Introduction
Since the launch of Algorand, the first genuinely decentralized, stable, scalable, and democratic Blockchain Technology Company. Different crypto networks, corporate organisations, foreign communities, and even the national republic have entered into collaborations with Algorand, the incredible blockchain protocol to create amazing projects that enhance different sectors that drive the world economy.
OTOY, a leading technology company in the Media and Entertainment industry will utilize Algorand’s blockchain technology to democratize make GPU more effective with the Render Network (RNDR), which utilizes blockchain technologies to design a much more efficient, powerful and widely scalable GPU cloud rendering system.
The Problem
The graphic and artistic world is speedily changing. At an accelerating rate, the need for creating and publishing Computer Generated Images (CGI) is being witnessed. Different industries from industrial design, automobile, medical science etc. are beginning to rely on high-end visualization in their business operations. The current decentralized Graphics Processing Unit (GPU) based cloud system cannot meet the increasing demand thus resulting in the limitations that restrict widespread access and economic viability of next-generation media output.
Furthermore, the truth is that there is no easy way for users of Computer Generated Images and their creators to share and exchange their feelings as regards to their holographic experiences while creating or utilizing CGIs. There are so many restrictions that surround the downloads, subscriptions and payments while patronizing the media and entertainment sector.
The Decentralized Solution
To make holographic media delivery and monetization available to the broader public, a new economy constructed from smart contract technology is needed. OTOY has set out to make GPU rendering more effective with the Render Network (RNDR), which uses decentralized technology to create a much more secure, reliable, and broadly scalable GPU cloud rendering system, to democratize high-end GPU rendering.
The Render Network is the first network to transform the power of GPU computing into a decentralized economy of linked 3D assets through the use of RNDR tokens. The Render Network is designed to securely connect with people who have idle GPUs to process the renders to perform rendering jobs. To receive and complete rendering jobs, owners will link their GPUs to the Render Network, and users will send RNDR to the person performing the rendering job.
Kalin Stoyanchev, Head of Blockchain at OTOY admitted that Algorand is the most enticing blockchain protocol that meets their requirements.
“I’ve seen a lot of technologies, but I’ve never seen a project as exciting as Algorand, “It’s the only platform that meets our scalability requirements,” said Kalin Stoyanchev, Head of Blockchain at OTOY.
There are limits to the amount of data that can be stored on the chain with existing blockchain infrastructure such as Ethereum, as the RNDR Network scales to tens of thousands of users. For OTOY to develop features such as transparent reputation systems and real-time micro-exchange of 3D works generated on the network, lower latency and increased throughput are required.
The first technology that makes this possible is Algorand, a gateway to the next wave of media, a transparent metaverse. Algorand has the unique scalability that can help to expand the user base and core features of the network with greater transparency by not only faster processing of blocks, but also with less overhead computing. OTOY needs 25,000-50,000 Render Network users, but on a framework like Ethereum, it can only accommodate 1,000 users.
Rewards of the Project
Together for the gain of independent artists and major studios alike, OTOY and Algorand democratize computing rendering power. With the shared technology, GPUs can be leveraged effectively and on a scale across the globe through a decentralized framework that monitors and manages job development. Straightforwardly, the platform improves access to rendering power so that a hobbyist can work the same as a leading studio, saving both time and money.
Also, for artists to store their work and understand that it is theirs, there is no widely available data warehouse. Artists can store and access their designs and creations through Algorand and the Render Network.
About OTOY
OTOY Inc. is the ultimate cloud graphics company, a ground-breaking technology that redefines content development and distribution to entertainment and media companies around the world. OTOY’s Academy Award®-winning technology is used by leading visual effects studios, photographers, animators, designers, architects and engineers, offering unparalleled artistic freedom, new levels of realism, and the new economics of cloud-powered content production and delivery.
The company was founded in 2008 by Jules Urbach who is the founder and the Chief Operating Officer (CEO) and Malcolm Taylor, Co-Founder and Chief Technology Officer. The company has grown to over 60 employees across four offices with headquarters in Downtown Los Angeles, CA since 2008. Some of its notable investors include Autodesk and Yuri Milner while its got advisers such as Eric Schmidt of Google, Brendan Eich of Mozilla, Sam Palmisano of IBM and Ari Emanuel of WME-IMG.
About Algorand
Algorand is the world’s first open, permissionless, pure-proof-of-stake blockchain protocol that provides protection, stability, decentralized finance operations without friction for today’s modern economy. Algorand’s protocol enables conventional and modern decentralized finance to activities to run smoothly without hindrance.
Algorand, Inc. is a technology company founded by cryptography visionary, winner of the Turing Award and professor at MIT, Silvio Micali. He developed the Algorand Platform with a globally recognized team of scholars, mathematicians, cryptographers and economists—from the outset—to ensure true decentralization, scale and security.
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