What is Render Crypto? ($RNDR)

Render operates as a decentralized, peer-to-peer network, harnessing the collective power of connected graphics processing units (GPUs) across its platform. It enables individuals to monetize their unused computing power by renting it out to others requiring enhanced capabilities for digital rendering tasks.

Render Mechanism

The Render network operates by connecting computers (nodes) with available GPU power to creators in need of rendering services, functioning effectively as a matchmaking platform. Users initiate jobs by submitting them to Render and allocating RNDR tokens based on the job's requirements.

Process for Job Completion

Creators, seeking to utilize the network's GPU capabilities, submit a job request and select a pricing tier reflective of their speed and reliability preferences. Render provides three pricing options, allowing for flexibility between cost and efficiency. 

The assignment of jobs to node operators is influenced by both the creator's track record with Render and the node operator's reputation for timely and precise job completions. Once a job is finished, it is sent back to the creator for approval. Any dissatisfaction from the creator can lead to a dispute within the network.

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Notably, while Render's financial transactions are recorded on the blockchain, the specifics of job assignments and completions are managed off-chain.

Burn and Mint Equilibrium (BME) Implementation

In January 2023, Render adopted a burn and mint equilibrium (BME) mechanism, as voted by the community. This system ensures that job pricing remains pegged to fiat currency. Creators buy the necessary amount of $RNDR tokens, either from liquidity pools at the time of job submission or by using RNDR tokens they already possess.

Out of these tokens, 95% are burned, effectively removing them from circulation, and 5% are contributed to the Render Network Foundation to further network development. Conversely, the network generates new tokens to compensate node operators for their contributions. This innovative payment model treats RNDR tokens as a commodity asset, allowing for more regulated control over the token supply and, by extension, its inflation or deflation rates.

Render Token ($RNDR)

RNDR Price / Source: CoinGecko

The RNDR token is an important element of the Render Network, serving as the primary medium of exchange for compensating nodes for their rendering services through the Burn and Mint Equilibrium (BME) mechanism. Additionally, it empowers community governance, enabling token holders to vote on protocol decisions within a decentralized autonomous organization (DAO).

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Regarding the token's economics and distribution, RNDR was launched as an ERC-20 token on the Ethereum blockchain. The token has a capped supply of around 644 million RNDR, with a declining emission rate designed to reduce over time. The introduction of the BME in January 2023 was a strategic move by the Render community and its developers to steer the RNDR token towards a deflationary trajectory, contingent on network activity levels.

Out of the initial issuance of approximately 536 million RNDR tokens (which was later expanded to 644 million in March 2018), 25% were allocated to investors through both private and public sales in 2017. Details on the distribution of RNDR tokens among the project's team and developers have not been disclosed.

RNDR Important statistics: 

• Current Price Range: $7.10 – $12.48
• Market Cap: $4,296,708,711 
• Fully Diluted Valuation: $5,994,485,020
• Circulation Supply: 380,642,150 
• Total & Max Supply: 531,046,859