Binance Launchpool’s latest project io.net dominated the charts on the first day of its launch, and market sentiment was high. As of press time, $IO was traded at 114 million, and the transaction volume was 548 million US dollars (Binance only). Both the main players and retail investors showed a net inflow trend, which shows the current market’s recognition and expectations for the project. So can io.net overcome all obstacles in this bull market and become the DePIN light of this bull market? Today, let’s take a deep look at io.net.
1. What is io.net?
io.net is a decentralized AI computing and cloud platform. By aggregating GPU supply from underutilized resources, io.net creates a network that allows machine learning (ML) startups to access nearly unlimited computing power at a fraction of the cost of traditional clouds.
1.1 Project Mission
io.net was created to build a globally accessible decentralized cloud computing network that provides affordable, flexible, and permissionless access to computing power.
1.2 Value Proposition
With the rise of artificial intelligence, GPU computing power has increased significantly, but there is a severe shortage of GPUs in public clouds. This has caused some problems, such as long waiting times, limited choices, and high costs.
By aggregating GPUs from underutilized sources such as independent data centers, idle crypto mining farms, and consumers, io.net can provide computing power at 90% lower cost than centralized cloud providers.
1.3 io.net products are built for the following four core functions
Batch Inference and Model Serving: Inference can be performed in parallel on incoming batches of data by exporting the trained model’s architecture and weights to shared object storage. io.net allows machine learning teams to build inference and model serving workflows across a distributed network of GPUs.
Parallel training: CPU/GPU memory limitations and sequential processing workflows present a huge bottleneck when training models on a single device. io.net leverages distributed computing libraries to orchestrate and batch training jobs so that they can be parallelized across many distributed devices using data and model parallelism.
Parallel Hyperparameter Tuning: Hyperparameter tuning experiments are inherently parallel, and io.net leverages a distributed computing library with advanced hyperparameter tuning capabilities to check for optimal results, optimize scheduling, and simply specify search patterns.
Reinforcement Learning: io.net uses an open source reinforcement learning library that supports production-grade, highly distributed RL workloads with a simple set of APIs.
2. Functional properties of $IO
IO is the native application token in io.net and is used for the following functions:
2.1 Payment currency: Payment and transaction fees within the io.net ecosystem, such as purchasing/providing underutilized GPU computing power and deploying GPU clusters.
2.2 Staking: Users can participate in network security and earn idle GPU rewards in any of the following ways:
*Delegators stake $IO tokens on the nodes of their choice.
* Directly stake more $IO tokens to run your own nodes.
2.3 Governance: IO tokens enable holders to participate in the governance of the IO Grants DAO by proposing, voting, and implementing funding proposals, which guide the allocation of funds and strategic direction of the GPU Internet Foundation.
3. Core Elements of IO Ecosystem
3.1 io.net: Development companies that maintain the IOG Network and build products and services on top of it, such as:
IO Cloud: A cloud platform that allows developers to virtualize infinitely scalable and configurable clusters on demand using computing power from the IOG network.
IO Worker: Provides a comprehensive and user-friendly interface for users to effectively manage their GPU node operations through an intuitive web application.
IO ID: Universal identity management for the IO ecosystem.
3.2 IOG Network: Also referred to as the Internet of GPUs or “IOG,” the IOG Network is a decentralized physical infrastructure network of independently operated, geographically distributed hardware nodes that provide permissionless access to on-demand compute.
3.3 IOG Framework: An open source, developer-friendly SDK that enables builders to deploy products and services on the Internet of GPUs.
Token Sales and Economics
4.1 The token economics of io.net is based on three principles:
a Fixed maximum supply of 800 million $IO
b Hourly rewards for suppliers and their stakeholders
c $IO destruction mechanism
Fixed supply
The maximum supply of $IO coins is fixed at 800 million.
500 million $IO coins will be distributed at launch.
The remaining 300 million tokens will be issued and paid out as rewards to providers and their stakers. This will happen every hour.
Hourly Rewards
Rewards are issued to providers and their stakers hourly for 20 years. Rewards follow a deflationary model, starting at 8% in the first year and decreasing by 1.02% per month (about 12% per year) until the $800 million IO cap is reached. The following chart provides details on emissions and annual inflation rates.
Figure 1. Emission rate versus total emissions
Figure 2. Annual inflation rate
Figure 3. Issued and remaining coins by year
4.2 Destruction Mechanism
$IO uses a programmatic token burn system where the revenue generated by io.net from the IOG network is used to purchase and burn $IO. The $IO burn mechanism adjusts the amount of $IO to be burned based on the price of $IO.
io.net generates revenue by charging fees to users and suppliers. io.net charges a booking fee when computing power is booked. Payment fees are charged depending on the payment method selected by the user for the booking and how the supplier chooses to extract the rental fee revenue.
5. $IO Allocation Rules
5.1 Initial $IO Allocation
io.net will be launched with an initial supply of $500,000,000 IO, divided into five categories: Seed Investors, Series A Investors, Core Contributors, R&D, and Ecosystem and Community.
This supply increases to 800,000,000 IO over 20 years as $IO is issued to incentivize network growth and adoption.
5.2 Unlocks and Rewards
The initial 500 million supply will be executed according to the schedule detailed in the following sections. In addition, the circulating supply will increase as rewards are issued. Rewards are unlocked after they are received and added to the circulating supply.
5.3 Predictive Allocation
As the IOG network issues rewards, the share of early supporters and core contributors will continue to decrease. Therefore, after all rewards are distributed, the community's share will grow to about 50%. The tokens will be released in 20 years!
6. Release restrictions
6.1 Investors
$IOs distributed to investors are restricted for a period of three years. The transfer restriction begins at the end of the 13th month and is released in 24 equal portions from the $IO until the 36th month anniversary of the first distribution date.
6.2 Employees and core members
$IO allocated to employees of io.net Inc. is restricted for a period of four years. The transfer restriction is lifted from $IO in 36 equal portions beginning at the end of the 13th month and ending on the 48th month anniversary of the first allocation date.
6.3 Release Cycle
io.net will issue 500 million tokens at launch and gradually issue an additional 300 million tokens over the next 20 years until it reaches a cap of 800 million tokens.
Similar to Solana, issuance follows a deflationary schedule, meaning that inflation starts at 8% per year and gradually decreases by about 12.165% per year until it eventually reaches about 0.68% (800 million tokens produced) after 20 years.
In fact, io.net will release once an hour for 20 years after release, until it reaches the 800 million cap. This is equivalent to 175,319 cycles.
VII. Roadmap and Updates
In Q2 2023, the seed round was completed and Render also approved RNP-004, making io.net (formerly known as ANTBIT.IO) the first open computing client on their network.
In Q3 2023, io.net was a gold sponsor of the Ray Summit in San Francisco, which demonstrated its ability to cluster GPUs in under 10 seconds using Ray.
In Q4 2023, io.net announced its public launch on the Solana Breakpoint main stage.
In Q4 2023, io.net launched BC8.AI, a fully decentralized machine learning model where every inference (hint) is on-chain. BC8.AI is supported end-to-end by io.net.
BC8.AI will expand into various fields, including different fine-tuned models, game assets, and 3D models, providing model owners with the opportunity to earn royalties from each inference.
In the fourth quarter of 2023, io.net won the Grand Prize and Gold Award in Computer Science at the 2023 Asian Invention Awards for its submission of GPU Internet.
8. Commercial and Business Development Progress
io.net has more than 50 commercial and business development partners. Highlights include:
8.1 Supplier:
Aethir: A decentralized cloud provider has partnered with io.net to integrate its advanced clustering technology with Aethir’s decentralized GPU cloud. The collaboration aims to enhance GPU accessibility and performance for AI, machine learning, and gaming workloads.
Exabits: Exabits, a high-performance GPU supplier, has agreed to provide io.net with a range of cutting-edge GPUs, including models such as the H100s, A100s, A6000s, 4090s, and T4s.
Hiveon: Hiveon, a global leader in mining solutions, has partnered with io.net to expand access to Hiveon’s extensive network of 10 million GPU devices, enhancing the capacity and capabilities of the io.net decentralized network.
Aurory: A pioneering game studio has partnered with io.net to leverage io.net’s computing resources to integrate AI-based NPCs into their games. In addition, Aurory aims to engage their gaming communities by encouraging them to join io.net as worker nodes.
8.2 Demander:
Krea: An AI-driven design platform that has partnered with io.net to leverage its extensive network of GPUs for real-time image and video generation. Krea serves over 250,000 users worldwide and leverages io.net to provide the compute power required for inference at scale.
Nibiru: As a layer-one blockchain, Nibiru has partnered with io.net to power its AI-driven dapps and zk prover operations using io.net’s GPU clusters.
Ritual: A decentralized AI network, has formed a strategic alliance with io.net to revolutionize AI computing. The collaboration leverages io.net’s decentralized GPU clusters and Ritual’s AI integration tools (including Internet SDK and node clients) to increase GPU utilization and expand market access for AI applications.
Space and Time: A verifiable computation layer focused on scaling zk-proofs in decentralized data warehouses, has partnered with io.net to leverage its GPU network to run zk-provers. This collaboration enhances trustless data processing capabilities for smart contracts, large language models, and enterprises by integrating indexed blockchain data with off-chain datasets.
Quai Network: A PoW L1 that is partnering with io.net to use io.net’s decentralized GPU resources to secure its network. Quai is fully EVM-compatible and aims to directly align the value of its currency with computational and energy resources, leveraging the power of decentralized computing to enhance network security and efficiency.
IX. $IO price forecast (for reference only)
The initial circulation valuation is 200-350 million US dollars, and the corresponding price is: 2.1-3.7 dollars
The initial circulation valuation is 400-600 million US dollars, and the corresponding price is: 4.2-6.66 US dollars
Initial circulation valuation is 800-100 million USD, then the corresponding price is: 8.4-10.5 USD
10. io.net in Opportunity Analysis
10.1. The rise of the DePIN track
The DePIN (Decentralized Physical Infrastructure Network) track is gradually emerging in the field of blockchain and cryptography. DePIN aims to use decentralized technology and the concept of resource sharing to solve the problems of resource waste and high costs in the traditional centralized model.
Increased market demand: With the continuous growth of artificial intelligence and machine learning applications, the demand for GPU computing power has surged. By aggregating underutilized GPU resources, io.net can provide cheaper and more efficient computing power than traditional cloud computing services. This model has broad market prospects in the fields of AI and machine learning.
Technological leadership: io.net provides users with efficient computing power through decentralized architecture and advanced technologies (such as Ray clusters and Kubernetes clusters). These technical advantages make io.net highly competitive in the DePIN track.
10.2 Analysis of io.net’s own value
io.net is rapidly attracting the attention of the market and investors with its innovative decentralized cloud computing platform.
Cost-effective computing power: By integrating underutilized GPU resources, io.net is able to provide computing power at a fraction of the cost of traditional cloud computing. This is of great appeal to machine learning startups and other enterprises that require large amounts of computing resources.
Strong partner network: io.net has established partnerships with leading companies in multiple fields, such as Aethir, Exabits, Hiveon, and Aurory, etc. These partnerships not only enhance io.net's technical and resource support, but also expand its market coverage.
Innovative token economics: IO tokens are designed not only for payment and staking, but also for governance. This versatility increases the utility and value of tokens. At the same time, the programmed token destruction mechanism also helps maintain the scarcity and value stability of tokens.
10.3 Current Situation and Market Prospects
Financing and valuation: io.net has raised $40 million through two rounds of private equity financing, with the latest valuation reaching $1 billion, which shows the market's confidence and expectations for the future development of io.net.
Token market performance: According to the current over-the-counter quotes, the price of IO tokens is estimated to be between US$2.5 and US$10. The market is full of expectations for its future performance, which also reflects investors' recognition of io.net's business model and technical prospects.
Technology and product implementation: io.net has completed the implementation of multiple technologies and products, such as IO Cloud, IO Worker and IO ID, etc. These products not only enhance io.net's service capabilities, but also lay the foundation for its future market expansion.
10.4 Opportunities in the Bull Market
In the current bull market, io.net has multiple advantages that enable it to seize this round of market opportunities:
Leading position in the DePIN track: As one of the pioneers in the DePIN field, io.net is expected to occupy an important position in this emerging market. Its innovative technology and business model can attract more users and resources to join, thereby achieving rapid growth.
Driven by market demand: With the rapid development of artificial intelligence, machine learning and other high-computing demand fields, the demand for GPU computing power will continue to increase. io.net can meet these market demands through its cost-effective solutions, thereby achieving rapid business expansion.
Token economics drive: The versatility and innovative economic model of IO tokens will help attract more investors and users to participate. The value expectations and market performance of tokens will also have a positive impact on the overall ecosystem of io.net.
Conclusion
To sum up, io.net has significant growth potential in this bull market with its leading position in the DePIN track, innovative technology and business model, as well as strong market demand and partner network. Its cost-effective computing power and versatile token economics will attract more users and investors, thus promoting its further rise in the decentralized cloud computing market.
11. Other Information
Project research report: https://www.binance.com/en/research/projects/ionet
Official website: https://io.net/
Whitepaper: https://docs.io.net/
Official Twitter: https://x.com/ionet
The article is for sharing and communication only and does not constitute investment advice.
#Depin赛道
#IO价格预测
#3friends #TopCoinsJune2024 #MegadropLista
