Let's get to know the Render Network, which describes itself as the first network to transform the power of GPU computing into a decentralized economy of connected 3D assets.
Founded in 2016 by OTOY CEO Jules Urbach, Render Network (RNDR) is a distributed GPU rendering network built on top of the Ethereum blockchain that aims to connect artists and studios that need GPU computing power with mining partners looking to rent their GPU capabilities.
Providers that receive RNDR tokens for their GPU powers allow complex GPU-based rendering jobs to be distributed and processed in a P2P network, making rendering and streaming 3D environments, models, and objects simpler for end users.
In the white paper of the RNDR project, he states that OTOY provides tools to overcome these challenges, such as OctaneRender, the world's first and fastest GPU-accelerated, unbiased and physically accurate renderer. The project team says that rendering is possible in HD technology, but noting the difficulty of processing data in high-tech such as VR, there has so far been no system that scales rendering speed across many dimensions of the business to allow content creators to tap into a large pool of graphics cards from an online network.
Announcing that they are at the peak of their technological transformation, the project explains that people living with their smartphones and new virtual realities are emerging, and entertainment companies are looking for these new ways to produce new visual effects, and content creators and editors find themselves facing new dimensions of complexity.
Render explains the solution it will bring to the blockchain world with the following words…
“Blockchain technology has evolved to store, verify and timestamp complex mixes of specifications, charts, accounts, regulations, protocols, standards and property rights. This technology can also handle digital rights management, which is necessary for complex digital assets that can be routinely copied and where time-stamped proof of authorship is crucial. Recently, the Ethereum blockchain has created tokens that allow instant and more complex transactions to be executed using smart contracts. Its possibilities in a world where it is completed quickly and efficiently in a peer-to-peer network based on the blockchain; imagine property rights protected safely and without error or delay.”
Render Token (RNDR)
RNDR Token is an ERC-20 based token used by network artists to exchange GPU computing power from GPU providers (node operators). It uses the RNDR Proof of Work consensus mechanism. Leveraging the inherent security features of the Ethereum blockchain, proprietary assets are hashed during upload and sent piecemeal to nodes for processing. All RNDR payments are securely stored at the time of creation and left to the node operators after manual verification by the artist ensuring successful work is deployed. To prevent malicious actors from both user bases, all assets created on the network are watermarked until the payment is successfully deployed, after which time non-watermarked creations can be downloaded and all payments are held in escrow until manually verified that they were created correctly.
The first ICO on Render Token was held between 6-12 October 2017. A total of 46,509.22 RNDRs were sold at $0.25 per token during the process. In March 2018, the team announced that the total issued tokens in the ecosystem will be 536,870,912 RNDRs. The contract transition process started in March 2018 with a 1:1 transition ratio between old and new contracts. The Genesis Mainnet release, the project's transition from Ropsten Testnet to Ethereum Mainnet took place on June 24, 2019. Then, in March 2020, the team announced a plan of 4.5 million RNDR tokens purchased on the Probit exchange, taking advantage of the market conditions at the time.