What is IO token? DePIN project io.net

Io.net is a major project in the DePIN sector, valued at $1 billion upon completing a funding round of $30 million.

On June 6, Binance announced that IO.NET (IO token) has become the 55th project on Binance Launchpool. The listing time is 2024-06-11 12:00 (UTC), with trading opening for the pairs IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY, marked with a Seed Tag.

Users can stake BNB and FDUSD into separate pools to farm IO for four days, starting at 00:00 on 2024-06-07 00:00 (UTC). The farming period runs from 2024-06-07 00:00 (UTC) to 2024-06-10 23:59 (UTC).

Previously, the project published the IO Summit Keynote, providing investors with valuable information about the platform. The third season of the IO token reward program continues to be implemented to celebrate 100,000 wallet addresses participating on the platform.

What is io.net?

Io.net is a DePIN project built on Solana, aggregating GPU resources and providing computing power for artificial intelligence (AI) and machine learning (ML) companies. The project aims to deliver computing power at low cost and faster processing times.

Designed as a new generation cloud system, Io.net supports ML engineers in developing decentralized models more easily and cost-effectively compared to using services from centralized companies like Google, AWS, or Azure.

DePIN (Decentralized Physical Infrastructure Networks) utilizes blockchain technology and is managed by a DAO. DePIN addresses issues of centralized physical infrastructure networks such as the risk of attacks, decentralized information, and high access costs.

According to project information, io.net has 29 members. Ahmad Shadlid is the founder and CEO of the project. Russ Vetrano manages the sales department. 

IO Research raised 30 million USD in Series A funding. Two prominent investors are Hack VC and Multicoin Capital. The capital is allocated in multiple rounds with future token purchase rights at a 1:1 ratio.

io.net’s valuation increased from 500 million to 1 billion USD after Series A, becoming a leading name in the field. Io.net was one of the winning projects at the Solana Hackathon in April 2023.

Io.net announces its tokenomics with an initial supply of 500 million tokens. Over the next 20 years, the supply gradually increases to 800 million IO tokens. The additional tokens are used as rewards for suppliers and stakers.

Rewards start at 8% in the first year and decrease by approximately 1.02% per month, equivalent to 12% per year until reaching the maximum supply. Community rewards account for up to 50%.

Users can receive IO tokens by:

• Contributing hardware resources to the project and ensuring stable operation.
• Providing services and receiving fees.
• Staking IO.

Basic information about IO token

• Token name: IO token
• Symbol: IO
• Blockchain: Io.net

Allocation

• Community: 50%
• Early Seed Investors: 12.5%
• Early Series A Investors: 10.2%
• Core developers: 11.3%
• Ecosystem: 16%

Features

• Payment.
• Model training.
• Access to IO SDK model development toolkit.
• Promote publishing of models on io.net, rewarding developers when their models are used.

Breakthroughs of io.net

Io.net leverages the power of the Solana blockchain to ensure transparency in transactions with all data about participants’ work displayed on-chain.

The project utilizes a parallel execution model to optimize performance and expand the scope of ML models. Despite facing challenges in utilizing hardware resources, the project has achieved certain milestones.

Io.net has over 25,000 nodes and provides over 47,000 computing hours to users globally. Network providers have earned over 500,000 USD, demonstrating users’ cooperation and trust in the project.

The project’s decentralized model offers users more options, reduces costs, and mitigates resource scarcity. It harnesses GPUs from various sources such as independent data centers and crypto projects to provide abundant and stable computing power.

The project’s system deploys, schedules, and scales automatically, relieving users of technical and hardware concerns. 

Features of io.net

• Batch Inference and Model Serving: Performs parallel computations on batches of data, allowing ML models to build computation processes and provide services through io.net.
• Parallel Training: Utilizes decentralized algorithm computation libraries to coordinate and train data for parallel execution on multiple devices.
• Parallel Hyperparameter Tuning: Fine-tunes parameters of decentralized algorithm libraries to optimize tasks such as result retrieval, search sample assignment…
• Reinforcement Learning: Uses open-source reinforcement learning libraries to support management.

Products of io.net

• IO Cloud: Cloud service used to deploy and manage GPU clusters, capable of connecting to ML services like Tensorflow, PyTorch.
• IO Worker: Users can rent GPUs and earn profits through the io.net network.
• IO Explorer: Network exploration tool, providing real-time data on cluster deployment, computing, pricing…
• IO Coin: IO token is a vital asset of the network, incentivizing providers, customers, and users. There is currently limited information available about IO Coin.

Roadmap

Phase RC1 – Road to Ray

• Launch of the first version, enhancing essential functions
• Improvement of Client-side functions:
  • Cluster setup and deployment.
  • Job deployment on Cluster.
  • Job performance information.
  • Acceptance and download of results.
• Basic provider functions:
  • Worker machine setup in Portal.
  • Connection of worker machines to provider machines.
  • Build supporting middleware layer.

Phase RC2 – Road to BreakPoint

• Second version, enhancing features and structure.
• User management, adding new interfaces, options for participating units.
• Adding payment options through the Solana gateway.
• Initial introduction of Explorer.

Phase RC3 – Sunny Road Recap

• Improvement of overall ecosystem functions such as outside job selection options, miner parameterization, coordination streamlining, overall Portal updates.
• Collaboration with partners and community involvement in the platform, receiving feedback for product improvement.

Phase RC4 – Alphas Only

• Short RC update, quick improvements based on customer feedback, increasing ecosystem stability.
• Expansion of available mining versions.
• Expansion of Explorer concept and functions.
• Establishment of customer support feature.

Phase RC5 – Beta Rolling Stone

• Platform mechanism adjustments, fast bug fixes, and working on market equilibrium.
• Optimization of various computational forces, classification in Portal, coordination and optimal deployment, miner updates.
• Introduction of advisory tools and self-debugging options.

Phase V1.0 – Full Release

• Transition to standard release architecture with continuous updates based on customer feedback (features added or removed).
• Deployment of R&D initiatives through the potential to become the world’s largest computing power provider.

Project links

• Website: https://io.net/
• X (Twitter): https://twitter.com/ionet_official
• Telegram: https://t.me/io_net
• Discord: https://discord.com/invite/X8wgHmURKK