Decentralized infrastructure provider io.net, operating on the Solana blockchain, has made a significant change in its leadership team just two days before the launch of its token. Ahmad Shadid, a co-founder of io.net, abruptly stepped down as CEO and was swiftly replaced by Tory Green, another co-founder and former COO.
The core concept of the Solana-based AI project is to aggregate GPU power and create a network that allows machine learning startups to access computing resources at a lower cost than traditional cloud services. Shadid, in a statement on June 9, mentioned his decision to step down was to eliminate any distractions and enable io.net to focus on growth and success.
While Shadid did not directly address specific allegations, there have been concerns among critics about the accuracy of information regarding the number of GPU chips io.net possesses. Additionally, the network experienced a setback on April 28 when it was targeted by a GPU metadata attack, causing a temporary drop in active GPU connections.
Despite these challenges, the io.net token, IO, is scheduled to be launched on Binance’s Launchpool on June 11. Shadid’s departure raised suspicions that he might sell off his IO tokens upon launch and disappear. However, Shadid clarified that his tokens are subject to a 4-year lockup period, preventing any sale until June 2025. He also pledged to contribute a million IO tokens to the Internet of GPUs Foundation.
Green, the new CEO, emphasized that the token launch marks a new phase of growth for io.net, with a strong focus on expanding the decentralized AI compute network. The company has already onboarded approximately 20,000 GPUs and is actively serving AI inference and model training needs for various AI-centric businesses.
Further leadership changes at io.net are expected to be announced in the near future as the company continues to evolve and expand its reach in the AI industry. Green expressed confidence in io.net’s mission to develop the world’s largest decentralized AI compute network and emphasized the importance of acquiring new suppliers and customers to drive growth and innovation.