Decals or texture painting?

What techinique do you think its used on this video?

 

anyone? No, I'm not promoting the game (also, my currently game to launch is not bloody), but I'm really curious about the technique in use here. A friend of mine bets on decals, but I really think this is some sort of texture painting.

 

I feel like they are using RenderTextures and the GL class to draw on the render texture since its much faster than SetPixels/Apply.
Here is an example usage in this unity answers answer
http://answers.unity3d.com/questions/327984/graphicsdrawtexture-to-rendertexture-not-working.html

I think thats why the blood is all pixely, since larger resolution would lower performance.

This is just my guess though, assuming they use unity.

 

Makes a lot of sense