Could $IO be the Crypto Launch of the Century?
In the world of crypto, we’re always on the lookout for the next 100x gem that might just make us some wife-changing money. It’s no easy task but it certainly helps to stay one step ahead at all times by discovering the most promising projects before they launch. In my opinion, io.net is just that, and in this article I’ll be telling you exactly why it’s on my radar.
Please note: the following information is not financial advice. The cryptocurrency market is volatile and involves high risk, therefore you should always do your own research before making any investments.
With Bitcoin recently reaching a new all-time high and the long-awaited halving just weeks away, all eyes are on the crypto market right now. Whilst a lot can be said for longstanding tokens such as Bitcoin and Ethereum, the true potential often lies in the cryptocurrencies that are yet to be released. One such token that I’ve got my eye on is the upcoming $IO from io.net.
What is io.net?
If you’re active in the crypto space then I’m sure you’re aware that DePIN is the talk of the town right now. For those of you who don’t know, DePIN stands for ‘decentralised physical infrastructure network’ — in layman’s terms, it’s basically a network of compute used to run AI, gaming and other technologically demanding tasks.
The use of AI in today’s world is growing exponentially. However, the AI compute currently available on the market is limited in terms of scalability. Moreover, it is unbelievably expensive. In fact, it was reported in August 2023 that it costs a staggering $700,000 USD every single day to run ChatGPT!
Where AWS, Google Cloud and other traditional cloud compute providers have a limited number of centralised machines available to remotely hire at eye watering rates, io.net offers relatively limitless power at a fraction of the industry standard cost thanks to their decentralised network of almost 300,000 user-provided devices.
Bloomberg recently reported that generative AI is to become a $1.3 trillion market by 2032 so, with this in mind, I think one would be foolish to disregard the value of a project like io.net that is cutting costs, increasing productivity and ultimately ensuring efficiency for businesses operating within the AI industry.
IO Token
Scheduled for launch on Sunday, April 28th 2024, the IO token will become the native cryptocurrency and protocol token of io.net used to facilitate effortless cluster payments and also to reward GPU suppliers. Let’s dive into what that really means.
Serving as the primary method of payment for startups and developers to deploy clusters, the IO coin will be ‘the heartbeat’ of this decentralised cloud ecosystem. In order to streamline the process, customers will also pay for transaction fees with IOSD, a USD-pegged utility token derived from the IO token which will be burned as a result of the transaction.
Ensuring a cyclical ecosystem, GPU suppliers will receive $IO or $IOSD while deploying their GPU and maintaining its availability on the network. What’s more, even when a supplier’s device is idle (not actively hired), their GPU will still be used by io.net for inferencing purposes — a process which will also earn $IO rewards!
By now, it’s clear that there will be considerable value in the upcoming IO token, given that it will be the key for AI developers to access comparatively limitless power. Therefore, I’m sure you’re wondering how you can get your hands on it pre-TGE.
If you’re expecting me to give you the dates and times for ICO (initial coin offering) opportunities, I hate to disappoint — there won’t be any — but don’t worry because I’m about to tell you everything you need to know about the highly-anticipated IO token airdrop! Also, the fact that io.net have opted out of ICOs is great in my opinion. This way, the playing field is level and the token’s value isn’t at risk of dumping at the end of a vesting period. Yada, yada, yada! Anyway, let’s talk about this airdrop…
Airdrop
Although you won’t be able to purchase IO tokens at presale, there are a number of ways to secure your allocation of the free airdrop! Let’s begin with the most rewarding and possibly the easiest option.
Before all else, io.net rewards its most loyal workers who provide their GPU (or CPU in the case of Mac users). By simply running your device as a ‘worker’, you are passively accruing an amount of tokens. “But how many tokens?”… we don’t have a definitive answer on this yet. However, a feature will be added on or around April 1st which will display a user’s points to date. For a guide on how you can provide your GPU/CPU to io.net, see here for their official documentation. Please note that not all devices are compatible so you might have to sit this part out or alternatively, you could purchase a device that is suitable to run as a worker. The longer you keep your worker running, the more airdrop allocation you will earn.
Another way to get your hands on the $IO token airdrop is by completing all available quests on Galxe. Simply by engaging with Tweets and visiting the io.net website on a daily basis, you can boost your position on the leaderboard. You can also claim points for obtaining higher ‘tier’ roles in the io.net Discord — this is where the hard work really comes in.
For the Airdrop Tier 1 role, it’s simple! Just head to the #wallet-submission channel in Discord and submit your Solana wallet address. In order to get the Airdrop Tier 2 role, you just need to attend the Team AMA on Wednesdays and be sure to interact with the bot afterwards. Easy, right? Well, from here it’s up to you…
The moderators manually award Airdrop Tiers 3 to 10 exclusively to the most engaging, informative and helpful members within the io.net community. By supporting new members in the Discord chat, creating quality content on X (formerly Twitter) and collaborating with mods to find ways in which you can contribute, you have a chance at moving up the ranks. However, there’s no playbook, nor is there any guarantee that you will achieve the higher tiers. Thus, it’s not a very appealing model for run-of-the-mill airdrop farmers looking for some quick cash so they’re more likely to move along to the next thing, ultimately preserving the authentic spirit within the io.net community.
Summary
Could $IO be the crypto launch of the century? Well, I say it definitely could be in that it resembles much more than a token launch — it marks the dawn of a new day for AI development. It represents the initial defeat of a whole host of challenges and limitations within this industry and, as an added bonus, it could make us that wife-changing money we discussed earlier!
My name is Jack, also known as Crisps2222 within the web3 space. If you like this article, there’s plenty more where that came from. I publish a new article about io.net here on Medium (almost) every single day! Be sure to follow me for more insight into what is, in my opinion, probably one of the biggest projects we will see in our lifetimes.
Find me on Discord: Crisps2222_44556
Follow me on X: @Crisps2222_
