1. Project Introduction
Render Network is a decentralized platform that leverages blockchain technology to provide efficient and easily accessible rendering services.
The platform utilizes unused GPU cycles to connect content creators who need computing power with GPU providers who have excess computing power. By utilizing these idle GPUs, the project achieves more efficient resource utilization, enabling creators to access GPU resources in a cost-effective manner.
In addition, the Render Network connects artists who need a lot of computing power to support the creation of everything from major TV shows to large-scale graphics by utilizing underutilized GPUs in blockchain mining and GPUs that are inefficiently used by artists during non-rendering periods. It simplifies the process of rendering and streaming virtual content, making it easier for users to interact with immersive 3D environments, models, and objects.
By operating on the Ethereum blockchain, Render uses smart contracts to build a decentralized rendering service ecosystem, using its native token RNDR as the transaction currency in the platform. RNDR token is the native utility token of Render Network, based on the ERC-20 standard of the Ethereum blockchain. This token plays a key role in Render Network, making it a decentralized rendering platform that allows transactions and resource sharing between content creators and GPU providers.
2. Workflow
The Render Network workflow is designed to optimize and simplify the 3D rendering process, utilizing distributed computing resources. This process not only increases rendering efficiency, but also reduces costs and provides high-quality rendering results.
The following is a step-by-step analysis of the detailed workflow of Render Network:
Creating and submitting tasks
Content creators (such as animators, game developers, or filmmakers) first need to define their rendering needs on the Render Network platform. The tasks they submit include 3D models, scene files, and specific requirements for rendering, such as resolution, format, and expected delivery time. This information is encapsulated in a task request and published on the blockchain through a smart contract.
Task Pricing
Once a task is submitted to the network, Render's dynamic pricing system determines the price based on the complexity of the task, the computing resources required, and the urgency of the task. This price reflects the supply and demand status of the market and the currently available GPU resources.
Task Assignment
Task allocation is performed through Render's advanced matching algorithm, which evaluates all idle GPU resources. This process includes analyzing the hardware performance, availability, and previous task completion records of each GPU provider. The system automatically selects the most suitable GPU resources to perform the task to ensure the highest efficiency and output quality.
Rendering execution
Once the task is assigned to one or more GPU providers, the rendering process begins. The GPU provider's computer begins processing the data and performing the required rendering operations. This may include complex calculations such as ray tracing, texture mapping, shadow generation, etc.
Progress and Monitoring
During the execution of the task, Render Network provides real-time monitoring and progress updates, allowing content creators to track the status of their tasks. This process is achieved through the blockchain, ensuring that all activities are transparent and verifiable.
Verification
Once the rendering is complete, the resulting image or video needs to be verified. Render Network uses decentralized verification mechanisms such as Proof of Render to ensure that the results meet the initial task specifications. This includes checking image quality, integrity, and any possible errors.
Document delivery and payment settlement
Once the rendered output is verified to be correct, the file is securely delivered to the content creator. At the same time, the smart contract-based payment system automatically processes transactions to ensure that GPU providers receive their RNDR tokens as compensation. These transactions are recorded on the blockchain, ensuring that they are tamper-proof and traceable.
Feedback and Ratings
After the task is completed, content creators can rate the GPU provider's service. This feedback mechanism helps maintain and improve the overall service quality and trust of the network.
This workflow not only improves the accessibility and affordability of 3D rendering projects, but also optimizes the use of resources, making high-quality rendering services affordable even for creators with limited resources. This decentralized approach also brings greater transparency and security, benefiting all parties involved.
3. RNDR Token
RNDR token's Render Token (RNDR) is an ERC-20 based token that is primarily used for transactions between artists and GPU suppliers within the platform. Users use RNDR tokens to access GPU computing power, while node operators earn tokens by providing resources. Render and its CEO (Anurag Goel) said that RNDR is "the first network to transform GPU computing power into a decentralized economy for interconnected 3D assets."
3.1 Main functions and uses
Payment and Reward Mechanism: RNDR tokens are used to pay for rendering services, and content creators use RNDR to pay nodes that provide the necessary GPU power for job processing. This process not only ensures that service providers are fairly compensated, but also promotes the efficient allocation and utilization of resources.
Incentivize GPU providers: Through RNDR tokens, Render Network incentivizes individuals or organizations with underutilized GPU resources to participate in the network. Providers receive tokens as compensation by contributing their GPU resources to users who need to perform high-performance rendering jobs.
Network governance: In some implementations, RNDR tokens may also be used to participate in Render Network governance decisions, such as upgrading protocols, adjusting network parameters, etc. Holders can influence the direction of network development and policy changes through token voting rights.
Increased market liquidity: RNDR tokens are circulated on multiple cryptocurrency trading platforms, increasing market liquidity and making it easier for users to buy, sell, and exchange tokens. This liquidity is a key factor in supporting the healthy operation and expansion of the network.
Driving community and ecosystem development: RNDR tokens are also used to reward community members for their contributions to the platform, such as participating in testing, providing feedback, developing related applications, etc., thereby promoting the growth and prosperity of the Render Network ecosystem.
3.2 Core Features
ERC-20 Compatibility: RNDR is an ERC-20 compliant utility token primarily used to pay for animation, motion graphics, and visual effects rendering on the distributed Render network.
Reward system: Users can earn RNDR tokens by registering workstations on the network and completing rendering tasks. These tokens can then be used to fund other rendering projects.
Advanced Infrastructure Options: Users can also choose to use Tier 1 nodes in the Render Network, such as Microsoft Azure’s highly secure infrastructure, to render their projects.
3.3 Burning and casting balance (BME)
Burn and Mint Equilibrium (BME) is the token economics model for the RNDR token. According to the project, this is to create more value for the token by providing better pricing and remittance arrangements for creators and node operators. According to the model, the network calculates the cost of work in US dollars. Creators will be required to burn RNDR equivalent to this US dollar value in order to create jobs on the network. Creators who do not hold RNDR tokens will need to purchase the token to create work, which will create a continuous demand for RNDR tokens.
After a job is created, the node operator that processes that job will receive a reward in RNDR tokens. The network mints RNDR every epoch. For each epoch, it calculates the jobs processed by each node operator and the percentage processed. 90% of the RNDR tokens minted each epoch are used for node operator rewards, and the rest are allocated to availability rewards. Node operators are rewarded based on workflow and completed uptime challenges (also known as availability). Part of the availability reward is also used to incentivize creators to create work on the Render Network. The mechanism adjusts the emission based on the demand conditions of the network.
3.4 Issuance and Management
Token Supply: The total supply of RNDR is 536,870,912 tokens, of which 381,861,234 RNDR have been allocated through public sales. 25% of the tokens were sold in the first round of public sales, 10% remained in the RNDR reserve, and the remaining 65% of the tokens were in a third-party escrowed circulation reconciliation account.
Circulating Supply and Max Supply: There are 150,000,000 RNDR tokens in circulation, and the maximum supply remains at 536,000,000.
Token Sale and Price: RNDR’s public sale began in October 2017, with a public sale price of 1 RNDR = 0.25 USD.
Token Migration: In order to increase the functionality of the smart contract, the RNDR token was migrated from the old contract to the new contract, and additional escrow smart contract functions were introduced.
Excess token destruction: During the token migration process, the excess 161,061,273.6 RNDR tokens in the original contract will be destroyed to adjust the total supply.
As of now, the market price of RNDR token is $8.60, and the price of RNDR token has increased by 17.42% in the past 24 hours. The market capitalization is $3,282,880,123, ranking 31st among all cryptocurrencies.
4. Project Advantages
Some benefits that Render Network brings to the GPU processing field:
Scalability: Creators using Render Network get on-demand GPU power, where they can rent as much GPU power as needed to complete tasks. Reports have it that Render Network has more GPUs than Amazon and Google networks, so it’s no exaggeration to say that Render Network creators have access to an infinitely scalable GPU power system.
Privacy and Security: Because the Render Network handles work from individuals to globally renowned studios, it has taken steps to protect the privacy of creators and assets on the network. These measures include encrypting all assets, limiting individual asset storage to short periods of time, and watermarking individual frames to ensure payment is made before a scene is downloaded.
Transparency and Fair Pricing: Render Network claims to provide a fully transparent system for creators and node operators. As mentioned above, by utilizing blockchain to process payments, all creator-node operator interactions can be publicly verified on the blockchain's public ledger. Both creators and node operators need to build a reputation score to access a large number of concurrent GPU nodes (creators) or receive more jobs (node operators), depending on the number of jobs successfully completed. This, combined with a multi-tier pricing system, allows users to pay according to their needs and budget.
Cross-border application: The Render network can not only be used to render graphics and other assets, but also extends to AI computing, where GPU power can be rented to train generative AI models.
Driven by growing interest and demand for AI: As interest in AI increases in 2023, the value of the RNDR token rises by more than 1,000%, as demand for GPUs for training AI models outstrips supply from major cloud server providers like Amazon Web Services, Microsoft, Google, and Oracle.
5. Practical application examples
Render Network's GPU processing power can be rented for a variety of applications, from film and game development to artificial intelligence. Render Network supports use cases beyond those outlined below, including physical and mathematical simulations or project mapping.
Film, Games, and Other Media: Film and game development require high-quality graphics, and creators in this field can benefit from a scalable supply of GPU power to bring their visions to life. Artist and 3D motion designer Raoul Marks used Render Network to create title sequences for shows like Westworld Season 4.
Artificial Intelligence (AI): On July 11, 2023, Render Network shared plans to support AI and machine learning tasks (jobs); this integration will allow node operators on the network to take on rendering jobs for AI-generated graphics and prototypes. Since generating images is computationally demanding, Render Network's ready-to-rent GPUs allow these applications to render high-quality images at a lower cost.
Architecture and Product Design: Architects and product designers can also use the rendering network to develop high-quality 3D visualizations of their designs. Product designers can prototype at scale, testing textures and colors with parallel GPU rendering, while architects can create immersive virtual reality architectural renderings.
6. Team/Partners/Financing
Render was founded in 2017 by Jules Urbach. Urbach also previously founded cloud graphics company OTOY, whose products have been used by filmmakers to make movies, by developers to make video games, and by people at the forefront of virtual reality and metaverse technology. OTOY is backed by major studios such as Disney and HBO.
Render has been operated by OTOY since its inception and was designed as a blockchain-based solution, reflecting its centralized, cloud-based product. However, in January 2023, the newly formed Render Network Foundation announced that it would take over the strategic management of the project and coordinate its community. OTOY and other backers such as Swatchbook and MR Studios will still be involved in engineering, development, and other services.
Another key member of the team is Ari Emmanuel, who is currently the co-founder and co-CEO of the project.
Render has already established strategic partnerships with several industry giants. The most notable one is its partnership with Nvidia. This is significant considering Nvidia's position in the GPU and gaming markets. This partnership may involve technical cooperation, integration of Nvidia technology, or joint marketing efforts.
Render has raised a lot of money, including a $50 million Series B led by Bessemer Venture Partners. The funding is intended to expand its product suite for large software teams and accelerate migration from legacy platforms. Such a huge amount of money shows that investors are confident in Render's business model and future growth prospects.
7. Future development analysis
The future development of the Render Network can be analyzed from the aspects of market demand for the services it provides, technological progress, and industry trends. The following are the challenges and opportunities that the Render Network may face:
7.1 Opportunities
Growing Demand: As demand for high-performance rendering increases in the virtual reality, augmented reality, 3D printing, gaming, and film industries, the Render Network has the opportunity to expand its market share.
Decentralization trend: More and more industries are looking for decentralized solutions to improve efficiency and reduce costs, and the Render network is at the forefront of this trend.
Artistic Creation and NFTs: The popularity of digital art and NFTs has increased the demand for high-quality renderings, and the Render Network may become the preferred platform for artists and creators.
Development of artificial intelligence: Developments in the fields of AI and machine learning require a lot of computing power, and the Render network can support these industries.
Technological innovation: With the advancement of GPU technology, the Render Network can improve service quality and efficiency by continuously integrating the latest rendering technology.
7.2 Challenges
Competition is fierce: There are already other cloud computing and rendering services on the market, and the Render Network needs to provide unique value to attract and retain users.
Technical complexity: Maintaining the stability and security of a decentralized network requires a high degree of technical expertise and ongoing development work.
Regulatory Risk: The blockchain and cryptocurrency sectors face legal and regulatory uncertainties that could impact the operation and expansion of the Render Network.
Market volatility: Price fluctuations in cryptocurrencies can affect the incentive structure of participants and, therefore, the health of the entire network.
User Education: Educating the public about the concepts and uses of the Render Network will take time and resources, especially among non-technical users.
Dependency Issues: If the operation of the Render Network is overly dependent on a specific hardware or software platform, it may face the risk of single point failure or technological obsolescence.
Overall, the Render Network is in a rapidly developing market with broad room for growth. However, in order to seize these opportunities, the Render Network must overcome issues including technical challenges, market acceptance, and regulatory compliance. As the market matures and technology develops, the Render Network may need to constantly adjust its strategies and services to meet changing needs.
