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OptiX is the NVidia Raytracing Engine, that provides access to the RT Cores (Raytracing cores) that the latest Turing GPU architecture provided by NVidia provides.
In the V-Ray GPU User Interface , in the Device Selection box, you can choose between using CUDA or RTX. If you select RTX we will use the OptiX engine to do the ray-to-primitive intersection (accelerated on the RT Cores).
If you choose CUDA, then you will use our own inhouse intersectors, the ones that have been available with V-Ray GPU ever since it was created.
Both V-Ray Next and V-Ray 5.0 use OptiX 7 when you select RTX and do not use OptiX at all when you select CUDA
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