Google has released the documentation around dynamic rendering. This was first announced back in May of this year and about five months later, SEOs and Webmasters now have something detailed and comprehensive to reference if they want to implement dynamic rendering.
You can access the documentation over here. It says:
Dynamic rendering requires your web server to detect crawlers (for example, by checking the user agent). Requests from crawlers are routed to a renderer, requests from users are served normally. Where needed, the dynamic renderer serves a version of the content that’s suitable to the crawler, for example, it may serve a static HTML version. You can choose to enable the dynamic renderer for all pages or on a per-page basis.
Here was the video of it from Google I/O:
You can learn how to implement it in the help docs.
Forum discussion at Twitter.