currency of the Render Network. It connects creators with service providers, and vice versa. Any creator who needs to render an image will require RNDR tokens to purchase the rendering service from the node (renderer) on the network.
Aside from rendering, the protocol can also be used to mint NFTs and tokenize rendered products. This means that artists can benefit from future royalties whenever someone trades their NFTs. This could revolutionize the 2D and 3D art worlds, as digital creators will certainly want to protect their rights and monetize their art without middlemen taking a cut.
The RNDR Token isn’t the only way to purchase services on Render. Those who aren’t familiar with cryptocurrencies can easily buy RNDR Credits, which are backed by the protocol’s tokens. Whenever someone spends RNDR Credits, the service providers receive payments in RNDR.
Notable RNDR Projects
RNDR keeps expanding in several different ways. The most significant moves of 2021 include:
- Introduction of Octane X
- Explosion of NFTs
- Future announcements
Let’s break each of these down for you and explain their importance for the network.
Previously, only Windows users could access the Octane X network, a software tool that enables users to access the Render Network.
Now, Apple users — basically, anyone running macOS Big Sur or later — have been granted access to use Octane X, and by extension, use the Render Network’s seamless GPU rendering capabilities for the most demanding projects. Given that millions of creators use Apple devices to create digital art, it’s one of the biggest ecosystems in the computer world — and therefore a huge market with high demand for rendering capabilities.
To encourage the inclusion of Mac users, free access has been given to Octane X® Enterprise and Octane X Prime. The former opens up access to all of Render’s features, including heavy-duty tools such as the Unity engine, Daz 3D, Adobe After Effects, and many more, while the latter is more suited to small-scale rendering projects.
Octane X also allows Apple users to share their graphic card’s power output and contribute to the network’s processing power.
Another exciting development is the inclusion of AMD support, as the platform initially supported only NVIDIA graphics cards. This means that Render now supports virtually all newer computers.
Explosion of NFTs
In the fall of 2021, it was reported that NFTs created on the Render Network brought in over $500 million in sales to the various creators, who essentially used Render to perform over a quarter of a million jobs — an incredible expansion made possible by introducing the minting and tokenization of NFTs.
To boost the platform’s popularity, Render teamed up with impressive artists who have huge cult followings, such as Gene Roddenberry, Alex Ross and Beeple. Gene Roddenberry’s Star Trek is a global phenomenon enjoyed by millions, whereas Alex Ross has brought thousands of Marvel comic books to life. Beeple’s art is tremendously popular and currently at the forefront of NFT culture.
Together, RNDR and these artists created the Archive project to showcase a way that creators can capture an artist’s lifetime success and present it on a blockchain.
Another project that’s yet to come is the first holographic NFT. Beeple, who has transferred all of his works of art to RNDR, is participating in this project to push the future of NFTs forward.
Many other artists are leveraging the platform’s potential to generate metaverse elements, more of which you can find in the platform’s official blog post. Render is using their platform to experiment with high-resolution imagery. Take 3D digital artist Zomax, for example, who used the RNDR platform for 16 months to create a breathtaking ultra high-res animation.
OctaneRender Future Updates
This opens the door for countless companies in various industries to use the software for creating complex projects in construction, manufacturing, aviation, medical devices, oil & gas, consumer products, and more.
Is RNDR a Good Investment?
The potential of any platform depends on its practicality. In that regard, Render is a promising project with many potential use cases. Its core product will help companies and individual creators save millions of dollars without sacrificing rendering speed.
Creators and service providers get the best of both worlds. While artists and other creators have access to unlimited network power, the providers can earn passive income by renting their hardware to the network.
Given the involvement of prominent figures in the project and its current rate of growth, it’s safe to assume that RNDR is a good investment. The platform will keep dominating the decentralized cloud rendering industry as the top pick for many artists, with no competitors in sight.
How Do I Buy RNDR Tokens?
If you’re looking for a way to purchase RNDR Tokens, you can get them on Bybit. The whole process is straightforward, and requires just a couple of simple steps:
1. First, register (or log in) on the Bybit platform.
2. Choose your currency to purchase USDT.
3. Use USDT to purchase RNDR Tokens.
Once you have your RNDR Tokens on Bybit’s exchange, you can transfer them to any ERC20 token-compatible wallet. You can then use that token to purchase services on Render.
On the other hand, you can use a GPU to earn RNDR Tokens whenever someone uses the network and your GPU.
If you’re planning to invest, you can store your tokens in a hardware wallet for better safety.
The Bottom Line on RNDR Tokens
Render is a perfect example of how blockchain technology can help decentralize different processes. As a distributed GPU rendering network, Render helps keep energy efficiency high while putting idle GPUs to good use. With ease of scalability, rights management and immense processing power, the RNDR team has essentially democratised cloud rendering services and likely created a platform that’s here to stay.
Exciting times are ahead as the protocol keeps growing and brings more updates to the table. Investing in Render might be a smart choice at the moment. You can use Bybit to purchase your first RNDR tokens and get started.