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Render Token (RNDR): What Is It and How to Earn?

Published on 2023-04-04 07:21:57
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Crypto prices have increased and decreased in the previous few weeks as the cryptocurrency sector experiences fluctuations in 2023. RNDR is one of the fast-growing ones.

The developers of Render intend to make a network of GPUs accessible to anyone. GPUs are pricey semiconductors used in various applications like video games, live video streaming, artificial intelligence, cryptocurrency mining, etc. The price of GPUs can be pretty high.

In particular, the developers behind Render aim to provide all artists with access to cutting-edge graphics—for instance, individuals attempting to develop video games or animation. GPUs are expensive to buy for many artists and other people. Despite this, millions of GPUs are unused in computers, phones, and other devices.

Let’s learn more about RNDR.

Render Token

What Is Render Token (RNDR)?

Render is a rendering platform that links artists or studios that require GPU computing power with mining partners looking to rent out their GPU power in exchange for RNDR tokens. This helps solve a significant problem that artists and studios face: the size and availability of GPU computation. 

In the future, the goal is to be able to make use of blockchain protocols to publish and monetize 3D items. RNDR is "the first network to harness the potential of GPU compute into a decentralized economy of connected 3D assets," as stated by Render and the company's CEO, Anurag Goel.

To cut a long tale short, it is the first decentralized GPU rendering network and 3D marketplace built on blockchain technology. The RNDR coin is based on outstanding rendering technology, which helps establish a globally dispersed network of millions of GPU workstations and producers collaborating.

Who Are the Creators of Render Tokens (RNDR)?

In 2009, Jules Urbach, the Chief Executive Officer of its parent company, the Los Angeles-based technology business OTOY inc., which specializes in GPU-based software solutions, was the first person to develop the concept for the RNDR network. 

The RNDR network was developed to utilize blockchain technology to enhance the use of graphics processing units (GPUs) worldwide for anything other than Proof-of-Work for other blockchains. 

In a nutshell, RNDR aims to link people with unused hardware they want to monetize with media producers who require processing power to complete render jobs. The RNDR tokens used to make the payments cover these users' usage fees. Additionally, it gives new users unfamiliar with cryptocurrency an easy method to begin using the network. At the same time, they get acclimated to the concept by allowing them to start with RNDR credits. 

In contrast to RNDR Tokens, RNDR Credits can be acquired directly through the RNDR Portal using either PayPal or Stripe as the payment method. When a user purchases RNDR Credits, those Credits are backed by RNDR Tokens acquired by the RNDR Team through the purchase of RNDR Tokens from an exchange. Because of this, RNDR Tokens will be distributed to node operators as payment for their services whenever a creator uses RNDR Credits to pay for a job on the network.

RNDR Price and Tokenomics

RNDR is an ERC-20 utility token that Creators use as a payment method for on-demand GPU computation that Node Operators offer. This token is utilized for all transactions on the Render Network. There will always be 536,870,912 RNDR tokens in circulation. 

RNDR was made available to the general public for the first time through a token sale in October 2017, a private sale held from January through May of the following year. The remaining 65% of RNDR tokens are now held in escrow to assist with regulating the network's supply and demand flow. 

Twenty-five percent of the RNDR tokens were made available by the general public, and ten percent were allotted to the RNDR Reserve. Creators can now purchase rendering power on the Render Network using PayPal and Stripe, thanks to the recent introduction of RNDR Credits by the Render Network. These Credits cannot be traded for anything else and may only be used within the network. 

Consequently, even though the RNDR token will continue to serve as the primary medium of exchange for the Render Network, the platform is implementing more user-friendly ways for non-technical artists to access these decentralized services.

How to Earn RNDR token?

The Render Network aims to link users looking to execute render jobs with those who have idle GPUs so that the renders can be processed. Owners would need to connect their GPUs to the Render Network to accept rendering jobs from OctaneRender and complete them. 

Users would give RNDR to the person doing the rendering work, and OTOY would receive a tiny percentage of RNDR as payment for facilitating the transaction and operating the Render Network.

These GPU owners can earn RNDR Tokens once they have registered their new GPUs on the Render Network and have achieved the status of "Node Operators." They can accomplish this by accepting jobs from users who need rendering work. These users are referred to as "Creators," and they are the ones who upload their files to the Render Network, where they are then assigned to Operators. 

Render obtains a tiny percentage of the RNDR handed out to maintain the network and conduct the transaction. This allows Render to earn revenue while doing its work.

How to Buy RNDR Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including RNDR, users can now trade easily and seamlessly. Here's a guide on how to buy RNDR on CoinEx.

  1. To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
  2. After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
  3. After depositing fiat or cryptocurrency, go to the RNDR trading page, choose a trading pair, and specify the amount of RNDR to purchase.
  4. To buy RNDR tokens, choose the appropriate trading pair, specify the desired quantity of RNDR, and trade the paired token for RNDR.
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