IO io.net

Use Case of io.net

io.net is a decentralized GPU network designed to provide scalable and cost-effective computing power for machine learning (ML) and artificial intelligence (AI) applications. Here are the key aspects of its use case:

• Decentralized Computing: io.net aggregates GPUs from various sources, including independent data centers, cryptocurrency miners, and other hardware networks, to form a decentralized physical infrastructure network (DePIN). This approach enhances efficiency and availability for AI and ML workloads by utilizing underutilized resources.

• Key Benefits:

  • Cost Efficiency: Offers substantial on-demand computing power that is accessible, customizable, and user-friendly, reducing operational costs.
  • Efficient Resource Utilization: Integrates underutilized data center resources to improve performance and reliability.
  • Security: Uses an hourly Proof-of-Work (PoW) verification process to ensure the authenticity and performance of resources, preventing fraud and maintaining network reliability.

• Target Users:

  • GPU Renters: Machine learning engineers and individual consumers seeking GPU computing power for applications such as Unreal Engine 5.
  • GPU Owners: Independent data centers, crypto mining farms, and professional miners aiming to monetize their underutilized GPU resources.
  • IO Coin Holders: Contribute to the network’s security and growth, and may overlap with the other two roles.

• Tokenomics:

  • $IO Token: The native currency of io.net, governed by three key principles: a fixed maximum supply of 800 million $IO tokens, hourly rewards for suppliers and their stakers, and a burn mechanism for $IO.
  • Payment Process: Payments are conducted in $IO, although users can pay in fiat, USDC, or other supported tokens. Suppliers can choose to receive payments in $IO, promoting its use.

• Partnerships and Adoption:

  • Partnerships: io.net has partnered with several crypto projects, such as Filecoin and Render, which have dedicated their excess capacity to the network.
  • Adoption: The network has already seen adoption from several projects and continues to evolve, with broader adoption of its decentralized approach to computing power likely in the future.

Pros of io.net

• Cost Efficiency: io.net offers significant cost savings, up to 90% compared to traditional cloud services like AWS, making it an attractive option for machine learning projects and AI-driven innovations.
• Flexibility and Scalability: Users have unparalleled flexibility to choose from a wide range of GPUs globally, customize parameters like security, connectivity, and location, and scale their projects seamlessly.
• Instant Accessibility: Unlike traditional cloud services with lengthy deployment times, io.net provides instant access to GPU supply, enabling users to kickstart their projects within seconds.
• High Security and Reliability: The platform promises best-in-class security, reliability, and technical support, ensuring a secure and stable environment for machine learning tasks.
• Ease of Implementation: io.net eliminates the complexity of building and managing infrastructure, enabling any developer and organization to develop and scale AI applications seamlessly.
• Decentralized and Permissionless: The network is completely permissionless, allowing anyone to deploy ML clusters or provide hardware and receive rewards.
• Token Incentives: The $IO token acts as a main currency for payments within the network, rewarding node runners, providing users with access to the platform’s DAO, staking, and delegating tokens to NoOps, which can boost the value of the token over time.

Cons of io.net

• Limited Feature Range: Compared to legacy competitors, io.net may lack certain features like auto-deployment, CI/CD, API defense, etc., which are still being developed.
• Network Fees: There are network fees ranging from 5% to 10% for various transactions within io.net.
• Dependence on Token Economy: The growth and value of the network are heavily dependent on the $IO token, which could be volatile.

Founders of io.net

• Ahmad Shadid: Co-founder and former CEO of io.net. He stepped down from his position in June 2024, citing the need for the project to move forward without distraction and to focus on its growth and success.
• Tory Green: Co-founder and current CEO of io.net. He took over the CEO role from Ahmad Shadid and has expressed commitment to continuing io.net's mission to build the world's largest decentralized AI compute network.

Key Investors in io.net

• Multicoin Capital: A Tier 1 venture capital firm that participated in the Series A funding round.
• Delphi Digital (Delphi Labs): A Tier 1 venture capital firm involved in the Series A round.
• Continue Capital: A Tier 2 venture capital firm that contributed to the Series A funding.
• 6th Man Ventures: A Tier 2 venture capital firm that participated in the Series A round.
• Hack VC: A Tier 2 venture capital firm that led the Series A funding round.
• Animoca Brands: A Tier 3 venture capital firm that participated in the Series A round.
• OKX Ventures: A Tier 3 exchange that contributed to the Series A funding.
• SevenX Ventures: A Tier 3 venture capital firm involved in the Series A round.
• LongHash Ventures: A Tier 3 venture capital firm that participated in the Series A funding.
• ArkStream Capital: A venture capital firm that participated in the Series A round.

Angel Investors

• Anatoly Yakovenko: Co-founder of Solana Labs.
• Mo Shaikh: Co-founder of Aptos Labs.
• Avery Ching: Co-founder of Aptos Labs.
• Yat Siu: Co-founder of Animoca Brands.
• Sebastien Borget: Co-founder of The Sandbox.

Additional Backers

• Solana Ventures: A venture capital firm that participated in the funding rounds.
• Amber Group: A corporation that contributed to the funding.
• The Sandbox: A corporation that participated in the funding rounds.

Understanding io.net as an Investment

io.net is a decentralized computing network that aggregates GPUs from various sources to provide cost-efficient computing power for AI and machine learning applications. Here are some key points to consider:

Project Overview

• Purpose: io.net aims to democratize access to computing power by leveraging underutilized GPUs from independent data centers, crypto miners, and other sources.
• Technology: It operates on the Solana Blockchain, using a decentralized model to make computing more scalable, accessible, and efficient.

Tokenomics

• Token Use: The $IO token is used for payments within the network, rewarding node runners, and granting access to the DAO.
• Token Supply: The total supply is capped at 800 million tokens, with a significant portion allocated to the community for sustainability.
• Inflation Rate: The token starts with an 8% inflation rate, decreasing monthly until the total supply cap is reached.

Investment Considerations

• Funding: io.net has raised $40 million from top-tier funds, achieving a valuation of $296 million.
• Partnerships: It has partnerships with various investors and organizations, indicating strong support and potential for growth.
• Market Need: The demand for decentralized computing power is increasing due to the surge in AI and machine learning development, making io.net a potentially valuable solution.

Project Development

• Development Team: io.net is developed by a team with a focus on AI safety and decentralized infrastructure.
• Governance: The network is expected to be governed in a decentralized manner through the $IO governance token, ensuring community involvement and control.

Considering these points, io.net presents a compelling case as a potential investment due to its innovative approach to decentralized computing, strong funding, and growing market demand. However, it is essential to conduct thorough research and consider various factors before making any investment decisions.

No, the Shariah status of io.net is not explicitly stated as Halal in the available sources. The project primarily focuses on decentralized GPU access and does not provide clear information on its Shariah compliance.