Cost and accessibility to rendering services (the process through which an image is generated on your screen) can be major challenges for artists, film producers, musicians, students, and others. For example, a 4K high-definition (HD) feature film can take days to render in expensive visual effects facilities.
The Render Network project is a new blockchain initiative that democratizes and decentralizes access to graphics rendering services. Its native token is RNDR.
What Is the Render Network?
The Render Network connects users in need of rendering jobs with idle GPU owners through Ethereum smart contracts. GPU stands for graphical processing unit, a computer chip that processes graphics for display on digital devices.
The initiative, which began in 2016, is founder Jules Urbach’s second successful venture after creating OTOY OctaneRender, a centralized rendering service whose 10-100x speed gains in scene graphics and RTX raytracing GPU hardware acceleration have made it responsible for rendering blockbusters such as Star Wars and Avatar.
On Render, OTOY is then used by GPU owners to execute their preferred rendering operations. The GPU owner ends the job after it has been completed and the quality has been verified. The RNDR token is then used by the smart contracts to pay GPU owners for their services.
As a result, creators can have rendering services completed quickly and affordably. GPU owners, meanwhile, can generate a passive income by earning RNDR token rewards for their rendering work.
Urbach’s patent idea for a “token-based pricing mechanism for server-side rendering” was filed in 2009, long before the introduction of Ethereum (ETH), the world’s largest smart contract–enabled blockchain. However, Urbach was only able to realize the Render Token and Render Network’s potential thanks to Ethereum’s rapid popularity. This is because the Render project uses Ethereum’s technology alongside those GPUs that were previously used for mining to render and immutably store information.
Seven Reasons to Use The Render Network
- Cost accessibility: The Render Network provides rendering services at a fraction of the price of established visual effects companies. Users do not need to buy expensive rendering equipment or pay for it; they can simply rent idle space and computation power from individuals across the globe, which also means access to more competitive pricing (as there is more availability).
- Speed: The distributed GPU network provides some of the world’s fastest rendering services.
- Space saving: Ultra-high definition (UHD) 16K stereo cinematography is becoming increasingly difficult to store due to space shortage. For the Render project, however, this is not a concern. By operating on Ethereum, the second largest blockchain in the world, Render can store all data in an immutable manner.
- Security: By storing information on a decentralized blockchain, the Render Network provides artists with a safe yet easily accessible digital rights management tool to store their digital creations.
- Efficiency: Render believes that “using GPU’s solely for Proof-of-Work (PoW) mining wastes the true power of GPUs,” and that “while a GPU is not in use, it is underutilized.” Using GPUs for multiple purposes maximizes their efficiency.
- Income: By connecting to the Render Network, GPU owners receive RNDR tokens as rewards for their work, thereby creating a passive income with crypto.
- Scalability and compatibility: Traditional rendering technology offers limited scalability, and centralized networks for rendering offer limited intensity and accessibility. The Render Network, on the other hand, combines rendering services with cryptographic task management and a developing worldwide network of distributed GPU owners. As a result, the Render Network is compatible with a wide range of artistic mediums, such as gaming, media, and augmented reality (AR).
RNDR Token Price Analysis
As with most cryptos, the RNDR price has seen considerable volatility. In November 2021, the RNDR price rose from $0.99 to $7.78, only to fall down to $3.50 and then rise up to $6.14 within December, and then down again to $2.14 by January 2022.
A big reason for these large swings was the $30 million investment the RNDR Network was able to secure from players including trading firms Multicoin Capital and Alameda, as well as the Solana Foundation at the end of 2021.
Following this rise of confidence in the token, as well as speculation on the role it would play in the development of the metaverse, there were inevitable price corrections which led to some price declines. However, this volatility is consistent with new asset classes, especially within crypto, and overall follows the trends shown by larger coins such as Bitcoin (BTC). The fact that the RNDR token has fluctuated and survived, is in fact a good sign.
More recently, the RNDR token price has taken a tumble with the rest of the industry. This, however, is not due to the network itself or the rendering services it provides and is more to do with increasing pressure from the US Federal Reserve to regulate the decentralized finance (DeFi) industry as a whole, as well as the most recent May 2022 crypto crash.
With the fall of the stablecoin, TerraUSD, crypto markets have gone into freefall as fears grow as to how the stability of crypto stablecoins can truly be ensured. The RNDR token, as a cryptocurrency, has also been affected as this most recent crash has shaken confidence in the industry.
The RNDR token is currently trading at $0.58 with a circulating supply of 254 million RNDR tokens for a market cap of $147,736,031.
What Is the Future of RNDR?
Image rendering is needed by many players, from film professionals to students and businesses. Thanks to this, there will always be a market for those looking for fast and affordable image rendering. Additionally, the levels of security and decentralization offered by Render’s functioning on the Ethereum blockchain should be encouraging to tech-savvy and security-conscious investors.
RNDR does have some competition, however. The Golem project (GNT), for example, is another blockchain project that offers rendering services, although it focuses more on computing power from CPUs than GPUs.
A strong show of support came from investment and trading firms. all of whom believe that the rise of the Metaverse will create a huge demand for Render’s services. As mentioned, Render was able to raise over $30 million for the growth of its network at the end of 2021. In light of this, RNDR price predictions could be optimistic come the next bull market.
How to Buy RNDR on Phemex
Phemex offers both spot and contract trading for investors to choose from. However, for beginning crypto buyers, spot trading is recommended. To buy RNDR on Phemex, follow the instructions below.
- The first step to buying cryptocurrency on Phemex is to go to the Phemex homepage, register for an account, and select Markets.
- On the Markets tab enter RNDR into the search bar on the top right, immediately after, the RNDR/USDT trading pair will appear below – select Trade to move on to the next step.
- You will then be redirected to the Phemex trading platform for the RNDR/USDT pair. To do a simple spot trade we recommend doing a market order where you can buy RNDR at the market price. To do so, select Market, enter the amount of USDT you want to buy of RNDR, and click Buy RNDR.
Conclusion
Render is the world’s first blockchain-based P2P GPU computing network. It pools computing power from a network of decentralized GPUs to provide greater GPU cloud rendering capacity than that offered by more expensive and slower centralized GPU cloud rendering services.
Render is helping to make high-end 3D content production accessible and broadly distributed for the first time, thanks to its economical and strong rendering capabilities, which are driven by the Render Token (RNDR). These advantages give it great potential to attract new customers, meaning that it could grow as a platform, driving up the Render token price. Additionally, the ever-growing Metaverse could stand to benefit from the Render Network’s offering, which could mean further increases in value and application.
