io.net

Green

Solana-based <a href="https://cointelegraph.com/explained/decentralized-physical-infrastructure-network-depin-explained">decentralized infrastructure provider</a>&nbsp;Io.net, which lets users rent out GPU power for money, replaced its CEO two days before the project’s token launch. 
Ahmad Shadid, co-founder of Io.net, left “effective immediately” and was replaced by fellow founder and former chief operating officer Tory Green.
The Solana-based artificial intelligence (AI) project <a href="https://cointelegraph.com/news/depin-will-become-one-of-this-decade-s-most-important-crypto-investments">aggregates GPU supply</a>&nbsp;to create a network for machine learning startups to tap into computing power at a <a href="https://cointelegraph.com/news/decentralized-ai-web3-morpheus-6079">fraction of the cost</a> compared to the traditional cloud. 
“While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net to move forward without distraction and to focus on its growth and success,” Shadid <a href="https://x.com/shadid_io/status/1799766711291490522" target="_blank" rel="noopener nofollow">posted</a> to X on June 9.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/f55ee1ec-3f14-4276-b580-c837ea10c1d3.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/shadid_io/status/1799766711291490522" target="_blank" rel="noopener nofollow">Ahmad Shadid</a>
 </figcaption>
</figure>
Shadid didn’t directly address those “allegations” — though critics <a href="https://x.com/MartinShkreli/status/1789006590558843112" target="_blank" rel="noopener nofollow">believe</a> he had misled the community on how many GPU chips Io.net actually offers.
The network also <a href="https://cointelegraph.com/news/io-net-responds-to-gpu-metadata-attack">suffered a GPU metadata attack</a> on April 28, which resulted in the number of active GPU connections temporarily falling from 600,000 to 10,000.
<h3 id="io-net-token-to-launch">Io.net token to launch </h3>
The io.net token, IO, is set to <a href="https://www.binance.com/en/support/announcement/introducing-io-net-io-on-binance-launchpool-farm-io-by-staking-bnb-and-fdusd-6556e3b5aae54c76adb0fd267b105a15" target="_blank" rel="noopener nofollow">launch</a> on Binance’s Launchpool on June 11 at 12:00 am UTC. 95,000,000 IO tokens will be released at launch, and a maximum supply of 800,000,000 IO tokens can ever enter circulation.
The timing of Shadid’s departure <a href="https://x.com/trendoshi/status/1799779660122947950" target="_blank" rel="noopener nofollow">prompted</a>&nbsp;concern that Shadid may “dump” his IO coins on launch and “disappear.”
“[It’s] as shady as depin gets,” industry pundit Badenglishtea <a href="https://x.com/badenglishtea/status/1799780711706374212" target="_blank" rel="noopener nofollow">told</a> their 15,300 X followers.
But Shadid <a href="https://x.com/shadid_io/status/1799778292461105205" target="_blank" rel="noopener nofollow">responded</a> to the accusation, claiming his IO tokens are subject to a four-year lockup and that no investor, adviser or team member can sell their monthly vested tokens until June 2025.
Shadid also said he would personally contribute 1 million IO tokens toward the firm’s Internet of GPUs Foundation to “help grow the ecosystem.” 
The departing CEO didn’t explain whether he would remain connected to the Io.net ecosystem.&nbsp;Cointelegraph reached out to Io.net but did not receive an immediate response.
Additional leadership changes at Io.net will be announced in the “coming days,” too, <a href="https://x.com/MTorygreen/status/1799779461665263983" target="_blank" rel="noopener nofollow">according</a> to the new CEO, Green.
Related: <a href="https://cointelegraph.com/news/startup-builds-decentralized-gpu-sourcing-network-for-ai">Startup demos upcoming decentralized GPU infrastructure network to OpenAI, Uber</a>
Green said the token launch “ushers in a new phase of growth for the network.”
<blockquote data-ct-non-breakable="true">
 “We remain unwavering in our mission to build the world’s largest decentralized AI compute network and expect to focus heavily on acquiring and retaining suppliers and onboarding new customers.”
</blockquote>
Io.net has onboarded approximately <a href="https://cointelegraph.com/news/ionet-apple-chip-support-gpu-network">20,000 cluster-ready GPUs</a> and is serving end-to-end AI inference and model training workloads across several AI-focused companies, Green explained.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/931f8ba8-b192-4927-a431-5265fbd74e73.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/MTorygreen/status/1799779461665263983" target="_blank" rel="noopener nofollow">Tory Green</a>
 </figcaption>
</figure>
Magazine: <a href="https://cointelegraph.com/magazine/openais-iphone-moment-outshines-google-ai-lies-porn-and-dating-ai-eye/">OpenAI’s ‘iPhone moment’ trumps Google, AI lies, porn and dating: AI Eye</a>

DePIN protocol io.net CEO departs 2 days before token launch

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