It is a #Io.net (IO) decentralized platform for trading graphics card performance through the cloud. And investors have already put 40 million USD into it...
Io.net (IO) collects power from unused graphics cards (GPUs) and provides it through its network to startups and entrepreneurs developing artificial intelligence at a fraction of the cost of a centralized service.
Machine learning, which is the basic building block of every #AI, requires a huge amount of computing and graphics power.
FOR COMPARISON...
#Sora AI, the first text-to-video AI model from OpenAI (creator of #ChatGPT), is estimated to need the equivalent of around 4,000 to 10,000 of the most powerful Nvidia H100 graphics cards to run. On one such card, it can generate 5 minutes of video in 1 hour.
For example, the Solana Ventures fund invested in Io.net, including the main founder of Solana, Anatoly Yakovenko. Also the#OKXexchange or the#Sandboxmetaverse.
It is therefore not surprising that IO will be deployed on the Solany blockchain ($SOL ).
Behind the ambitious project is a team of more than 100 people, led by co-founders#ToryGreen,#BasemOubah and#AhmadShadid. The latter is also the general director of the project. Io.net managed to raise $40 million in private sales of its IO token, which sets the project's valuation at $1 billion.
Regarding Tokenomics, the maximum amount of IO is capped at 800 million IO. Of these, 95 million IOs will be in circulation on the day trading is launched (June 11) and the rest will be released into circulation over the next few years.
What is the IO token used for?
The ecosystem is powered by the IO token. It has 2 main functions. Serves:
as currency (the IO cryptocurrency is used to pay for all services in the io.net ecosystem; e.g. for the purchase of unused GPU power, deployment of GPU clusters...)
and as a governance token (that is, it exercises voting rights and is used to submit proposals for the future direction of the project and make decisions about them).
It can also be staked, either directly, when the user as a validator secures the entire network for a small interest, or it can be delegated, i.e. share the reward with the validator, but earn interest without work and with less risk.
How to get free IO coins?
The potential of the Io.net project has also been noticed by the world's largest exchange, Binance. It has acquired 20 million IO tokens, which it will distribute among its users completely free of charge.
Io.net is launching on the#Binance#Launchpool, a platform for offering newly created cryptocurrencies (so-called IEOs). Users only need to lock their BNB ($BNB ) or FDUSD (#FDUSD) stablecoins within the Launchpool for a few days, and IO tokens will be automatically credited to them according to the amount of their locked cryptocurrencies.
