Io.net to Launch Reward Program Ahead of Token Airdrop

On March 1, the DePIN protocol Io.net, based on Solana, will initiate the first phase of a points reward program ahead of an anticipated April airdrop, according to The Block.

The initiative, named Ignition, will run until April 28.

“The reward algorithm considers several factors, including the number of work hours completed, node bandwidth, GPU model, and uptime,” the announcement stated. 

Ahmad Shadid, the founder and CEO of the project, did not specify whether the accrued points would be convertible into the native token.

Launched in 2020, Io.net aggregates GPU resources for companies focusing on AI and machine learning. The project was among the winners of the Solana hackathon in April 2023, with its mainnet going live in November of the same year.

The firm sees its mission as creating an “Internet of GPUs” to address the capacity shortage driven by the AI boom.

Since its launch three months ago, Io.net has expanded to over 25,000 nodes, completed more than 47,000 computational hours, and transferred $300,000 from clients to providers, according to project data.

“The demand for GPU capacity for AI applications exceeds existing capabilities in cloud services like AWS and Azure by 2.5 times or more. This increases costs and order fulfillment times. The reality is that AI will only become more entrenched in our daily lives. From Sora by OpenAI to Microsoft Copilot and thousands of emerging AI startups, resource needs are growing at an alarming rate,” Shadid commented.

Io.net relies on the Solana blockchain to ensure transparent verification of computation accuracy and to track every task and transaction between participants on the mainnet. 

The IO token provides a unified transaction experience. The asset includes mechanisms to incentivize providers, clients, and users to participate in and develop the network.

The Block has noted the growing interest in DePIN as indicative of a new growth cycle for digital assets.