CEO Change At io.net Ahead of Token Launch, Stirring Stability Concerns
Summary:
Just days before the launch of its token, Solana-backed decentralized infrastructure provider io.net, which enables users to lease their GPU power, saw a change in leadership from Ahmad Shadid to Tory Green. Shadid's sudden departure stirred concerns about the stability of the venture. The scheme aims to offer machine learning startups affordable access to computing resources. The launch of the new io.net token, IO, will release 95,000,000 tokens initially. Despite concerns, Shadid reassured that all tokens, even his, are under a 4-year lockup constraint.
Just a couple of days prior to the token launch of Solana-backed decentralized scheme, io.net which allows users to profit by leasing their GPU power, the CEO was replaced. Ahmad Shadid, a co-founder of io.net, exited his role abruptly, making room for Tory Green, another co-founder and former COO, to take over. This Artificial Intelligence project, based on Solana, garners GPU resources to form a network that offers budding machine learning startups affordable access to computing prowess, cutting traditional cloud expenses considerably. Despite murmurings around his past, Shadid issued a statement on X on June 9 to underline his decision to step aside as CEO was to defocus from distractions and concentrate on the growth and success of io.net. Shadid skirted around addressing these allegations, but it was inferred that he might have misrepresented the actual number of GPU chips offered by io.net to the community. Furthermore, on April 28, a GPU metadata onslaught on the network temporarily plunged the number of active GPU connections from 600,000 to just 10,000. The token for io.net, IO, is set for a Binance’s Launchpool launch on June 11 at 12:00 am UTC. The initial release will be 95,000,000 IO tokens, with a total supply cap of 800,000,000 IO tokens. Shadid's sudden departure sparked anxieties that he might unload his IO tokens at launch and vanish. One industry authority, badenglishtea, shared these suspicions with their 15,300 X followers, deeming it "as shady as it gets." Shadid denied these allegations, maintaining that his IO tokens are subject to a 4-year lockup and assured that no stakeholder, adviser or team member can offload their monthly allocated tokens before June 2025. He also committed to donating one million IO tokens to the company's Internet of GPUs Foundation, pledging to boost the ecosystem. However, he did not mention whether he would retain ties to the io.net ecosystem. Attempts to reach io.net by Cointelegraph for a comment did not elicit an immediate response. In imminent announcements, Green, the new CEO, indicated possible reshuffles within the io.net leadership. Green described the token launch as a springboard for network expansion and reaffirmed the unwavering commitment to creating the world's most expansive decentralised AI computing network. He projected a keen focus on attracting and retaining suppliers while inducting new clients. Green stated that io.net has currently incorporated roughly 20,000 GPUs ready for clustering, and has begun catering to a variety of AI-oriented businesses with comprehensive AI inference and model training workloads.
Published At
6/10/2024 3:50:57 AM
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