Thursday, June 13, 2024

Io.net CEO departs 2 days before token launch


Solana-based decentralized infrastructure provider io.internet, which lets customers hire out GPU energy for cash, changed its CEO two days earlier than the mission’s token launch.

Ahmad Shadid, one of many founders of io.internet, left “efficient instantly” and was changed by fellow founder and former chief working officer Tory Inexperienced.

The Solana-based AI mission aggregates GPU supply to create a community fors machine studying startups to faucet into computing energy at a fraction of the cost in comparison with the normal cloud.

“Whereas there have been allegations concerning my previous, I need to emphasize that I’m stepping down as CEO to permit io.internet to maneuver ahead with out distraction and to deal with its development and success,” Shadid posted to X on June 9.

Supply: Ahmad Shadid

Shadid didn’t straight tackle these “allegations” — although critics believe he had misled the group on what number of GPU chips io.internet really presents.

The community additionally suffered a GPU metadata attack on April 28, which resulted within the variety of lively GPU connections briefly falling from 600,000 to 10,000.

Io.internet token to launch

The io.internet token, IO, is about to launch on Binance’s Launchpool on June 11 at 12:00 am UTC. 95,000,000 IO tokens can be launched at launch, and a most provide of 800,000,000 IO tokens can ever enter circulation.

The timing of Shadid’s departure prompted concern that Shadid could “dump” his IO cash on launch and “disappear.”

“[It’s] as shady as depin will get,” business pundit badenglishtea told their 15,300 X followers.

However Shadid responded to the accusation, claiming his IO tokens are topic to a 4-year lockup and that no investor, adviser, or group member can promote their month-to-month vested tokens till June 2025.

Shadid additionally mentioned he would personally contribute a million IO tokens towards the agency’s Web of GPUs Basis to “assist develop the ecosystem.”

The departing CEO didn’t clarify whether or not he would stay related to the io.internet ecosystem. Cointelegraph reached out to io.internet however didn’t obtain an instantaneous response.

Extra management modifications at io.internet can be introduced within the “coming days,” too, according to the brand new CEO, Inexperienced.

Associated: Startup demos upcoming decentralized GPU infrastructure network to OpenAI, Uber

Inexperienced mentioned the token launch “ushers in a brand new section of development for the community.”

“We stay unwavering in our mission to construct the world’s largest decentralized AI compute community and count on to focus closely on buying and retaining suppliers and onboarding new clients.”

Io.internet has onboarded roughly 20,000 cluster-ready GPUs and is serving end-to-end AI inference and mannequin coaching workloads throughout a number of AI-focused corporations, Inexperienced defined.

Supply: Tory Green

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