Solana’s DePIN Project IONET In Management Transition As CEO Resigns
Highlights
- IO.NET co-founder and CEO has resigned from the role
- His resignation comes amid huge controversy surrounding his conduct
- Co-founder and COO Tory Green is set to take over control of the DePIN project
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).
Read More: Bitcoin (BTC) Price Is Back On Track, Key Resistance Levels To Watch
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
