Render Network: A Pioneering Solution for Decentralized Rendering in the Booming AI Landscape

Project Introduction

Render Network, launched in 2017, is a decentralized GPU rendering network. It aims to use idle GPUs for users needing enhanced rendering capabilities, such as creating 3D content. To participate in the project, there are two roles to choose from. If you have an idle GPU, you can become a node operator and contribute your GPU to the global network. Alternatively, if you’re an artist, architect, or modeler, you can become a creator and use idle GPUs for your rendering work. Render Network is currently collaborating with notable companies such as Apple, Google, Microsoft, and HBO.

What is Rendering?

Rendering is a process in computer graphics, where software converts three-dimensional models into two-dimensional images. This process includes handling the geometry, viewpoint, texture, and lighting information of the model to generate the final image. Rendering is widely used in the fields of 3D design, architecture, painting, etc., to enhance the realism and richness of the image.

Team Background

The team currently consists of 18 people, with a remarkably robust background. The founder, Jules Urbach, is the CEO of Hollywood’s favored rendering company, OTOY (Render Network’s parent company). As a Harvard graduate, he has spent over two decades deeply immersed in computer graphics, media, and 3D rendering, establishing himself as a leader in this field. Among the team’s advisors are Ariel Emanuel, the CEO of the renowned media company Endeavor, and well-known filmmaker/screenwriter J.J. Abrams. Apart from developers, many core team members are professionals in literature, history, and art. They graduated from prestigious institutions such as MIT and Ivy League schools, all with extensive industry experience.

Competitive Advantage

• Cost-effectiveness: Compared to centralized infrastructure, the cost of the Render network is 2-10 times lower

• High-quality rendering: Capture (Lightspace) + Render (Octane) + Stream (ORBX Media Player)

• High-speed computation : Reduces queue time + compute time ~90%.

For example, Render Network completed 76 frames of rendering in 15 minutes at a price of $3.8, while MacBook Pro took 25 hours.

Operating Mechanism

The project’s operational mechanism can be understood through the network architecture of RNDR. This architecture is primarily divided into two layers:

1) The off-chain rendering network, which includes creators, node operators, and rendering application layer providers.

• As a creator, you can first assess the workload you need to render (how many RNDR points to consume), and then choose the appropriate rendering price. There are 3 pricing tiers depending on rendering speed, security, and more. For example, the price in tier 2 is 100 OBh/1 RNDR Token or 400 OBh/1 RNDR credit. You can pay on rndr.x.io to get RNDR credits or tokens. Then upload the file to be processed to the RNDR network for rendering, and you can also view the rendering frame in real-time. If you are not satisfied with the result, you can request a new node to complete the rendering work.

• As a node operator, after adding its node to the RNDR network, the RNDR network will distribute the creators’ tasks to the node based on layer allocation, reputation score, and availability. The reputation score is the system’s rating of the node task results, the lower the score, the fewer tasks allocated, which will directly affect the income of the node.

• Rendering application layer providers, i.e., the RNDR network will provide an API interface, allowing users to build third-party applications on this network.

2) The blockchain layer that handles payments. By utilizing the public ledger of the blockchain, all interactions between creators and node operators are publicly verifiable, allowing creators, node operators, and foundation teams to ensure that all transactions are properly processed and easy to track.

Financing Situation

As early as 2021, the project secured financing of 30 million USD. This funding was led by Multicoin Capital, and included contributions from Alameda Research, the Solana Foundation, and NFT venture capital firm Sfermion.

Tokenomics

The initial total supply of RNDR tokens was 531,039,932. However, in 2023, a Burn-Mint Equilibrium (BME) mechanism was introduced via a community vote. This resulted in the creation of an additional 1 million tokens due to inflation, primarily used to incentivize various participants. Therefore, theoretically, the total number of tokens exceeds 6 million.

The chart below illustrates the allocation of tokens: 55% is allocated to the project’s user development fund, 25% for token sales, 10% is reserved, and the final 10% is set aside for the team, with 35% of this portion already unlocked.

Additionally, CoinGecko data indicates that the current market value stands at 1.97 billion USD, ranking in 49th place, with a token circulation of 70%.

The term BME (Burn-Mint Equilibrium) refers to a burn-mint balance. This is an economic model used in crypto and blockchain projects, especially those that need to manage token supply and value. Its function is to maintain the stability of token value by dynamically adjusting the supply of tokens. For example, if an excessive supply of tokens causes the value to decline, tokens can be burned to reduce the quantity in circulation, thereby supporting their value. If there’s a need to incentivize more network participation or expand supply to meet growth needs, more tokens can be minted.

Recent Development

1) Redistribution of Ecosystem Resources

The new Burn-Mint Equilibrium (BME) economic model has created a balanced emission schedule. This ensures that emissions are sufficiently flexible to reward the network’s primary stakeholders in proportion to their contribution. For example, creators who spend RENDER can receive a certain percentage back as a reward (in RENDER), up to a maximum of 100%. This reward may gradually decrease over time. Node operators are rewarded for performing tasks or adding value. The Render Foundation has issued 1.14 million RENDER tokens to encourage new node operators to participate in AI computing tasks. Liquidity providers are rewarded each period for contributing staked tokens to the liquidity pool of partner exchanges. Regular token holders can also receive incentives for migrating early from RNDR to RENDRE.

2) Migration to Solana Ecosystem:

To better meet the needs of network development, Render Network completed the upgrade to Solana in 2023, moving the blockchain infrastructure from Polygon to the Solana ecosystem because the Solana ecosystem is faster and cheaper.

A notable change in the Solana blockchain upgrade is the replacement of ‘RNDR’ with ‘RENDER’. RNDR is an ERC-20 token, while RENDER is a new token built on the Solana blockchain. All work on the Render network, including 3D and AI, will be compensated in $RENDER. Users can also transfer and upgrade their current RNDR (ERC-20) tokens to RENDER. Additionally, a new Solana-compatible voting system has been introduced.

3) Exponential Growth

From 2022 to 2032, the compound annual growth rate of artificial intelligence is projected to be 36.8%. The shortage of computing power and increasing costs may stimulate the demand for an affordable decentralized GPU market. CoinGeko data reveals that, during the past year of AI expansion, its market value has increased nearly 7X.

4) DePIN - The Rising Stars in The AI Track

Render set a benchmark in the DePIN track of the Web3 field. It provides hardware infrastructure for rendering, AI, and other tracks, establishing itself as the NVIDIA of the Web3 world. According to the current CoinGeko market value ranking, Render is second only to the leading decentralized storage project, Filecoin, within the DePin track. It surpasses longstanding projects such as Arweave and Helium. Furthermore, Render continually innovates and actualizes AI narratives, making it one of the most progressive projects in its field.

Summary

1. Render Network has a strong team background, fast network speed, and low cost. This well-established project continues to innovate, demonstrating a solid foundation.
2. The project has transitioned to the more powerful Solana blockchain, enhancing the system’s efficiency and scalability.
3. Taking advantage of the AI trend, Render Network holds a leading position in the blockchain’s distributed computing platform.