Today's Featured Cryptocurrency: The Render Network (RNDR)
The Metaverse, a 3D-based virtual world, is probably the hottest topic in the blockchain world at the moment. The majority of crypto projects linked to the Metaverse are P2E gaming platforms, such as Decentraland, the Sandbox, Axie Infinity, and many others.
However, some of the non-gaming crypto platforms are also considered among the leading Metaverse projects. The Render Network is one of these platforms. While not a gaming app, the Render Network is among the key projects that are expected to help the Metaverse develop into a more sophisticated form.
What Is the Render Network (RNDR)?
The Render Network (RNDR) is an Ethereum-based app that provides decentralized computing power renting to help process 2D and 3D renderingjobs.
Computer rendering is the process of creating finalised digital output in the form of video, images, or animation from raw coded data. Rendering modern, visually rich graphics and videos is a computationally intensive process. Computers with powerful processors and graphics processing units (GPUs) are normally required for rendering jobs. These computers are typically expensive and might be out of reach for many artists and designers, particularly those who require access to such systems only on an ad-hoc basis.
The Render Network matches users who are willing to provide their computers’ processing resources with those looking to rent these resources to complete rendering jobs. This resource matchmaking occurs in a distributed way supported by the Ethereum blockchain.
The Render Network is considered one of the key Metaverse-related projects, despite not being a gaming or virtual reality app. This is because the rendering services provided by the platform are used extensively by game development professionals to create the advanced video and animation graphics required by modern games.
Carrying out a supporting role for the game development industry, the Render Network contributes heavily to the advancement of the Metaverse concept.
Within the specific niche of decentralized computer rendering, RNDR is probably a unique project. While there are other blockchain projects based on the computing resource renting model, virtually no other platform concentrates specifically on visual rendering.
How Does the Render Network Work?
The Render Network has two main types of users – computing resource providers and the users of these resources. Computing resource providers, called miners, offer their hardware via the Render Network to process rendering jobs. These miners are rewarded with the platform’s native token, RNDR, for completing rendering jobs.
The second user type, resource consumers, typically includes video artists, game developers, graphic designers, animation studios, and other individuals or businesses that require access to computing resources to complete rendering jobs.
These users pay with RNDR tokens for their rendering job requests. The platform has multiple pricing tiers, which allow job requestors to choose priority levels for their rendering jobs. The higher the job priority is and the faster the rendering job needs to be processed, the more you will need to pay in RNDR tokens for access to computing resources.
Cryptocurrency of the Render Network
The Render Network’s native cryptocurrency, RNDR, is a utility token used by rendering job requesters to pay computing resource providers. It is an ERC-20 standard token on the Ethereum blockchain.
RNDR is a supply-capped cryptocurrency, with a maximum supply set at 536, 870, 912 tokens. The token’s current total supply is around 530 million RNDR, with nearly 300 million of this amount in circulation.
RNDR is among the top ten largest Metaverse-related cryptos by market cap, currently in the 7th spot.
The top 7 Metaverse cryptocurrencies by market cap as of January 27, 2023
Within the niche of decentralized computing resource provision, RNDR is among the leading cryptocurrencies and projects. As the Metaverse is being developed, RNDR will feature increasingly more as an important element of it due to the ability to provide resources for enormous visual and video rendering jobs.
In fact, RNDR is our top pick among the best Metaverse-related cryptocurrencies to invest in. Make sure to check out our earlier series on Metaverse investment, where we discuss RNDR and other great cryptos to invest in.