Binance, a major cryptocurrency exchange, announced a new project on their Launchpool platform. This project, called IO.NET (IO), that uses artificial intelligence.
The IO token works in two ways: like digital money to pay for computer power for AI tasks, and as a reward you can earn for staking other digital currencies. Investors can earn IO tokens by staking BNB and FDUSD on Binance. Overall, IO.NET is a new platform trying to change how AI and cloud computing work.
The native token, IO, is set to be listed on the Binance exchange on May 11th, 2024, at 12:00 UTC, marking a pivotal moment for the platform.
IO.NET: A Leap into Decentralized AI and Cloud Computing
IO.NET is a new project that wants to make AI and cloud computing more accessible to everyone. Normally this kind of computing power is expensive and controlled by big companies. IO.NET finds unused computing power from sources like gamers and research labs, and connects it to startups that need it for AI projects. Also, this way, startups can get the power they need for a lot less money.
The Dual Utility of IO Tokens
The IO token is like a two-in-one deal for the IO.NET system. First, you can use it to pay for the computer power you need for AI tasks, like buying minutes on a gaming computer. Second, if you hold onto some IO tokens, you can help secure the network and earn rewards in return. These rewards can also be computer power for your AI projects.
Staking and Farming Opportunities
Crypto investors have the opportunity to farm IO tokens by staking BNB and FDUSD upon the token’s listing. Also the total token supply at Genesis is set at 500 million IO tokens, with a maximum supply cap of 800 million. The Binance Launchpool will offer 20 million tokens as rewards, which is 4% of the total supply at launch. The initial circulating supply will be 95 million IO tokens, representing 19% of the total supply at Genesis.
KYC Compliance and Reward Distribution
Earn IO tokens by staking them on Binance, you’ll need to verify your identity first. Binance has made the staking program details public on Solscan.
Staking Pools: You can choose between two pools: BNB or FDUSD.
BNB Pool: Over 17,000 tokens per hour.
FDUSD Pool: Around 3,100 tokens per hour.
Rewards Distribution: BNB stakers get 85% of the rewards.
FDUSD stakers receive 15%.
Conclusion
Binance Launchpool just added a new project called IO.NET (IO). And this is a big deal because IO.NET is a new way of using cloud computing for artificial intelligence, and it doesn’t rely on one big company in control. They also have their own special digital money called IO tokens. With launch coming up soon, be careful! Only use the official Binance website to buy IO tokens so you don’t get scammed.
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