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The V-Ray rendering system has a rich set of features; we have listed some of the major ones here. For a full list of features and capabilities visit the V-Ray documentation. Please be aware that every features is subject to change without prior notice. 


Core architecture
    Multi-platform object-oriented API
    Fully multithreaded core
    Unified sampling system based on Schlick sampling
    Distributed rendering
    Efficient shading system specifically optimized for ray-tracing
    Modular architecture - many components of the system can be replaced with custom ones


Geometry
    Efficient geometry handling
    True instance rendering
    On-demand dynamic geometry creation
    On-demand geometry loading from disk files
    Displacement mapping
    Catmull-Clark and Loop subdivision surfaces
    Extensible with custom geometric primitives through the V-Ray SDK


Image sampling
    Three different image sampling methods
    Full-scene antialiasing
    Progressive path tracing
    Support for additional render elements (diffuse, reflection, GI etc)
    Advanced color (tone) mapping controls
    Extensible with custom image samplers through the V-Ray SDK


Illumination
    Physically accurate full global illumination solutions
    Different GI algorithms: path tracing, irradiance cache, photon maps, light cache
    Reusable GI solutions for accelerated rendering of walk-through animations and animations with dynamic objects
    Physically accurate area lights
    Efficient illumination from HDR environments
    Procedural sun & sky models
    Extensible with custom lights through the V-Ray SDK
    IES photometric lights


Shaders
    Physically plausible materials
    Blurry reflections/refractions
    Accurate hilights
    Sub-surface scattering
    Support for efficient material layering
    Extensible with custom shaders through the V-Ray SDK


Camera effects
    Depth-of-field with bokeh effects
    Accurate motion blur
    Physical camera model
    Extensible with custom cameras through the V-Ray SDK


Extras
    Toon effect
    Fur generator/raytracer
    Extended matte/shadow capabilities
    Support for Render-to-Texture mode of 3ds Max
    VRaySphereFade to isolate only specific portions of the scene for compositing


Frame buffer
    V-Ray specific frame buffer with integrated color corrections and display of multiple rendering elements
    Direct rendering to disk for extremely large images, either as OpenEXR files or as .vrimg files


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