What is Render Token?
The Render Token, or RNDR, is the utility token native to the Render Network. The latter is a blockchain-based rendering network enabling users to rent their idle GPU power.
RNDR serves as a medium of exchange on the Render Network. It allows network participants to pay for rendering services provided by other users on the platform.
The Render Token is based on the ERC-20 token standard.
There is a max supply of 536,870,912 Render Tokens. The total supply was derived from the predicted supply and demand over the next 10 years. RNDR has been allocated as follows:
- 65% - Escrow;
- 25% - Sold;
- 10% - Render Reserve.
Its first public sale was launched in October of 2017, while the private token sale was held in early 2018, in which the Render Token price was set at around 0.25 US Dollars.
You can have a more in-depth look at the Render Token price history, or the current RNDR price, on the graph above.
What are the Main Features of Render Token?
As discussed in the What is Render Token section, users can rent out their spare GPU power on the Render Network and earn crypto rewards (RNDR) in return. These users are called Node Operators and anyone can become one.
On the other side of the Render Network stand Creators - the network participants who borrow GPU power to create 3D digital visuals, such as animations, VFX, and motion graphics.
In addition, Creators are given the opportunity to earn directly through the Render Network. This is because Render allows Creators to monetize their 3D projects. Users who want to become Creators must hold an OctaneRender subscription or box license.
When a Node Operator completes a job given out by a Creator, it’s recorded on the public ledger.
The Render Token price structure is multi-tiered since offers options based on the users' needs. OctaneBench, a benchmarking tool provided by OTOY, determines these options by defining computing power. There are 3 tiers based on price, speed via queue priority, node power, and security:
- Tier 1 - Trusted;
- Tier 2 - Priority;
- Tier 3 - Economy.
The Render Token crypto project charges a fee of up to 5% for every exchange. This fee is subject to change based on the current GPU supply and the demand of creators.
RNDR Credits provide another way to cover the costs of borrowing GPU power on the Render Network. They can be purchased with fiat currency.
Value is stored in 2 ways within the Render Token network - RNDR Tokens and RNDR Credits. The latter is a non-exchangeable medium of exchange used specifically to purchase rendering services.
Even though RNDR Credits are bought with fiat, Node Operators are still paid with RNDR Tokens. This is because a single RNDR Credit is backed by approximately 4 RNDR Tokens.
The project aims to provide GPU cloud rendering services to creators who lack the resources to execute 3D media projects.
Who Developed Render Token?
The Render Token crypto project was launched in 2016 by Jules Urbach. The Render Network is backed by OTOY, which was also co-founded by Jules Urbach.
OTOY is the parent company of the Render Network. It was launched in 2008. Besides Jules Urbach, the visionaries behind the company were Alissa Grainger and Malcolm Taylor. OTOY is a GPU-based cloud graphics company located in Los Angeles, California. To put it simply, it ensures that creators, who lack resources for rendering, can complete their projects by borrowing computing power for a reasonable price.
Jules Urbach is responsible for the project’s vision and roadmap development.
Advisors of the project include individuals with diverse professional backgrounds:
- Ari Emanuel - co-founder and CEO of WME IMG;
- J. J. Abrams - CEO of Bad Robot Productions;
- Brendan Eich - the founder and CEO of Brave Software;
- Demian Brener - co-founder and CEO of Zeppelin Solutions;
- David Vorick - co-founder of Sia;
- Mike Winkelmann - artist at Beeple;
- Jennifer Zhu Scott - the principal at Radian;
- Manuel Araoz - CTO at Zeppelin Solutions.
Besides advisors, the core team is the backbone of this project. It consists of 11 professionals taking the roles of blockchain developers and more.
The Render project has signed partnership agreements with blockchain projects such as Sia, Decentraland, Basic Attention Token, Algorand, and Frieze.