The Render Network is a system that allows users to contribute GPU power that they currently of no use in their home devices and divert that power to the network to aid it in rendering motion graphics, as well as general visual effects required for its smooth operation. In exchange for the provision of these services, the individuals are paid in Render tokens (RNDR), which is the native utility token of the network. Through its creation of a peer-to-peer network, its users can tap into the underutilized computational power cheaply and efficiently.
In general, the platform was created to simplify the stages involved in the process of rendering and streaming 3D environments, as well as other visual effects. While these provisions would normally require a company to harness a large amount of operation power, the Render network created a way for people to outsource this power generation through its members, and in return, it pays them with its tokens and then exposes them to several other advantages, all of which were strictly designed for these participants making contributions to help the network run smoothly.
Who are the Founders of Render Token (RNDR)?
The Render Token platform was established by a pioneer in the realm of computer graphics, streaming, and 3D rendering called Jules Urbach.
Urbach is a well-known name in the blockchain industry and is well respected for his findings, even though he chose to defer a Harvard University education. He started making a name for himself in the industry early in his life as he designed his first game when he was only 18. Known as Hell Cab (Time Warner Interactive), it was one of the first generations of CD-ROM games ever created. Later, the tech genius founded Groove Alliance, a company that was responsible for the creation of Real Pool, the first 3D game that was ever made available on Shockwave.
Now, armed with more than 25 years of experience in the technology industry, he has founded several companies, with one of the most successful ones being OTOY, the Los Angeles-based software company that facilitated the development of the Render network. The company also has a subsidiary known as LightStage LLC, which was created to revolutionize 3D content capturing, creation, and delivery.
What is Render Token (RNDR) used for?
The Render Token system is a distributed GPU rendering platform that was developed on top of the Ethereum blockchain, which is aimed at providing a bridge between artists and studios who require GPU compute power with mining partners who are willing to let out their GPU processing power.
The RNDR token is used by the artists on the network as a form of exchange for the GPU computing power they get from the node operators on the network. RNDR uses a combination of a manual and an automatic proof of work system and redefined it into a proof of render system.
Another selling point of the RNDR token is that it holds value and can be exchanged with other cryptocurrency pairs such as USDT and USDC.
What Is the Unique Point of Render Token (RNDR)?
The Render Network was designed to solve the problem of its network users looking to perform render jobs with individuals who have idle GPUs to process the renders. On the network, owners are expected to connect their GPUs to the Render network for them to receive and complete the rendering tasks through Octane Fender. The users would send their RNDR tokens to the individuals performing the rendering operation and OTOY would take a small percentage of the RNDR tokens for facilitating the transaction, as well as keeping the network running.
On the platform, once the idle GPUs have been registered, the GPU owners become “Node operators” and are then able to earn RNDR tokens from their participation on the network. They do this by accepting jobs from users in need of rendering work, known as the creators. These creators send their files to the Render Network, where they have already been assigned to operators. The Render platform, in turn, receives a small portion. Of their payments.
In a bid to keep the network running, the platform provides a few other advantages such as
- Scalability
In general, scaling GPU rendering is immensely difficult using the traditional render technology, as there are several limits to what can be done rendering locally on a network, or even in the cloud. The system makes it impossible to leverage GPUs all over the world efficiently, without any form of decentralized system that tracks and manages the jobs on the system.
- Digital Rights Management
Currently, there is no single universally accessible storage location for artists to store there and have their rights reserved. With the blockchain and ledger-based storage protocol of the RNDR network, the artists can store and access their designs and creations at any point in time.
How many Render Token (RNDR) coins are in circulation?
The RenderToken has its maximum supply pegged at 536,870,912 RNDR coins and of that amount, the network has a circulating supply of 213,557,692 RNDR coins, which makes up almost half of the entire token supply. This implies that more RNDR tokens have been purchased in recent times.
On its allocation front, the network held a private token sale from January 2018 to May 2018. At the sale, a total of 25% of all RNDR tokens were sold to the public and then10% of the token supply was allocated to the RNDR reserve. The leftover 65% is currently being held in escrow to help in the modulation of the network’s demand and supply flow.
Most recently, the network introduced the RNDR Credits system which allows creators to purchase rendering power on the network through their party platforms like Stripe and PayPal.
Is the Render Token (RNDR) Network secured?
The RenderToken system was developed as an ERC-20 token and as such, the platform is bound by the same security protocol as the entire ecosystem of the Ethereum blockchain as a whole.
The network is made up of nodes that are responsible for its protection from any form of malicious activity. It achieves this through its dedicated proof of stake consensus mechanism. The procedure used by the system is one where the nodes are required to validate transactions before they can be added to the blockchain. Additionally, the Render token network takes its security up a notch by making use of a combination of both automatic and manual proof of work systems and coining out the proof of render system. The system essentially makes use of the inherent security protocols of the Ethereum blockchain, where proprietary assets are hashed when they are uploaded and then sent to nodes in pieces for rendering.
How do I buy Render Token (RNDR)?
The RenderToken platform seeks to provide a solution to the problem of large-scale GPU computing power for rendering operations. Through its provisions, people that require rendering jobs can easily gain access to these jobs and then get paid on the network without any form of hassle. Expectedly, this has been the reason several new participants have jumped on the network and now its tokens are available on several exchanges and can be purchased by the procedure below.
- Create a trading account with a supported exchange platform.
- Deposit fiat money and buy RNDR tokens.
Which Cryptocurrency Wallet Supports Render Token (RNDR)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as RenderToken (RNDR). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their RNDR wallet because it offers a simple and interactive interface making it easy for people to navigate its system.
