Io.net CEO Resigns Ahead of Token Launch

The Solana-based blockchain infrastructure firm, io.net, which provides a platform for individuals to rent out their GPU power in exchange for money, underwent a significant leadership change just two days before the launch of its project’s token. Ahmad Shadid, one of the original founders of io.net, stepped down immediately from his CEO position and was succeeded by Tory Green, another co-founder who previously served as the chief operating officer. Io.net primarily focuses on creating an affordable and decentralized network of GPU power for machine learning startups, offering a cost-effective alternative to traditional cloud services.

In a statement posted on June 9, Shadid remarked on his decision to step down, citing a desire to remove any potential distractions and allow io.net to focus on its growth and future success. While he mentioned there had been allegations against him, he didn’t elaborate, though some critics accused him of misleading the community regarding the actual number of GPU chips io.net had at its disposal. The network also experienced a significant setback on April 28, when a GPU metadata attack led to a steep drop in active GPU connections, plummeting from 600,000 to just 10,000.

Despite these challenges, io.net’s milestone of launching its token, IO, is set to proceed on June 11, at 12:00 am UTC via Binance’s Launchpool. At the token’s release, 95 million IO tokens are set to enter the market, out of a total maximum supply of 800 million tokens. The sudden departure of Shadid cast doubts among the community, with some speculating he might unload his IO tokens and unceremoniously exit. An industry observer, known as badenglishtea, hinted at potential shady practices to their 15,300 followers.

Shadid promptly countered these accusations, explaining that his IO tokens are subjected to a four-year lockup, meaning neither he nor any investor, advisor, or team member could sell their vested tokens until June 2025. In an effort to support the io.net ecosystem, Shadid also committed to contributing one million IO tokens to the firm’s Internet of GPUs Foundation, which aims to foster ecosystem growth.

It remains unclear whether Shadid will continue his involvement in io.net in any capacity. Attempts to reach the company for additional comments did not yield an immediate response. Tory Green, the new CEO, hinted at further organizational changes on the horizon, promising more leadership updates in the days to come.

As the new CEO, Green expressed optimism about the token launch, describing it as the commencement of a new growth phase for the network. The primary goal remains to build the world’s most expansive decentralized AI compute network, with a strong emphasis on acquiring and retaining suppliers and attracting new customers.

Green reported that io.net has already onboarded around 20,000 cluster-ready GPUs and is currently supporting end-to-end AI inference and model training tasks for several companies focused on AI. This integration of GPU resources enables efficient and cost-effective AI model training and inference solutions, promising significant potential for growth in the ever-expanding AI industry.

The next phase for io.net will likely involve addressing past challenges, such as security issues and maintaining transparency with their community, while striving to solidify their position as a leading decentralized AI compute network. With the token launch and leadership change, io.net is poised to navigate both challenges and opportunities in the evolving landscape of decentralized infrastructure and AI technologies.