Solana-based decentralized infrastructure supplier io.web, which permits customers to lease GPU energy for cash, has changed its CEO two days earlier than the mission’s token launch.
Ahmad Shadid, one of many founders of io.web, left “with rapid impact” and was changed by co-founder and former COO Torey Inexperienced.
The Solana-based AI mission is pooling GPU provides to create a community for machine studying startups to entry computing energy at a fraction of the price of the standard cloud.
“Regardless of the allegations relating to my previous, I wish to emphasize that I’m stepping down as CEO to permit io.web to maneuver ahead with out distraction and concentrate on its progress and success,” Shadid wrote in X June 9.
Shadid did not straight handle these “allegations” — although critics consider he misled the group about what number of GPU chips io.web presents.
The community was additionally hit by a GPU metadata assault on April 28, inflicting the variety of lively GPU connections to briefly drop from 600,000 to 10,000.
Io.web token to launch
The io.web token, IO, is scheduled to launch on Binance’s Launchpool on June 11 at 00:00 UTC. At launch, 95,000,000 IO tokens can be issued and a most of 800,000,000 IO tokens can enter circulation.
The timing of Shadid’s departure raised considerations that Shadid would possibly “dump” his IO cash at launch and “disappear”.
“[It’s] as shady as depin will get,” business professional badenglishtea instructed his 15,300 X followers.
However Shadid responded to the accusation by claiming that his IO tokens are topic to a 4-year lockup and that no investor, advisor or staff member can promote their month-to-month tokens till June 2025.
Shadid additionally mentioned he would personally contribute a million I/O tokens to the agency’s Web of GPUs Basis to “assist develop the ecosystem.”
The outgoing CEO didn’t say whether or not he’ll stay linked to the io.web ecosystem. Cointelegraph reached out to io.web however didn’t obtain a right away response.
Further administration adjustments at io.web can even be introduced within the “coming days,” in keeping with new CEO Inexperienced.
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Inexperienced mentioned the token launch “opens up a brand new section of progress for the community.”
“We stay steadfast in our mission to construct the world’s largest synthetic intelligence decentralized computing community, and anticipate to focus closely on attracting and retaining suppliers and attracting new prospects.”
Io.web has put in about 20,000 cluster-ready GPUs and serves end-to-end AI inference and simulation workloads throughout a number of AI-focused corporations, Inexperienced defined.
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