Rendering: This AI Coin Has Huge Upside Potential (RNDR-USD)

overview

Graphics processing unit (GPU) mining has grown in popularity over the years, increasing demand for high-performance graphics cards. In addition to their use in cryptocurrency mining, gamers, content creators, and video editors also need high-performance GPU-based servers and PCs for creative rendering, authoring, and publishing. works.

High-end GPUs can be difficult for creators to source due to cost and energy consumption implications. Most of the time, the processing power of the GPU is underutilized, leading to wasted energy.

Render Network (RNDR-USD) provides a solution to the problem of high GPU procurement costs and GPU idle processing. Render revolutionizes the digital production process by providing a distributed GPU cloud rendering solution. Render Network allows creators to run their render and streaming jobs on the blockchain instead of sourcing high-end her GPUs that run locally.Creators have leeway Allows scaling as GPU demands for rendering jobs increase.

Use cases for Render Networks span a wide variety of industries and applications, including media, augmented reality, mixed reality, virtual reality, gaming, video editing, and the metaverse.

Rendering Proofs and Rendering Tokens

Unlike traditional cloud rendering solutions that suffer from scalability limitations, Render Networks are more powerful and scalable. GPU computing power and network jobs are tracked, managed, distributed and processed on the blockchain.

How does a render network manage, distribute, and process render jobs on the blockchain? Understanding the “proof of render” consensus provides a clearer picture. Let’s.

In a Proof of Work (PoW) or Proof of Stake (PoS) blockchain, nodes on the network are responsible for validating blocks. In Render’s PoR (proof-of-render) consensus, a node is a user with idle GPU resources. When a creator needs to run a render job, the network will pass the job to an available node and the creator who requested the render job will pay with her RNDR (ERC-20 tokens). A node that provides computing power on a render network is paid in RNDR, just like nodes in a PoW or PoS network pay nodes cryptographic rewards.

Render’s PoR mechanism then ensures that the job runs according to the specifications set and the amount paid by the creator. PoR also mitigates all forms of cheating on the render network. Creators and node operators have reputation scores on the network. Creators with higher Reputation Scores enjoy perks such as faster processing times for rendering her jobs.

The desired rendering quality and how long it takes to render a job are written into a publicly verifiable smart contract at the start of the rendering job. Pricing for rendering jobs is determined in real time and based on the number of GPUs available on the network with current demand for rendering jobs.

GPU and rendering job throughput on the rendering network is measured in a benchmark unit called OctaneBench. The more his OctaneBench is needed for a user’s render job, the more his RNDR will be charged as payment. The time it takes to complete a rendering or streaming job also affects how much of her RNDR the user pays to process the job.

Users can apply trade-off strategies between OctaneBench values ​​and the time it takes to complete a job. For example, a job that consumes two RNDRs can be changed to equal 128 seconds of work on a 512 OctaneBench and 64 seconds of work on a 1024 OctaneBench.

Recent Render Network Developments

Render recently passed the RNP-002 DAO proposal. RNP-002 proposes that the render network move from the Ethereum network to the Solana network. Render is also deprecating Solidity as its smart contract language in favor of Rust as its smart contract language.

The Render Network developers who submitted this proposal believe that Rust can provide Render Networks with tremendous speed and flexibility over Solidity.

Render networks are purpose built to provide interactive holographic streams rendered in real time. This requires state to be dynamically updated in real-time and on-chain. To do that, the network must be able to write high-performance code both on-chain and on the GPU. Rust can provide more speed and flexibility to render networks than Solidity does, eventually allowing the same code to be used for GPU rendering work and smart contracts.

Source: Render Developer

Some 4.8 million votes were in favor of the bill, while only about 36,000 voted against. This proposal has since been passed and the transition of the render network from Ethereum to Solana is underway.

Render’s move to Solana also enabled a partnership with Metaplex, an NFT creator studio built on the Solana blockchain.

Artificial Intelligence Models and the Need for Distributed GPUs

Artificial intelligence (AI) has experienced a massive explosion in the past year since the introduction of Generative Pretrained Transformer (GPT) language models and applications based on GPT models.

GPT-based applications such as ChatGPT, Bard, DALL-E, and Midjourney require massive computing power and GPU-powered servers to deliver high-quality results from these AI-based apps.

The prospect is that the render network could become a machine learning (ML) processor. In a blog post published on April 5th, Render announced the integration of his Stable Diffusion into his website.

These integrations are the first of potentially more engaging AI, and the Render Network could be expanded to include large language model programs like ChatGPT, allowing users to scale their work. You will be able to use it to train AI models and receive rewards directly through your renders. A network interface with high-throughput microtransaction loyalty flows,

Source: Blog post

technical analysis

Here is my long term render analysis:

This analysis requires some guesswork, but we can roughly predict a future price of around $77. However, it will take years for this to happen, and in some cases the half-life could take twice his.

Measuring the length of wave I, the length of wave I should peak around $3.8. If we then take this and measure from the potential trough of Wave II, we should be heading back towards $1 again, maybe a little bit below that. Then you can make a rough estimate. Future EWT structures and levels.

This becomes a little more clear when looking at charts for shorter timeframes.

Therefore, we can identify the impulses of the first three waves of wave (i). This could be the beginning of the diagonal. This will put you inside the final impulse to end the big I. The inverse 1.618 ext of wave iv means: The target is around $3.8413.

So if we calculate the retracement from the 27 cents low to this high, we get a 61.8% retracement of $0.751. You can see this from his Fib on the right.

risk

To some extent, Render has been caught up in the AI ​​hype, surpassing many coins this year. However, there are also some risks.

Regulatory risk is always present, the lender has done an ICO and could be flagged as an unregistered security by the SEC.

On a different note, I don’t really like Render’s choice of the Solana network. This is a network that has faced problems in the past.

This could be a big problem for Render if Solana goes down again.

final thoughts

Render is a very interesting token, it performs well, it may level down in the future, but I intend to add this to my long-term crypto portfolio.