On June 6, Binance, the world’s largest cryptocurrency exchange, made an exciting announcement regarding the launch of the 55th project on Binance Launchpool. The project is none other than IO.NET (IO), a decentralized Artificial Intelligence (AI) computing and cloud platform.
“We are thrilled to introduce the 55th project on Binance Launchpool – IO.NET (IO), a decentralized AI computing and cloud platform,” the official announcement stated.
According to the statement, Binance will list the IO token at 12:00 on 11/06/2024 (UTC) and will kick off trading with IO/BTC, IO/USDT, IO/BNB, IO/FDUSD trading pairs, and IO/TRY.
Binance users will have the opportunity to stake their BNB and FDUSD tokens in separate pools to farm IO tokens over a four-day period, starting from 07/06/2024 at 00:00 (UTC).
Some key details of the IO launch pool include a total token supply on Genesis of 500,000,000 IO, a maximum token supply of 800,000,000 IO, Launchpool Token Rewards of 20,000,000 IO (4% of the total token supply on Genesis), an initial circulating supply of 95,000,000 IO (19% of the total token supply on Genesis), and a maximum hourly limit per user of 17,708.33 IO in the BNB pool and 3,125 IO in the FDUSD pool.
IO.NET is a decentralized AI computing and cloud platform that leverages underutilized GPU supply to create a network that enables machine learning (ML) startups to access vast computing power at a lower cost than traditional cloud services.
The native utility token of IO.NET is IO, used for payments and staking purposes. Additionally, IO token holders can engage in the governance of the IO Grants DAO by proposing, voting on, and implementing grant proposals that influence funding allocation and strategic direction.
In April, Ahmad Shadid, the CEO of IO.NET, shared insights on the challenges faced by the network, particularly in combating “sybil attacks” where malicious actors create fake identities to manipulate rewards distribution. Shadid described it as a constant battle with individuals attempting to inflate their eligibility for token airdrops.
It’s important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks.