The Main Wallet is Changing: A Breakdown of How and Why

The last few months have seen core changes come to the Render Network. The announcement of the upcoming founding of the Render Network Foundation, alongside the introduction of community governance protocols, as well as partnerships with flagship groups such as Multicoin and Solana, have all been steps in order to keep the Render Network up to date with modern blockchain landscape and best practices.

In that same vein, the primary Render Reserve wallet will be moving to a different wallet address in the coming days. Here’s why, and what you can expect:

Keeping up with Modern Governance Protocols

The Web3 landscape is continually evolving. The emergence over the last few years of governance structures like DAOs, community led chains and open voting systems like Snapshot and Tally have changed the way that modern projects are run. Neither Snapshot or Tally were around when the Render Network wallet was created in 2017. As a result, in order to take advantage of these systems, we are migrating RNDR to a new wallet that is compatible with Snapshot and Tally — and which will allow the Render Network to adapt modern web3 governance practices more efficiently going forward. This is simply a practical change for wallet functionality needed to more seamlessly participate in Snapshot and Tally practices. The same level of multi-sig security is being deployed and no changes to token supply or issuance are made (see: Details on Security).

The impetus for the change now is as follows: Through the launch of RNPs earlier this year with RNP-000 (v2), the open governance process for the future of the Render Network was established. However, as stated in the process, in order for proposals to move from conceptual approval to final approval (and ultimately implementation), 25% of the circulating supply of RNDR Tokens needs to be present in the final Snapshot vote. To this end, the Render Network’s own reserve of tokens may therefore, to a degree, be needed in all final votes in order to meet that minimum threshold.

While the Render Network Team will be an active participant in the future of the network’s governance through voting processes using Snapshot and Tally, the largest group defining the future of the network is the community. The hope is that the RNP process will empower the community to be a larger stakeholder in defining the future of the network going forward and Render is committed to helping advance community governance in the months to come.

Details on Security

Like the current wallet, the new wallet will have multi-sig security protocols (whose standards exceed those of the current wallet), while also being in line with other modern blockchain security standards, as well as being easily compatible with governance protocols for DAOs, etc. The Render Network team will be addressing any security or other technical related questions within our community chats as they arise over the coming days, so feel free to reach out with any questions and the team will look to get back to you in a short period of time.

For those that have supported the Render Network, whether it be longtime users since the inception of the Network or more recent converts to the Render Revolution, we at the Render Network team would like to thank you for your continued support. We hope to see you all grow alongside the Network!

Join us in the Rendering Revolution at:

Website: https://render.x.io
Twitter: https://twitter.com/rendernetwork
Knowledge Base: https://know.rendernetwork.com/
Discord: https://discord.gg/rendernetwork
Render Network Foundation: https://renderfoundation.com/