Binance Launches New Coin Staking IO.NET ($IO)
The well-known exchange Binance announced that Launchpool has launched the 55th new coin staking project IO.NET ($IO). The event will start at 8:00 am on June 7, 2024 (Taiwan time) and will last for 4 days. Token trading will be open at 8 pm on June 11.
IO.NET is a decentralized AI computing and cloud platform. By aggregating GPU supply from underutilized resources, IO.NET creates a network that allows machine learning (ML) startups to access nearly unlimited computing power at a fraction of the cost of traditional clouds.
How to participate in new coin staking?
Binance’s new coin staking provides two types of token mining: $BNB and $FDUSD. Users only need to put the corresponding tokens into the staking pool, and they can get a certain amount of $IO tokens after 4 days.
The total reward of $IO tokens for this Launchpool is 20,000,000, which is about 4% of the maximum token supply of the project. You need to pass the real-name authentication (KYC) to participate. The information of the two staking pools is as follows:
Staking $BNB: Total rewards: 17,000,000 $IO
Staking $FDUSD: Total reward 3,000,000 $IO
The pledge page is not yet online. The following is an introduction to the past operation methods of new coin mining.
First, users prepare the amount of $BNB and $FDUSD to be invested. Desktop users can directly click this link to go to the Binance Launchpool page and wait. Mobile users can find "Launchpad" from the Binance App service to see the staking interface.
After seeing the project, 2 prize pools and a "Pledge" button will be directly displayed. After the page goes online tonight, just go to the page, select the corresponding pool and click to pledge. The operation is very simple.
Project Evaluation
Track Analysis
io.net is a decentralized computing network based on the Solana blockchain, focusing on providing powerful computing power by integrating underutilized GPU resources. This project is mainly in the following track areas:
1. Decentralized Computing
io.net has built a decentralized physical infrastructure network (Depin) that leverages GPU resources from different sources (e.g., independent data centers, crypto miners). This decentralized approach aims to optimize the utilization of computing resources and reduce costs while increasing accessibility and flexibility.
2. Cloud Computing
Despite its decentralized approach, io.net provides services similar to traditional cloud computing, such as GPU cluster management and scalability for machine learning tasks. io.net aims to create an experience similar to traditional cloud services, but leverages the benefits of a decentralized network to provide a more efficient and cost-effective solution.
3. Blockchain Applications
As a project based on blockchain technology, io.net uses the characteristics of blockchain, such as security and transparency, to manage resources and transactions in the network.
Projects similar in functionality and goals to io.net include:
Golem: It is also a decentralized computing network where users can rent or lease unused computing resources. Golem is committed to creating a global supercomputer. Render: It uses a decentralized network to provide graphics rendering services. Through blockchain technology, Render enables content creators to access more GPU resources, thereby accelerating the rendering process. iExec RLC: This project creates a decentralized market that allows users to rent out their computing resources. iExec supports various types of applications through blockchain technology, including data-intensive applications and machine learning workloads.
Project Benefits
Scalability: io.net has designed a highly scalable platform specifically to meet the bandwidth needs of customers and enable teams to easily scale workloads on GPU networks without large-scale adjustments. Batch Inference and Model Serving: The platform supports parallelized inference on data batches, allowing machine learning teams to deploy workflows on distributed GPU networks.
Parallel training: To overcome memory limitations and sequential workflows, io.net leverages distributed computing libraries to parallelize training tasks across multiple devices.
Parallel Hyperparameter Tuning: Leveraging the inherent parallelism of hyperparameter tuning experiments, io.net optimizes scheduling and search patterns. Reinforcement Learning (RL): Leveraging open source reinforcement learning libraries, io.net supports highly distributed RL workloads and provides a simple API.
Instant Accessibility: Unlike the lengthy deployment of traditional cloud services, io.net Cloud provides instant access to GPU provisioning, enabling users to launch their projects in seconds.
Cost Efficiency: io.net is designed to be an affordable platform suitable for different categories of users. The platform is currently approximately 90% more cost-effective than competing services, providing significant savings for machine learning projects.
High security and reliability: The platform promises to provide first-class security, reliability, and technical support to ensure a safe and stable environment for machine learning tasks.
Ease of implementation: io.net Cloud removes the complexity of building and managing infrastructure, making it seamless for any developer and organization to develop and scale AI applications.
Project Challenges
1. Technical complexity and user adoption
Challenge: While decentralized computing offers significant cost and efficiency advantages, its technical complexity can pose a significant barrier to entry for non-technical users. Users need to understand how to operate distributed networks and how to effectively utilize distributed resources. Impact: This may limit widespread adoption of the platform, especially among user groups less familiar with blockchain and distributed computing.
2. Cybersecurity and data privacy
Challenge: Although blockchain provides enhanced security and transparency, the openness of decentralized networks may make them more vulnerable to cyber attacks and data breaches. Impact: This requires io.net to continuously strengthen its security measures to ensure the confidentiality and integrity of user data and computing tasks, which is key to maintaining user trust and platform reputation.
3. Performance and reliability
Challenges: Although io.net strives to provide efficient computing services through decentralized resources, coordination between hardware resources of different geographical locations and different qualities may bring challenges in performance and reliability. Impact: Any performance issues caused by hardware mismatch or network latency may affect customer satisfaction and the overall effectiveness of the platform.
4. Scalability
Challenge: Although io.net is designed to be a highly scalable network, it is still a huge technical challenge to effectively manage and scale distributed resources around the world. Impact: This requires continuous technical innovation and management improvements to keep the network stable and responsive in the face of rapidly growing user and computing needs.
5. Competition and market acceptance
Challenges: io.net is not without competition in the blockchain and decentralized computing market. Other platforms such as Golem, Render, and iExec are also providing similar services, and rapid changes in the market may quickly change the competitive situation. Impact: In order to remain competitive, io.net needs to continue to innovate and improve the uniqueness and value of its services to attract and retain users.
In summary, io.net has set a new benchmark in the field of modern cloud computing with its innovative decentralized computing network and blockchain-based architecture. By aggregating underutilized GPU resources around the world, io.net provides unprecedented computing power, flexibility, and cost-efficiency for machine learning and artificial intelligence applications. This platform not only makes the deployment of large-scale machine learning projects faster and more economical, but also provides strong security and scalable solutions for all types of users.
Faced with challenges such as technical complexity, network security, performance stability, and market competition, if IO.Net can overcome challenges and cultivate a vibrant ecosystem, it has the potential to fundamentally reshape the way we access and utilize computing power in the Web3 era. However, as with any emerging technology, it is important to realize that its long-term success will depend on continued development, adoption, and its ability to navigate the evolving landscape of blockchain-based infrastructure.
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