Table of Contents
Digital creators now have ample new opportunities because of the Render Token (RNDR) project. The network was created to give content creators access to distributed GPU rendering services on the blockchain. Users can easily share their GPU power on the platform. Users get rewards for their work. Render Token thus gives studios, developers, and artists the much-needed computational power.
Let’s have an overview of this Token and check how you can buy RNDR Tokens in India.
What is Render (RNDR)?
The Render platform lets users earn money by selling their unused computing power. Users can set up their node (computer) and rent their computing power to other users or studios for passive income. The rendering method makes it simple for content delivery networks to seamlessly provide content to end users while also assisting artists in rendering their work. The inventor and the GPU service provider may easily keep track of their activities on the Ethereum blockchain thanks to the complete process of tokenizing computing power using RNDR – an ERC token.
Working of Render (RNDR)
Render Token uses a straightforward peer-to-peer method to operate. Render employs the idea of automatic Proof-of-Work, wherein the author or owner of the content submits a video to the node operator (the participant who manages the video on their behalf). There will be a watermark on the uploaded content until the rendering succeeds. The tokens (payment for rendering service) will be issued to the node operator for its service once it has been confirmed that the creator’s video rendering was successful. The watermark will be erased from the rendered video asset as soon as both parties agree that the rendering was accomplished.
Key highlights of Render
- Distributed GPU Rendering: Render platform’s guiding principle revolves around this concept. Render invites node operators to join and connect their nodes to the network, allowing users to leverage their computational power and earn RNDR tokens in return.
- OTOY Subscription and maintenance plan: In order to ensure smooth video rendering for users, Render offers the option to purchase a subscription or maintenance plan, which grants access to the seamless rendering of their video content.
- RNDR Credits: Render provides an opportunity for new users to acquire RNDR credits, which can be redeemed for video rendering services. This feature is particularly beneficial for artists who are new to the cryptocurrency realm.
- RNP and DAO: Render network incorporates its own DAO, enabling users who possess RNDR tokens to propose ecosystem improvements by creating Render Network Proposals.
Advantages of Render (RNDR)
Render (RNDR) token addresses three key challenges for its users:
- Scalability: Render offers a highly scalable GPU rendering network that can be flexibly expanded to meet users’ varying demands. By utilizing an automated reputation and job assignment system, Render’s decentralized network can effortlessly scale according to the requirements of any project. This open network of trusted rendering service providers provides a cost-effective alternative to localized market solutions, eliminating the need for expensive infrastructure investments.
- Optionality: Render Network empowers its users with increased options, whether they need to commission a job or leverage their extra GPU power. This flexibility enhances overall operational efficiency. Many motion graphic artists and businesses heavily reliant on 3D rendering and modeling hesitate to invest significant funds in maintaining GPU-filled data centers. GPUs quickly become outdated and require frequent replacement to keep up with evolving data processing requirements. Moreover, GPU units consume substantial amounts of electricity, which can be particularly costly in expensive urban areas. Render Network offers an alternative by enabling users to optimize their resources and avoid unnecessary expenses.
- IP protection: Render employs an effective digital management system that utilizes blockchain-based record-keeping, encryption, and OctaneRender-based service completion and scoring. Unlike centralized platforms that may censor or delete user data without warning, Render leverages the immutability of blockchain technology to ensure the protection of creators’ rights throughout the entire creative process. This approach safeguards intellectual property and assures creators that their work will be securely managed and preserved.
RNDR Tokenomics
Creators use the ERC-20 utility token RNDR as a means of payment for the on-demand GPU processing that Node Operators provide. Every transaction on the Render Network uses this Token. There are a total of 536,870,912 RNDR tokens in existence.
RNDR was first made accessible to the general public through a token sale in October 2017 and a private sale from January through May of the following year. To help regulate the supply and demand on the network, the remaining 65% of RNDR tokens are currently kept in escrow.
The general public made 25% of the RNDR tokens available, and the RNDR Reserve received 10% of the total supply. Thanks to the Render Network’s launch of RNDR Credits, creators can buy rendering power on the Render Network using PayPal and Stripe. These Credits can only be spent within the network and cannot be traded for anything else.
Consequently, even if the RNDR token continues to be the Render Network’s main means of payment, the network is creating more streamlined ways for non-technical artists to utilize these decentralized services.
How to buy RNDR Tokens in India?
Below are a few simple steps you can follow and buy the RNDR Token in India with WazirX, India’s most trusted and widely used Crypto exchange.
The best way to buy RNDR Tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Bonus point: INR Deposits are also LIVE on the WazirX platform. Now, you can buy RNDR Tokens using INR.
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling RNDR Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy RNDR on WazirX.
You can now easily purchase RNDR Tokens using P2P trade on the platform. Check the RNDR to INR rate from here and RNDR to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the RNDR Coins you purchased in your WazirX wallet.
Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
