DePIN Io.net protocol reveals points program ahead of token launch
Io.net, the Solana-based decentralized physical infrastructure network (DePIN) project focused on providing GPU computing power, has revealed a rewards program in preparation for the token launch its.
Called Ignition, the program begins its first phase on March 1 and will last until April 28, Io.net said Wednesday. The program will reward users with points based on their provision of GPUs to the network.
“Several factors are considered in the reward algorithm, including hours of work completed, node bandwidth, GPU model, and uptime.”
The program will also look at GPU vendor performance since io.net's launch in November 2023, io.net added.
What is Io.net?
Io.net is a Solana-based DePIN project that aggregates GPU resources for artificial intelligence (AI) and machine learning (ML) companies. Ahmad Shadid, founder and CEO of io.net, said the project started in 2020 when he was building Dark Tick, an ML quantitative trading business. Dark Tick requires “massive” computing power to run models for every stock and cryptocurrency being traded.
To reduce costs, Shadid said, he designed a distributed network of GPUs around the world. After OpenAI launched ChatGPT, he realized that the network was suitable to serve AI/ML companies, which also require large computing power at low latency. Then, Io.net became one of the winners of the Solana Hackathon in April 2023 and launched the network in November.
Io.net says its network now provides access to hundreds of thousands of GPUs at lower costs and fast execution times. According to Shadid, since launching three months ago, Io.net has grown to more than 25,000 nodes, served more than 47,000 computing hours and paid more than $300,000 from customers to network providers.
“The demand for GPU compute capacity for AI applications is 2.5 times greater than what exists in cloud services like AWS and Azure today, increasing the cost and execution time for every People. The reality is that AI will become increasingly "deeply rooted" in our daily lives. From OpenAI's Sora to Microsoft's Copilot to the thousands of AI startups being built, demand for capacity is growing at an alarming rate.”
‘Internet of GPUs’
Io.net says its goal is to build an “Internet of GPUs” and solve the GPU computing capacity shortage that the AI boom has created.
Io.net uses the Solana blockchain to provide transparent proof of computation and make all work and transactions between suppliers and consumers visible onchain. The IO token provides a unified transaction experience for users and enables mechanisms to incentivize suppliers, customers and users to participate and grow the network, the project said.
Io.net said that the upcoming launch of the Ignition point program is the first step to decentralize io.net and transition governance to the community.
