Graphic Processing Units, more commonly known as GPUs, are an essential part of a computer to perform complex tasks like gaming or video editing. With video content playing a big part in the modern society, rendering a simple video with using a desktop computer might take a few minutes to a few hours.
Render Network addresses these, and the computing power requirement for Web3’s continuous growth. Because of this utility, RNDR, the network’s native token, has exploded 91% in the weekly time frame as seen on Coingecko.
How Does Render Work?
Founded in 2016 by Jules Urbach, the network uses a decentralized system of GPUs that help creatives leverage the computing power for a fee. The nodes that contributed to the project are then rewarded with RNDR, the network’s native token.
The use of GPUs in the world of crypto is not a novel idea. A proof-of-work system uses a GPU as well in a different setting. In PoW, the GPU crunches through complex math to provide the blockchain security. The GPU owner – which in this case is called a miner – is then rewarded for successfully mining a block.
Hence, the name of the technology, blockchain.
With Render’s use case, no block is mined. Instead, 100% of the computing power of the GPU is used to process multiple types of media. A user, designated a Creator, would put a render request on the network for a fee. This request would then be distributed to a node which would then process the render and gain RNDR for the job.
A small fee is paid to the network for the maintenance of the network itself. With the interest in NFTs growing lately, Render might see more demand in the near future.
What’s In Store For RNDR?
The native token of Render has been seeing amplified growth in the past month as a result of the broader market rally which pulled the entire market upward. As it stands now, RNDR is above its $1.494 support level, regaining May 2022 levels.
This recent breakthrough will give RNDR bulls with enough momentum to potentially turn $2 to support. But the current breakthrough might’ve exhausted the bulls as the token enters consolidation above its current support.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Investors and traders should be able to enjoy profits in the short to medium term as the low volatility enters the market. Long term, bulls can comfortably target $2 with a possibility of higher breakthroughs if the aforementioned resistance is broken.
Featured image by Beanstalk
