Io.net launches its rewards program ahead of April token launch, boosting GPU power supply on Solana Blockchain

Io.net, the world’s largest GPU decentralized physical infrastructure network (DePIN), has just unveiled its rewards program named “Ignition” ahead of its highly anticipated token launch in April.

The Ignition rewards program, kicking off on March 1 and concluding on April 28, is aimed at incentivizing users by rewarding points based on their contribution of GPUs to the network, Io.net said on Wednesday. This move marks a significant step forward in Io.net’s mission to revolutionize decentralized computing, promising enticing incentives for early adopters and enthusiasts alike.

The news follows hot on the heels of io.net’s recent strategic alliance with Ritual, an artificial intelligence (AI) network streamlining the incorporation of AI models across various applications, protocols, and smart contracts. This collaboration between the two decentralized platforms is poised to revolutionize the AI-compute domain by synergizing their respective technological frameworks.

Explaining the rewards program, Io.net said factors including job hours completed, node bandwidth, GPU model, and uptime are taken into account in determining the rewards. The program also takes into account GPU supplier activity dating back to the project’s inception, io.net added.

“A number of factors are considered in the rewards algorithm, including job hours completed, the node’s bandwidth, GPU model, and uptime,” Io.net said.

Ahmad Shadid, the founder and CEO of io.net, refrained from disclosing whether the rewarded points would convert into Io.net’s native IO token. However, he confirmed that the token’s official launch is scheduled for April 28.

Io.net: Revolutionizing GPU Resources for AI and ML

Io.net stands as a Solana-based DePIN project dedicated to aggregating GPU resources for AI and machine learning companies. The project originated in 2020 when Shadid developed Dark Tick, an ML quant trading business requiring extensive computing capacity. Shadid’s innovative solution was a distributed global GPU network, later recognized as a winner of the Solana Hackathon in April 2023.

Since its November launch, Io.net has grown impressively, boasting over 25,000 nodes, serving more than 47,000 compute hours, and generating over $300,000 in payments from customers to network suppliers. Shadid highlighted the substantial demand for GPU compute capacity.

“The demand for GPU compute capacity for AI applications surpasses the existing capacity in cloud services like AWS and Azure by more than 2.5 times, thereby escalating costs and lead times for all stakeholders,” Shadid said. “The reality is that AI is poised to permeate further into our daily lives. From OpenAI’s Sora to Microsoft’s Copilot to the myriad AI startups in the pipeline, the exigency for capacity is burgeoning at an unprecedented pace.”

Pioneering ‘Internet of GPUs’: Solving the AI Compute Capacity Shortage

Launched in November 2023, the genesis of Io.net stemmed from a pressing demand for vast computing power, particularly in executing intricate algorithms for trading stocks and cryptocurrencies. Recognizing this niche, the founder of Io.net embarked on a mission to establish a decentralized network of GPUs capable of meeting the escalating requirements of AI and machine learning (ML) enterprises.

Io.net’s vision revolves around building an “Internet of GPUs” to address the GPU compute capacity shortage brought about by the AI boom. Leveraging the Solana blockchain, the project ensures transparent proof-of-compute, making every job and transaction visible on-chain.

The IO token, central to Io.net’s ecosystem, facilitates a unified transaction experience and incentivizes network participants, including suppliers, customers, and users. The forthcoming Ignition rewards program marks a crucial step towards decentralization, signaling a shift in governance towards the community.

In the rapidly evolving landscape of decentralized GPU networks, Io.net’s innovative approach positions it as a key player, poised to shape the future of AI and machine learning infrastructure.

Fast forward to today, Io.net boasts an impressive network comprising over 25,000 nodes, delivering access to hundreds of thousands of GPUs for AI/ML ventures. This innovative approach has not only slashed costs but also significantly reduced lead times compared to conventional cloud services. Io.net’s ascent to prominence was further solidified when it clinched victory as one of the champions in the Solana Hackathon of April 2023.