By now you might have heard of how graphics processing units (GPUs) –which are normally used for rendering videos–are also used heavily for mining cryptocurrencies such as Ethereum (ETH). GPUs are needed particularly for its high-end processing capabilities, which are beyond the reach of the average home computer. The demand for mining has actually caused a global supply shortage of GPUs causing their prices to surge, and making it more difficult for others such as video editors, to acquire their own GPUs they need for their line of work.
But what if video editors can just connect to the blockchain to access the computing power of all those GPUs? This is exactly what the Render Network is offering as a provider of decentralized rendering solutions, which is faster and cheaper than acquiring your own hardware.
It works in almost the same way with how mining is done. GPU owners simply connect their hardware to the Render Network to rent out their processing power for creators who need a video rendering job done. Creators upload their work and pay the network fee. After completing a job, these GPU owners (which are essentially functioning as mining nodes) are then rewarded with RNDR tokens in the same way that Ethereum miners are awarded with ETH. But instead of using all that processing power for merely solving algorithmic puzzles–Render nodes are actually doing real-world work.
The Render Network makes use of Octane Render, a rendering engine which they developed, and which allows for creators to monitor the rendering process in real time. Aside from video rendering, Render can also be used for other jobs that require heavy data processing such as video game creation, virtual reality and augmented reality services, and data analytics.
The Render Network itself is built on the Ethereum network. With Ethereum transitioning soon to a Proof-of-Stake protocol to phase out mining, projects like Render can give Ethereum miners more alternatives on how to use their GPUs once the transition is completed.
What is RNDR used for?
RNDR is an ERC-20 token that facilitates all payment exchanges on the Render Network. Creators can purchase RNDR credits via Paypal and use RNDR to pay for job postings and network fees. Node operators likewise are also paid in RNDR tokens for jobs that they complete.
RNDR has a current market capitalization of $122 million as of July 2022. It has a maximum supply of approximately 536 million tokens of which over 253 million are already in circulation. The token has no on-chain governance function and all future updates and developments are decided by the Render development team.
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