Metaverse: Render Crypto Token

Gepubliceerd op 9 juli 2023 om 09:26

The metaverse is a term that is getting more attention. It is also becoming a real hype within the crypto world. According to some, within a few years, we will spend more time in the metaverse than in our physical lives.

For the metaverse to work properly, a lot of computing power is needed. Many things happen at once and many parts of the metaverse world must work properly. I think many gamers are familiar when a game crashes.

Render Token tries to find a solution to this. In fact, the Render network is a network built on a distributed and decentralized network. This involves participants providing their computing power to collectively keep a network running. Participants offer their computing power to jointly create a network on which graphics, such as those used in the metaverse, can be rendered live.

What is Render Token (RNDR)?
The Render Token is an Ethereum token (i.e., an ERC20 token) that serves as fuel for the Render Network. The Render Network is a distributed rendering network, which basically means that Render provides distributed computing power (computational power on computers) on which graphics can be rendered live.

Are you guys still there after reading this first paragraph? Let's take a few steps back and start with the basics.

What is computing power?
Computing power is the key concept for the Render Network. So everything is about computing power.

In short, computing power literally means computer power or computational power. The amount of computing power you have says something about the amount of actions you can perform with your computer within a given time. The higher your computing power, the better the accuracy, efficiency and speed of your computer. This also allows your computer to run many different applications simultaneously without problems.

Computing power is also known as calculating power. This computing power applies to literally everything you do digitally. When you click a button your computing power is deployed, when you type something your computing power is deployed and when you are watching a video computing power is deployed. So everything you do on the computer costs computing power. 

Within crypto, it is more common for computing power to be deployed explicitly to keep a blockchain network up and running. You can see this in Bitcoin's Proof of Work model, for example.

How does Render work?
A network like Render is crucial to a functioning metaverse. In an article Jules Urbach wrote for the Gemini Exchange, he perfectly explained why: "From animated movies and online gaming to the crypto metaverse, most popular forms of digital entertainment rely heavily on motion graphics and three-dimensional (3D) visual effects." Without the graphics or computing power, there is no metaverse. And the more popular the metaverse becomes, the harder it becomes to keep these graphics all rendered live (running). The Render Network may play a crucial role in the future.

The Render Network brings all the computing power together through their Proof of Render (PoR) governance system, which is built on the Ethereum blockchain. So in terms of data verification and transaction processing, Render relies on Ethereum.

The Proof of Render system works as follows. Proof of Render is very similar to Proof of Work. In both systems, nodes (or participants) offer their computing power into the network. As a reward for this, they receive tokens/rewards. In this case, the nodes receive RNDR tokens. Because participants provide their computing power, there is a "decentralized computing power.

Because of this, you can think of the Proof of Work and the Proof of Render (or Render network) as doing the same thing. But that's not entirely true. It depends on how the computing power is used. In Proof of Work, the computing power is used to solve mathematical puzzles (hashing puzzles) that allow transactions to be verified on the blockchain. A great example is bitcoin. In Proof of Render, the computing power is used differently. There, the computing power is not needed to process transactions, as this is already done by Ethereum (with the Proof of Stake). So with Proof of Render, this computing power is used to perform complex grahpics for the Metaverse.

Rendering meaningRendering or image synthesis is the process of generating a photorealistic or non-photorealistic image from a 2D or 3D model by means of a computer program.

The pros and cons of Render
The advantages of Render
Render provides scalable solutions to major problems the metaverse is going to face. Basically, there is no limit to what the Render Network can handle, as long as new nodes are added, bringing new computing power with them.

Another advantage of Render are the many features the network brings. In several areas, users can get their benefits from the Render Network. They can earn money, by giving the computing power they have left to the network, but they can also render their projects, by placing a render order. This creates an efficient system in which all participants can get their benefits from the growth of the metaverse.

The disadvantages of Render
There are those who wonder why the Render Network and thus the Render Token need to exist at all. After all, the Render Network basically works the same as if you put lots of GPUs (graphics processing units, or video cards) together in some sort of data center. They have a point there, too, of course. Basically, the two options have the same use case.

However, the advantage of having such a distributed, decentralized computing power network, versus a data center full of GPUs, is that the network is not as dependent on that one location. If the power goes out, no more rendering can take place and therefore the metaverse cannot work. When the computing power network is distributed, this is not a problem. If one of the hundreds, or even thousands, of nodes are out, the rest of the network can continue to run as normal.

Another disadvantage of the Render Network is that it is quite difficult to get started with the network as an actual node or user. 

The only thing limiting the potential growth of the Render Network are those limits of the Ethereum blockchain. This is because the Render Network runs on the Ethereum blockchain. So when problems arise on Ethereum, it will be reflected on the Render Network.

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