How to Buy Render (RNDR)

Before Ethereum merged into a PoS (proof-of-stake) network, it operated as a PoW (proof-of-work) blockchain. The PoW blockchain enlisted hundreds of thousands of graphics cards and huge amounts of computing power as a way to verify transactions. Upon the switch to PoS, these powerful computers served very little purpose. Most owners of GPUs decided to sell as there was little use left for a stash of GPUs. However, Render noticed this issue and decided to create a project that makes GPUs and computing power relevant to the Ethereum chain. 

What is Render (RNDR)?

Render is a service that uses the Ethereum blockchain to match those with computing power and those in need of computing power. This service is particularly relevant after the switch from PoW to PoS. Ethereum was the primary coin that could generate reasonable income for average miners. After the switch, GPU sales hit the market, driving the price of GPUs down. Chip shortages exacerbated the problem, and miners had few options. They could sell their GPUs for a fraction of what they paid, transfer their mining capabilities to far less profitable tokens or let the GPUs sit in hopes that prices would go back up. While many did sell, some held onto their graphics cards. Render targets these users. 

Outside of mining, GPUs are primarily used for gaming and large-scale modeling for engineers. Render serves artists and developers who have to buy expensive equipment they use intermittently or settle for slower, outdated GPUs. Render solves this issue by providing computer power on an as-needed basis. Users can grab as much computing power as they need when they need it and without having to pay for their own equipment. 

Another point of emphasis for Render is that the use of the GPUs is not entirely wasteful. Under PoW verification chains, GPUs solve complex math problems. The fastest solver verifies the transactions for a small fee. However, the math problems are more of a way to prove that you have computing power and do not provide any real value to the chain. They also use high amounts of power, which is a major critique of PoW systems. Render allows GPUs to be used in a way that provides real value to individuals and institutions, reducing the amount of wasted computing power. 

RNDR is the ERC-20 token used to power the chain and serves as the currency that users trade for GPU power. 

Brief History of Render (RNDR)

While the business model of matching buyers and sellers has been successful in other areas (Uber, Airbnb, eBay), Render was the first company to try and use the business in tandem with cryptocurrency and blockchain. The company was founded in 2009 and launched its beta platform in 2019.

Render had both a public and private token sale in 2017, netting over $30 million. Since then, Render has continued to expand the supply of the token.

Those first tokens were bought for $0.25 each before hitting an all-time high of $8.76 in 2021.

How to Buy Render (RNDR)

How can you buy Render? 

Step 1: Open an Online Account

Render has been around for some time and received interest from users and investors. RNDR is available on some of the most popular crypto trading platforms. The best options are Coinbase and Kraken. These platforms are known for their low fees, security and transparency. 

To get started,sign up with an email or phone number. Submit know-your-customer (KYC) information to verify your account. With a verified account, you can connect to a bank and fund the account. 

Step 2: Buy a Wallet (Optional) 

While storing crypto on a trading platform is the easiest option, it does not give you full discretion over your tokens. To be able to use your RNDR and have full discretion, you need a wallet. 

Best Hardware Wallet: Ledger Nano S

Ledger is a hardware wallet that supports ERC-20 tokens. Hardware wallets are physical devices that store private keys to crypto wallets. Essentially, funds cannot be accessed without the physical device present. Hardware wallets are the safest way to store crypto.

Ledger currently offers the Nano S Plus and Nano X models. The Nano S is a rudimentary device that is beginner-friendly. The Nano X is for more advanced users, offering more space and connectivity options.

Best Software Wallet: Coinbase Wallet

Different from the crypto brokerage, Coinbase Wallet is a wallet service provided by Coinbase. Funds are held in the wallet instead of by Coinbase themselves. You do not need a Coinbase account to have a Coinbase wallet. The wallet supports most of the major blockchains. 

Coinbase wallet is a great option for those looking for more security but do not want the hassle of a physical device. It is also free, whereas most hardware wallets require purchase. 

Step 3: Make Your Purchase

With a funded account on a crypto trading platform, you can head over to the RNDR token using the search bar. On the RNDR page, select the Buy button and enter the amount you want to purchase. You can then confirm the trade, and your RNDR will appear in your portfolio. 

Bonus section: Keep an eye on the number of users on the RNDR platform, which could have implications on the demand and price of the token. 

Trade, Sell or Convert Render (RNDR)

To sell RNDR, navigate to the position from your portfolio and select the Sell button. You can then confirm the amount to sell. You end up with fiat (USD) in your portfolio, which you can deposit back into your bank.

If you are looking to convert your RNDR to a different token, select the pair to trade with and enter the amount of RNDR to convert. This process will likely result in fewer fees than selling and then buying the other token. To see the full list of convertible tokens, you can head to a decentralized exchange (DEX) or Coin Market Cap.

Current Crypto Prices

Crypto has been trending upwards recently as talks of spot Bitcoin ETFs heat up. While some see this as the beginning of the next bull market and crypto’s dominance, others see it as a bull trap to be followed by a strong pullback. 

Is Render (RNDR) a Good Investment?

Render serves a unique need and allows crypto enthusiasts to connect with those seeking computing power. While cloud computing exists, Render is the first to offer it in the crypto sphere. While the business model sounds good in theory, it could fail because of user engagement, GPU prices or other things that could go awry. The decision to purchase comes down to your personal risk tolerance and belief in the project.