A review of the 2,600% rise of RNDR, the leader in the AI ​​sector

Author: Climber, Golden Finance

The AI ​​track continues to be hot, and related concept currencies are still soaring. The Nvidia GTC conference to be held on March 18 will amplify the enthusiasm of AI investors.

In this round of AI market, Render Network (RNDR) can be said to be the leader on the track. Not only did the currency price rise to a record high of $10.784, but it also ranked among the top in the sector with a 2,600% increase since last year.

For ordinary investors, an income of 26 times is still very impressive. Today, Golden Finance will review how the outstanding currency Render Network (RNDR) was created, and hope to find some commonalities among high-explosive coins.

Flying against the wind, RNDR staged a huge increase of 2600%

This trend of AI has been blowing up since the beginning of 2023. At that time, the AI ​​sector of the out-of-circle encryption industry also ushered in the first wave of explosion with ChatGPT. Since then, it has experienced a volatile correction and has continued to rise, and finally collectively achieved high-fold returns in March this year.

Among them, RNDR’s trend is the most eye-catching.

According to Coinmarketcap data, in early January 2023, the price of RNDR was approximately US$0.4, and thereafter reached phased highs in May and December respectively. When many investors thought that the narrative of the AI ​​sector had come to an end, RNDR rose again, eventually reaching a record high of $10.784 on March 7 this year, an increase of approximately 2,600% from the beginning of last year.

Currently, the market value of RNDR is approximately US$3.631 billion, and the circulating supply has reached 70.48%.

Render Network is a decentralized GPU-based rendering solution provider designed to connect users who want to perform rendering jobs with those who have idle GPUs to handle rendering Get in touch. Owners can connect their GPU to the rendering network to receive and complete rendering jobs using OctaneRender.

With support from parent company OTOY, the RNDR team is headquartered in Los Angeles with team members located around the world.

In terms of the operating principle of the project, simply put, the target object uses RNDR to exchange the GPU computing power of the GPU provider (node ​​operator).

RNDR utilizes a combination of manual and automated proof-of-work systems, or in this case proof-of-render, to verify that all artwork is valid before payment and artwork release Rendered successfully. Leveraging the inherent security properties of the Ethereum blockchain, proprietary assets are hashed upon upload and sent to nodes one by one for rendering.

All RNDR payments are stored in escrow during rendering and released to node operators upon manual verification of successful work by commissioning artists.

To protect against malicious actors in both user groups, all assets rendered on the network are watermarked until payment is made Payments are made successfully, at which point unwatermarked renders can be downloaded, and all payments are held in escrow until manually verified as correct renders.

The project completed US$1.16 million through ICO in 2018 and US$30 million in strategic financing in 2021. The current market value of the project is US$2.145 billion, and the currency price is US$5.63.

Behind high returns: a combination of internal and external factors

RNDR can reap an increase of about 26% in about a year. There are multiple factors behind this.

First of all, the overall external environment is improving. The soaring price of Bitcoin has a great driving effect on altcoins. At the same time, the main narrative in the financial market since last year has been the AI ​​sector. RNDR, as a veteran AI project, has long-term project construction experience and mature business products. Therefore, it is easier to take off under favorable external east wind.

The recent news that the founder of Render will attend the NVIDIA GTC24 conference and deliver a keynote speech has also given additional positive stimulation to its currency price.

Secondly, the main test and commercial demand of AI is computing power. The service function of RNDR can help solve the huge demand for computing power. Render Network allows complex GPU-based rendering jobs to be distributed and processed over large distributed peer-to-peer networks. This enables creators to compute at unprecedented scale and price, with stronger privacy guarantees than any existing cloud provider.

In terms of project operation principle, the target object uses RNDR to exchange the GPU computing power of the GPU provider (node ​​operator). RNDR utilizes a combination of manual and automated proof-of-work systems, or in this case proof-of-render, to verify that all artwork has been successfully rendered prior to payment and artwork release. Leveraging the inherent security properties of the Ethereum blockchain, proprietary assets are hashed upon upload and sent to nodes one by one for rendering.

All RNDR payments are stored in escrow during rendering and released to node operators upon manual verification of successful work by commissioning artists.

To protect against malicious actors in both user groups, all assets rendered on the network are watermarked until payment is made Until successful payment.

Finally, the team’s continued construction of the project is also a major incentive. In November last year, Render Network officially announced that it had successfully completed the upgrade to Solana, which means that this leading company in the field of decentralized rendering has officially migrated from the Polygon ecosystem to the Solana ecosystem.

This migration involves the implementation of multiple RNP proposals (Render Network Proposals) reviewed and approved by the Render community in the past year, including not only the Layer1 ecosystem The migration also includes the issuance of a new token (RENDER) and the implementation of the new Burn and Mint Equilibrium (BME) token economic model, which is of interest to the entire Render ecosystem and all RNDR (soon to be upgraded and renamed SPL token RENDER) It will have a profound impact on all parties.

In addition, Render is also undergoing more innovative upgrades, such as the latest Proposition 007 plan to introduce the FEDML cloud platform and various other computing customers terminals, such as Beam, io.net and other cloud platforms. In addition, at the Solana Breakpoint 2023 conference in December last year, Render also announced that it would provide users with multiple renderers, adding Maxon's Redshift, Physical and Standard renderers.

Summary

As far as the current increase in RNDR is concerned, 26 times is obviously a high level. But for the encryption industry, there are not a few that have increased by as much as a hundred times. Therefore, we can still expect something from RNDR. If the narrative of AI can continue, then the spring of RNDR will surely last longer.