Renown is a Covenant specific, metered progression system that will measure and build your standing with your chosen Covenent.
Renown influences your connection to your Soulbinds, and allows your progression in repairing (upgrading) your Sanctum.
Unlike Artifact Power and Azerite Power in the previous expansions, Renown is not an open-ended grind.
There will be a weekly cap on how much Renown you can gain.
Renown is earned through playing the Covenant Campaign and by completing two weekly quests.
There are many rewards associated with gaining Renown including Transmogs, mounts, pets, a title, and more.
Gaining Renown can earn you Legendary Recipes.
Gaining Renown can increase the item level of World Quest items.
Gaining Renown is at least part of the requirement for Shadowlands Pathfinder.
If you are behind, or you switch Covenants, or you are playing an alt, there is a catch-up system already in place.