Bittime - The world has been amazed by the sophistication of artificial intelligence (AI) since the launch of ChatGPT from OpenAI in 2022. AI technology is starting to penetrate the crypto realm, as can be seen from projects that try to combine these two cutting-edge technologies.
IO.net (IO) is one of them. What is IO.net? Check out this article to find out!
As the focus on developing machine learning and AI increases, the need for computing capacity also increases. The shortage of cloud GPU capacity is estimated to be 2-3 times the current global capacity.
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Therefore, several crypto projects have emerged to address this problem, with the aim of democratizing the supply of decentralized computing capacity for the needs of the rapidly growing AI economy. One such project is IO.net (IO).
What is IO.net (IO)?
IO.net is built at the intersection of crypto, AI, and decentralized physical infrastructure networks ( DePIN ). This decentralized GPU network is designed to provide the computing power needed to run machine learning and AI applications.
Also read: IO.Net: Price Movement After Airdrop Future Opportunities
IO.net believes that most of the GPU computing power in the world today is not being utilized optimally. IO.net aims to pool underutilized computing power from independent data centers, crypto miners, and consumer GPUs, thereby increasing overall GPU supply.
Since its launch in November 2023, the network has amassed nearly 19,000 GPU units and more than 6,000 CPUs that have passed “Proof of Compute” and are ready for use.
Additionally, IO.net has partnered with other decentralized computing networks, Render Network and Filecoin, to integrate 2,000 of their GPUs into the IO.net network.
How Does IO.net Work?
As a GPU Supplier
Users can provision their computing power through IO Workers. This is an interface for suppliers to manage their computing power to meet the demands of IO.net users.
IO Worker automatically manages network computing power, ensuring cost-effective use of provisioned GPUs while being scalable to meet network needs.
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As an End User
Users can access IO.net GPUs via IO Cloud to manage decentralized GPU clusters as needed. This allows them to manage GPU resources quickly and efficiently.
This is done without having to invest in expensive hardware or complex infrastructure management. IO Cloud uses Ray, an open-source unified computing framework used by OpenAI to train GPT3 and GPT4.
Also read: io.net Bounces Back with Security Improvements and Supplier Incentive Program
Payments made by end users to GPU and CPU providers can be made via crypto on the Solana blockchain or via credit card. Suppliers can choose to accept payments in USDC (stablecoin pegged to the US dollar) or IO.net's native token, IO.
When using IO, there are no transaction fees charged on payments, whereas USDC incurs a 2% fee. Similarly, for end users, payments made in USDC are subject to a 2% facilitation fee.
Currently, the IO.net network supports a variety of GPUs from Nvidia as well as CPU options from Apple's M1-M3 CPU models and AMD's Ryzen product line. Supported devices will continue to increase as the network develops.
What are IO Tokens?
As a DePIN project, IO.net's token, IO, plays an important role in ensuring long-term project sustainability through incentivizing suppliers and securing the network.
All payments in the IO ecosystem use IO tokens behind the scenes. Although users can pay for the resources they use in USDC or other supported tokens, this creates demand for IO tokens because GPU suppliers are paid in IO tokens.
Additionally, IO holders can stake (lock) IO tokens up to a maximum limit per node to earn IO rewards in return for their contribution to securing the network.
IO Token Tokenomics
On May 21, the IO.net team announced an IO token airdrop for users participating in their Ignition Rewards Program. This program runs for three seasons from April to June 2024.
Users who supply GPUs to the IO.net network as well as users who participate in IO.net's Galxe campaign are rewarded with their respective allocations of IO tokens.
A total of 25 million tokens from the first two seasons of the Ignition Program. Meanwhile, another 7.5 million tokens allocated to Galxe participants will be distributed as part of the genesis airdrop.
The remaining tokens are allocated to investors, core contributors, and future research and development needs. The largest allocation is still to the community, with 50% of the token supply allocated to protocol sustainability.
The initial circulating supply is 95 million tokens or 11.88% of the total token supply. 500 million tokens will be generated at the token generation event (TGE), while the remaining 300 million tokens will be emitted over time as rewards for GPU suppliers and IO stakers.
Investors are subject to a 1-year cliff, after which their tokens will vest monthly for the next two years. Employees are also limited in the same way, with a one-year cliff and subsequent monthly vesting for three years.
Rewards paid to suppliers and stakers are released every hour for 20 years. The token inflation rate starts at 8% for the first year, with a decrease of 1.02% per month or 12.25% per year until the total token supply limit of 800 million is reached.
In addition to adopting a disinflationary token model, IO tokens will also be bought back and burned using IO.net revenue earned from fees charged to GPU suppliers and end users. This reduces the overall supply of the token, creating deflationary pressure on the token.
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Conclusion
IO.net offers innovative solutions to address the increasingly pressing shortage of GPU computing power. Its decentralized network enables more efficient and cost-effective GPU utilization, while opening up opportunities for users to easily access powerful AI computing resources.
With an IO token carefully designed to encourage participation and ensure long-term sustainability, IO.net has the potential to become a key player in decentralized AI infrastructure.
As the AI ecosystem evolves and the need for computing power increases, IO.net is poised to play a critical role in driving innovation and technological advancement.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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