Binance is introducing the token of a decentralized artificial intelligence (AI) computing network powered by Solana, known as io.net (IO), to its Launchpool platform for supported crypto assets.
The announcement from the largest crypto exchange in the world states that IO will be the 55th project on Binance Launchpool, offering users the opportunity to deposit their coins into a pool to earn assets from new projects.
Starting on June 7th, users will have the ability to stake BNB and the stablecoin First Digital USD (FDUSD) in separate pools to farm IO tokens over a four-day period. IO is set to be listed on June 11th.
io.net is developing an enterprise-grade decentralized computing network that enables machine learning engineers to access distributed cloud clusters at a reduced cost. The goal is to tackle the challenges associated with traditional cloud service providers, who currently have 2.5 times less capacity than the market demand, resulting in issues like high costs, limited options, and extended wait times for hardware access with cloud services.
The io.net website states, “We believe that compute is this generation’s ‘digital oil,’ fueling an unprecedented technological industrial revolution. Our vision is to establish IO as the currency of compute, driving an ecosystem of products and services that facilitate access to compute as a resource and asset.”
Binance plans to assign a seed tag to IO, indicating that the token carries higher volatility and risks compared to other crypto assets listed on the platform.
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