As an experienced analyst, I have closely followed the developments in the decentralized AI computing and cloud platform, IO.NET. The recent announcement of Ahmed Shadid’s resignation as CEO came as a surprise to many within the community. Shadid acknowledged the impressive growth that IO.NET has achieved, but believed it was time for new leadership to guide the project forward without distractions.
Ahmed Shadid, the founder and CEO of IONET, has formally stepped down from his role in the decentralized AI computing and cloud company.
The Unexpected Change In Leadership
Shadid began his post on X by recognizing the significant expansion of the Solana Decentralized Physical Infrastructure Network (DePIN) project, including its status as one of the fastest-growing AI startups globally. Believing it was beneficial for the community and the initiative, he chose to transfer leadership responsibilities to a new individual.
Members of the Io Nation community, I’m announcing my departure from my role as CEO of our rapidly expanding decentralized AI firm, effective today. The company’s success has been nothing short of phenomenal, making it one of the most dynamic players in the global decentralized AI marketplace. After much deliberation, I believe that this transition will serve the greatest good for our organization.
— SHADID | $IO (@shadid_io) June 9, 2024
As a result, Tory Green, who holds the dual roles of COO and co-founder, will assume the position of CEO.
Shadid asserted that he was stepping down from his role at IO.NET to allow the company to progress unhindered by distractions. The decision came following accusations against him involving questionable business dealings. Shadid believed it was best for IO.NET’s development and prosperity to avoid being entangled in such controversies.
He also valued the contributions of his team, collaborators, and the wider community in realizing the IO.NET concept. In recognition of their efforts, Shadid made a generous gift of 1 million IO tokens from his share of the Internet of GPUs Foundation to foster the ecosystem’s expansion.
IONET and its Giant Strides
As a researcher studying IO.NET, I can tell you that with its renewed emphasis on expansion, the platform is likely to attract more users due to an expanding range of use cases. Around two months ago, IO.NET made a major announcement by unveiling its tokenomics, signaling an important step in its development. Based on this new tokenomic structure, the IO token boasts a maximum supply of 800 million units, with half of that amount, or 500 million tokens, being released at launch.
As a researcher studying the token economics of this particular system, I’ve discovered that over the next twenty years, approximately 300 million tokens are scheduled for release. These tokens will not be issued all at once but rather distributed gradually – around 625k tokens each hour. This unique distribution mechanism sets it apart from similar systems.
Binance, a prominent cryptocurrency exchange, has selected IO.NET as its most recent Launchpool project, marking the first time IO’s token will be listed on any trading platform. The token is scheduled to become available for trading on Binance starting June 11 at noon (UTC).
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2024-06-09 17:55