Solana’s DePIN Project IONET In Management Transition As CEO Resigns

IONET co-founder and CEO Ahmed Shadid has announced his resignation from the decentralized Artificial Intelligence (AI) computing and cloud platform.

The Unexpected Change In Leadership

In his post on X, Shadid started by acknowledging the huge growth that the Solana Decentralized Physical Infrastructure Network (DePIN) project has recorded, especially as one of the fastest-growing AI startups in the world. He decided that it was in the best interest of the community and the project for the “torch” of leadership to be passed to another person. 

$IO Nation, Today I am stepping down as the CEO of https://t.co/pI9FcfdM87, effective immediately. https://t.co/pI9FcfdM87 has grown to be one of the fastest growing decentralized AI companies in the world. After careful consideration, I have decided that it is in the best…

— SHADID | $IO (@shadid_io) June 9, 2024

Therefore, Tory Green who doubles as the COO and co-founder of the platform will take over as the CEO.

Shadid claimed to be resigning from his position because he wants IO.NET to move forward without distractions. This statement stems from the fact that some allegations have been levied against the IO.NET co-founder. This included accusations of his engagement in fraudulent activities. Shadid does not think IO.NET should be caught in this chaos, rather it should focus on its growth and success. 

Furthermore, he appreciated the team, partners and community behind the development and implementation of the IO.NET vision. As a show of gratitude, Shadid donated 1M IO tokens from his portion of the Internet of GPUs Foundation to help grow the ecosystem. 

IONET and its Giant Strides

As a protocol that is now more focused on its growth, IO.NET may see more engagement on its platform fuelled by an increase in use cases. Almost two months ago, the project revealed its net tokenomics, marking a significant milestone in its evolution. Based on this tokenomics, the IO token has a maximum supply of 800 million and will see 500 million tokens allocated at launch. 

Within the period of 20 years, the remaining 300 million tokens will be gradually issued and rewarded to suppliers and their pledgers every hour. This distribution mechanism makes the tokenomics quite different from its counterparts. 

Meanwhile, leading cryptocurrency exchange Binance recently chose IO.NET as its 55th Launchpool project. This new development makes Binance the first trading platform to list the IO token. Trading on Binance is set to commence on June 11 at 12:00 (UTC). 

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