Solana-based DePIN Protocol io.net Launches its Rewards Program

Io.net, a Solana-based decentralized physical infrastructure network (DePIN) project focused on sourcing GPU computing power, has announced the launch of its rewards program in anticipation of its token launch.

The reward program, called Ignition, will commence the first phase on March 1st and will run until April 28th. Io.net added that the program will reward points to users based on their supply of GPUs to the network.

The io.net team added that

"A number of factors are considered in the rewards algorithm, including job hours completed, the node's bandwidth, GPU model, and uptime."

Io.net added that the program will also consider GPU supplier activity dating back to the launch of io.net in Nov. 2023. The official io.net token is expected to launch on April 28th. 

Io.net is a Solana-based DePIN project that aggregates GPU resources for artificial intelligence (AI) and machine learning (ML) companies. Io.net became one of the winners of the Solana Hackathon in April 2023 and launched the network in November. The protocol said its network currently provides access to hundreds of thousands of GPUs at lower costs and fast lead times. 

Ahmad Shadid, founder and CEO of io.net pointed out that since the protocol’s launch three months ago, it has grown to over 25,000 nodes, served more than 47,000 compute hours, and paid more than $300,000 from customers to network suppliers. Shadid added that, 

"The demand for GPU compute capacity for AI applications is more than 2.5 times the capacity that exists in cloud services like AWS and Azure today, increasing costs and lead times for everyone. The reality is that AI will only become further entrenched in our everyday lives. From OpenAI's Sora to Microsoft's Copilot to the thousands of AI startups that are being built, the demand for capacity is growing at an alarming rate."

Io.net is working to build an internet of GPUs and solve the GPU compute capacity shortage that the AI boom has created. The protocol is leveraging the Solana blockchain to provide transparent proof-of-compute and make every job and transaction between supplier and consumer visible on-chain. 

Its native IO token is set to provide a unified transaction experience for users and enables incentive mechanisms for suppliers, customers, and users to participate and grow the network.