What is Render Token (RNDR) and How Does it Work? | KuCoin Crypto Gem Observer

2021/03/23 02:55:08

Anyone who has worked with 3D designs, animation and effects knows how taxing these processes can be on a GPU. Depending on the project, rendering the final project can take hours - or longer. This meant that those who could afford the highest-end technology had the upper hand. However, with the networking potential of the blockchain and cloud, it has become possible to utilize the latent GPU compute power of others to speed up rendering and greatly improve the experience for all.

Render Token set out to democratize this market using its GPU Cloud Rendering Network. This Render Network utilizes blockchain and smart contract technology to bring rendering power to those on the network, creating an economy of connected 3D assets.


What Is Render Token?

Render Token functions as a network that connects users looking to render their work with idle GPU computing to speed up the rendering process and make it more efficient. It leverages a decentralized system to track and manage render jobs in a scalable way.

Users looking to utilize the compute of the Render Network must first submit a job requesting for access. The protocol then determines the amount of RNDR tokens required for the job and creates a smart contract with the relevant details. It is then sent across the network where members who own GPUs are rewarded for providing their computing power for the job.

Content creators, visual effect experts, 3D artists, and other GPU-heavy occupations are the primary user base set to benefit from the Render Token platform. The ultimate goal is to democratize GPU cloud rendering, while also allowing others to monetize their idle GPU rendering power.

Who Created Render Token?

Render Token is the token-based product of OTOY, a company that specializes in GPU-based software solutions. OTOY was launched in 2009 as a solution to the growing disparity between the rendering requirements of 3D artists and the processing power of current CPU/GPU technology, with Render Token being its latest solution.

Jules Urbach is the co-founder of OTOY. With over 25 years experience in the computer graphics, streaming and 3D rendering industry, he has been able to build effective strategies to help revolutionize 3D rendering, as well as acting as the chief architect for the technology roadmap.

The RNDR project is backed by a team of blockchain developers and advisors, ranging from film and animation industry experts to experienced crypto entrepreneurs.

What Is The RNDR Token?

RNDR is an Ethereum-based ERC-20 utility token. The primary usage of the RNDR token is as payment to miners on the network.

RNDR token allocation:

25% Sold

10% RNDR Reserve (“RR”)

65% Escrow* (for supply/demand flowback to the network)

*The escrow tokens will sit in a third-party custody account.

What Is RNDR Used For?

RNDR is used for payment on the Render Network. Users who post render jobs on the network will need to pay RNDR tokens to pay for those who accept the rendering job. RNDR tokens can then be exchanged or recirculated in the network for further rendering jobs.

Closing Thoughts

OTOY has more than a decade of experience at the forefront of the GPU rendering software industry. Render Token is the latest iteration of its service, bringing in the benefits of blockchain to democratize 3D content creation.

This solid foundation bodes well for the company, especially when combined with the backing of industry-leading advisors and talented developers. In addition, the soaring NFT market will further increase demand for rendering power beyond the initial user group, capturing more of the cryptocurrency market. So, once again, this is a project that is providing a solid solution to a growing market, which renders the Render Token product as one to keep an eye on.

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