Rendering refers to the final process for artists to create 3D images generated from models.
Founded by the CEO of OTOY in 2016, Render Network is a peer-to-peer decentralised GPU marketplace built on Polygon and set to migrate to Solana after a vote was passed in April.
They connect users in need of rendering jobs with those who have idle GPUs that can contribute computing power to render projects and earn crypto in return.
What problem does Render want to solve?
The current market environment favors larger, established renderers. Relatively smaller projects can complete tasks on a local desktop or cloud service, however, 3D games and movie-like visual effects require significantly higher levels of GPU power consumption, time, and costs.
Render solves the problem of limited access to GPU rendering, high costs, and lower speed while unlocking the potential of idle GPU power around the globe. Additionally, storage services are also available for creators.
How does it work?
The workflow of Render can be summarised as follows;
The Creator account can be recharged with both Render credit (1 credit = €1) & Render tokens. Deposits cannot be withdrawn.
*To be eligible and become a Creator, a user must have an active OctaneRender License or Subscription, which costs €19.99 - €23.95. These proceeds are directed to OTOY.
2. Use Cases:
Under this new model, instead of users paying for services in RNDR, they will now pay in USD, and an equivalent value of RNDR will be burned, leading to a continuous reduction in the supply of the RNDR token.
Concurrently, an equal amount of credits will be minted and issued to track tasks. In each epoch, operators will be rewarded based on their availability and the number of tasks they complete.
For each epoch, new tokens will be minted independently of those burned. These rewards are segmented into two categories, namely, Job Completion Rewards and Availability Rewards.
Each epoch, creators will receive back a percentage of their spent tokens as rewards.
LPs can stake into the liquidity pool and receive rewards, thereby making RNDR available for this new system of burning and minting.
Better value accrual for RNDR as a commodity.
It maintains network equilibrium in a way that the value of the network is reflected in the value of the token. BME can potentially become a deflationary mechanism that increases the value of RNDR.
With the emergence of AI, there is a large market for low-cost rendering & computing power.
With the considerable growth of emerging technology themes such as AI, GameFi, Metaverse, and NFTs, more creators are entering the market, creating demand for more complex image & video processing services. However, distributed rendering & the marketplace for GPUs is still relatively niche with notable demand and limited competition, allowing Render a significant early mover advantage in capturing the current market.
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