io.net Review: Notable DePIN Project In The Solana Ecosystem

io.net is constructing an enterprise-grade decentralized computing network that enables machine learning engineers to utilize distributed cloud clusters at a fraction of the cost of similar centralized services built on the Solana ecosystem.

What is io.net? 

io.net is a DePIN project developed on the Solana infrastructure. It focuses on offering GPU computing power. By aggregating GPU resources for artificial intelligence (AI) and machine learning (ML) companies, this project aims to provide lower costs and more efficient execution times.

Through its cloud platforms, this project can potentially save customers up to 90% on AI costs. io.net has reportedly expanded to 25,000 GPUs and handled 40,000 computing hours for AI and ML companies. In a worldwide scarcity of GPU chips, io.net’s solution is a remarkable accomplishment.

Read More: Powered by Qualcomm, Aethir Unveils Game-Changing Aethir Edge Device to Unlock the Decentralized Edge Computing Future

Main Feature of io.net

In modern machine learning systems, io.net revolutionizes resource access with a decentralized market model. By aggregating GPUs from various sources, it creates a novel computational environment for engineers to easily boost their GPU utilization. This system handles deployment, scheduling, and scaling automatically, freeing users from technical concerns.

• Decentralized Cloud System: Utilizes idle GPUs from various sources to create a decentralized marketplace for computing power, benefiting AI and ML companies with increased resource access and enhanced system security.
• Cost savings: Enables AI and ML companies to save up to 90% on computing costs compared to traditional cloud services like Google Cloud, AWS, or Azure, creating a fairer platform.

• High performance: Use parallel execution models to optimize performance and expand machine learning models, accelerating processing speed and scalability of AI/ML projects.
• Transparent information: Utilizes the Solana blockchain for transparent transactions and data access, empowering users to track and control resource usage.
• Easy to use: User-friendly interface for all levels. Advanced security for data safety.

Read More: io.net Launches World’s Largest Decentralized AI Compute Cloud at Breakpoint Conference

Products

IO Cloud

IO Cloud is a cloud service that enables users to deploy and manage GPU clusters. Users can select the cluster type, purpose, and deployment location. Additionally, they can connect to Machine Learning (ML) services like Tensorflow or PyTorch.

IO Worker

IO Worker is a platform that allows service providers with GPUs to rent out their GPUs through io.net and earn income from this activity. You can find the list of supported devices here.

IO Explorer

IO Explorer is the blockchain explorer for io.net, akin to Ethereum’s Etherscan. It offers real-time data on GPU cluster deployment, computational work, and pricing.

The platform provides detailed insights into the operational status of the io.net network, active GPU clusters, and a comparison of prices for different GPU services.

Tokenomics and Use Case

Token metrics

• Ticker: IO
• Maximum supply: 800 million IO (At launch, 500 million IO coins will be distributed. The remaining 300 million will be emitted and paid hourly over 20 years to Suppliers and their Stakers as rewards)

Token allocation

• Early Backers (Seed Round): 12,5%
• Early Backers (Series A): 10,2%
• Initial Core Contributors: 11,3%
• R&D Ecosystem: 16%
• Community: 50%

Use Case

• Payment: The primary payment method within the ecosystem.
• Management: Users can engage in network management by holding an IO coin.
• Used for unique features: training AI models, developing Machine Learning with IO-SDK, etc.

Where to Buy io.net?

IO is not currently traded on any exchange.

Team and Investors

Team

• Ahmad Shadid (Founder & CEO): He is a co-founder and CEO at io.net. Previously, he was a quantitative systems engineer at ArabFolio Capital & WhalesTrader.

• Garrison Yang (CSO & CMO): He currently serves as the Director of Strategy & Marketing at io.net. Previously, he was the Vice President of Strategic Development at Ava Labs (Avalanche) and worked in Product Development at Meta (Facebook) from 2019 to 2021.

• Tory Green (COO): He currently oversees operations at io.net. Previously, he served as the COO at Hum Capital and Tiller Partners, both fintech platforms specializing in financial investments.

Investor and partners

On March 5, 2024, io.net secured $30M in Series A funding led by HackVC. Delphi Digital, Multicoin Capital, Solana Ventures, OKX Ventures, and others also invested. Despite being in its first funding round, io.net has achieved a unicorn valuation exceeding $1B, showing high investor confidence in its growth potential. To meet increasing demands, the team plans to double from 50 to 100 members by the end of 2024.

io.net has notable partnerships with Solana (SOL), Filecoin (FIL), Render (RNDR), and Ray.io. Recently, on 10/04, io.net also unveiled a new partnership with Aptos (APT). These leading Layer 1 networks specialize in databases and offer valuable backing for io.net’s DePIN solutions.

The Roadmap

RC1 – Road to Ray

Our initial testing release boosting all the core functionality needed to test and showcase the concept to the wider technical audience.

• Boosts core functionality on the Client side:
  • Setting up and deploying the Cluster
  • Deploying the required job on the Cluster
  • Viewing details of its performance
  • Accepting and Downloading the result
• Together with Supplier basic functionalities:
  • Setting up the machine worker within the Portal
  • Connecting the machine worker on the Supplier Machine with the Portal instance
  • As well as all needed middle layer orchestration to achieve this

RC2 – Road to BreakPoint

Second functional release, enhancing the capabilities of the Portal itself together with a more robust middle layer architecture.

• Improving Portal both for Clients and Suppliers, detail user detail management, more views and options on the units provided/consumed
• Adding payment and payout options through Solana payment gateway
• Introducing the Explorer concept for whole Ecosystem monitoring

RC3 – Sunny Road Recap

As both previous releases will be heavily showcased to the public and rigorously tested by selected partners, we will use the valuable collected feedback to improve the overall ecosystem functionalities in this release.

Those might include:

• Adding specific support for selected jobs outside of the initial selection
• Better parametrization of machine miner on end systems
• Improved threading through the orchestration layer
• Overall Portal updates
• At the end of this RC3, we will invite selected partners and a limited community to access the full platform and test its capabilities.

RC4 – Alphas Only

A short RC update with live feedback from limited access partners and community focused on improving on the fly the most painful feedback received from first customers and overall ecosystem stability.

• Expansion of the available machine miners builds for various use cases and with Data Centers’ standard images in mind.
• Expanding the Explorer concept and its functionalities for better ecosystem network management
• Heavy load balancing testing and workload optimization routines setup
• Rolling out customer support features

At the end of RC4, we will start the referral and invite functionality in the platform so the existing proven Client/Supplier base can invite more users for full workload testing.

RC5 – Beta Rolling Stone

With limited invites constantly bringing fresh users on both sides of Suppliers/Clients, we will be constantly trying to tweak the platform’s mechanisms, hotfix where needed and work on a balanced marketplace experience (so we support our growth targets and initiatives).

• Introducing and optimizing more supported types of distributed computing power
  • Their categorization in the Portal
  • Routines for their orchestration and optimum deployment
  • New machine miners update if needed
• Introducing in-app advisor engines and auto-correction options

V1.0 – Full Release

Moving to standard release architecture with constant updates and customer-influenced roadmaps (voted/demoted features) together with R&D initiatives brought forth by our ability to grow into the largest computing power provider in the world.

• Working on decentralization of our own Ecosystem, making it itself self-hosted and self-replicated

io.net Airdrop Guide: Step By Step

CoinCu will help you complete the tasks available on Galxe.

Step 1: Access the project’s Galxe: app.galxe.com/quest/io.net/GCD5ot4oXP

Step 2: Log in to your Galxe account

Step 3: Proceed to complete all current tasks, making sure you have your Galxe Passport and Galxe Web3 Score ready in order to finish the task and claim points.

Step 4: Additionally, remember to participate in the “Ignition Airdrop by io.net—Daily Tasks” daily to earn an extra 15 points.

Binance Launchpool

io.net is the 55th project on Binance Launch Pool, as just officially announced by Binance.  “Participate by staking BNB or FDUSD to farm IO tokens for 4 days.

• Stake BNB: 17,000,000 IO in rewards (85%)
• Stake FDUSD: 3,000,000 IO in rewards (15%)
• Farming Period: 2024-06-07 00:00 (UTC) to 2024-06-10 23:59 (UTC)

Listing After the event, Binance will list IO on 2024-06-11 at 12:00 (UTC) and open trading with the following pairs: IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY. The seed tag will be applied to IO.

Conclusion

In this io.net Review, io.net is a DePIN platform that utilizes idle GPU networks to cut costs and boost efficiency for AI & ML companies. This project eliminates barriers to entry in computing, providing access to substantial computational power at an affordable price.

CoinCu rates the field of AI and DePIN as one of the most promising sectors in the Crypto market, and io.net is poised to become an essential player in the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.