Solana
DePIN IONET project 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 article on X, Shadid began by acknowledging the enormous 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 that the “torch” of leadership be passed to another person.
Therefore, Tory Green, who also serves as COO and co-founder of the platform, will take over as CEO.
Shadid claimed he was resigning from his position because he wanted IO.NET to move forward without distractions. This statement stems from the fact that certain allegations have been made against the co-founder of IO.NET. This included accusations of his engagement in fraudulent activities. Shadid doesn’t think IO.NET should get caught up in this chaos, but instead focus on its growth and success.
Additionally, he appreciated the team, partners and community behind the development and implementation of the IO.NET vision. As a token of gratitude, Shadid donated 1 million IO tokens from his part of the Internet GPU Foundation to help grow the ecosystem.
IONET and its giant steps
As a protocol now more focused on its growth, IO.NET could see increased engagement on its platform fueled by an increase in use cases. Almost two months ago, the project revealed its net impact
tokenomics, marking an important step in its evolution. Based on this tokenomics, the IO token has a maximum offer of 800 million and will see 500 million tokens allocated at launch.
Over a 20-year period, the remaining 300 million tokens will be gradually issued and rewarded hourly by providers and their backers. This distribution mechanism makes tokenomics quite different from its counterparts.
Meanwhile, the leading cryptocurrency exchange Binance recently chose IO.NET as his 55th Launchpool project. This new development makes Binance the first trading platform to list the IO token. Trading on Binance is scheduled to begin on June 11 at 12:00 UTC.
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