The DePIN protocol will be launched 2 days before the launch of the io.net CEO token
Solana-based decentralized infrastructure provider Io.net, which lets users rent GPU power for money, replaced its CEO two days before the project's token launch.
Io.net co-founder Ahmed Shadid is leaving “effective immediately” and will be replaced by fellow co-founder and former chief operating officer Tory Green.
The Solana-based artificial intelligence (AI) project combines machine learning startups with GPU provisioning to use computing power at a lower cost compared to the traditional cloud.
“Despite the allegations regarding my past, I want to emphasize that I am stepping down as CEO so that io.net can move forward without distraction and focus on its growth and success,” Shadid said on X on June 9.
Shadid didn't directly address those “allegations” — though critics believe he misled the community about how many GPU chips Io.net offers.
The network suffered a GPU metadata attack on April 28, causing the number of active GPU connections to temporarily drop from 600,000 to 10,000.
To start the Io.net token
The io.net token, IO, is set to launch 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 of 800,000,000 IO tokens may enter the distribution.
The timing of Shadd's release has raised concerns that Shadd will be “dropped” and “lost” when he launches his IO coins.
“[It’s] It will lose DP's shade,” industry insider Badenglishte told his 15,300 X followers.
However, Shadid responded to the lawsuit, stating that his IO tokens will be subject to a four-year lockup and that no investor, advisor or team member will be able to sell their monthly tokens until June 2025.
Shadid said he will personally donate 1 million IO tokens to the Internet of GPUs Foundation to “grow the ecosystem”.
The outgoing CEO did not say whether he would remain connected to the Io.net ecosystem. Cointelegraph reached out to Io.net but did not receive an immediate response.
More leadership changes at Io.net will be announced in the “coming days”, according to the new CEO, Green.
Related: Startup Demos Decentralized GPU Infrastructure to OpenAI, Uber
Green said the token launch “will bring a new phase of development for the network.”
“We are relentless in our mission to build the world's largest decentralized AI computing network and are focused on acquiring and retaining suppliers and attracting new customers.”
Io.net has approximately 20,000 cluster-ready GPUs on board, providing end-to-end AI insight and model training to a number of AI-focused companies, according to Green.
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