Bleed Process On
This shows the effect of “bleeding”, a post-process where the texels outside the edge of a cutout texture are given the average color of neighboring opaque texels. The alpha of these texels is kept at 0.0, fully transparent. Performing bleeding ameliorates the black fringing artifact that occurs due to improper rendering. That is, the PNG texture should be premultiplied when read in, before using bilinear interpolation on a GPU. Most renderers get this wrong, so to lessen fringing performing bleeding on the texture before its displayed gives a better result.
To see what the model looks like without bleeding, see this version: https://skfb.ly/JPH8
Here’s my article about this problem: http://www.realtimerendering.com/blog/gpus-prefer-premultiplication/