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RenderDragon is a rendering engine used in Bedrock Edition that runs on DirectX and OpenGL ES. In Bedrock Edition, it is currently available on Windows 10, Xbox One, and PlayStation 4. It will be included on all platforms eventually.
RenderDragon features edge highlighting and new lighting techniques as part of the soon-to-be visual and performance upgrades, and also adding ray-tracing support. It supports a range of graphics features, depending on the device's capability. Most devices have some graphics and performance enhancements, but not all devices can support ray tracing. As of August 2021, the only devices that officially support ray tracing are Windows 10 PCs with Nvidia GeForce RTX or AMD Radeon RX 6000 series graphics cards.
Third party shaders resource packs are currently not supported on devices using RenderDragon.
RenderDragon is disabled for Android devices that run on ARMv7, due to MCPE-141319.
According to Helen Zbihlyj, RenderDragon was designed to be usable in Java Edition. However, according to Felix Jones, there's nothing in it that indicates this. He has also stated that it's best not to pollute RenderDragon with Java Edition's issues.
An image of RenderDragon v0.0.2 released on Twitter by Helen Zbihlyj.