Dubai, UAE, August 23rd, 2024,
Chainwire
io.net, a leader in decentralized compute networks, has
announced the launch of its highly anticipated Staking Program.
This initiative aims to bolster the security and performance of the
Internet of GPUs (IOG) while offering community members the
opportunity to earn rewards for their contributions.
Building on the success of the existing Ignition Reward Program,
the new Staking Program provides participants with an additional
avenue to contribute to io.net’s decentralized infrastructure. By
staking their devices in the IO Network, users can turn their
computing power into a source of income, with block rewards
distributed based on device performance. The program is designed to
be inclusive, accommodating a range of devices from high-end GPUs
to more modest setups.
Since the program’s launch, over $1 million has already been
staked, reflecting strong community engagement and confidence in
io.net’s vision for a decentralized, user-driven ecosystem.
“We are thrilled to launch this Staking Program, which
represents a crucial step in strengthening our network’s security
and fairly rewarding our loyal users,” said Gaurav Sharma, CTO of
io.net. “This program aligns with our mission to build a
decentralized, user-driven ecosystem that rewards participation
while also meeting the intensive processing demands our network
faces daily.”
The Staking Program enhances network security by allowing users
to contribute directly to the IO Network, increasing its resilience
against threats and improving its capacity for large-scale
operations. To ensure transparency and fairness, io.net has
implemented safeguards such as a slashing policy to penalize
fraudulent activities, thereby maintaining the network's
integrity.
Participants must stake IO tokens corresponding to their
device’s capabilities to be eligible for block rewards. A
user-friendly calculation model simplifies this process, ensuring
that all users can easily meet the staking requirements. The
program also features a 14-day unstaking period for those wishing
to withdraw their tokens, during which devices will not earn block
rewards.
To further assist users, io.net has released comprehensive
documentation outlining the Staking Program's mechanics, including
earning multipliers, projected returns, and staking processes.
Users who stake beyond the minimum withdrawal threshold can
withdraw surplus tokens immediately, while the remaining tokens
will be subject to a 14-day cooldown period. Block rewards are
distributed hourly, ensuring a consistent and fair reward
structure.
Following the program’s launch, there will be a fourteen-day
grace period before the minimum staking requirements are enforced.
These requirements will appear on users’ Block Reward Nomination
Checklists shortly after launch, with the specific block ID for
enforcement to be announced separately.
The company has also published a public document with
detailed information on earning multipliers and simulated ROI data
as of July 31, 2024. While some device models may experience
minimal changes to block rewards, the removal of spoofed devices is
expected to offset any reduction by decreasing dilution.
“Our team is committed to continuously refining the Staking
Program based on user feedback,” Sharma added. “As the program
evolves, we will make the necessary adjustments to enhance user
experience and ensure its continued success.”
About io.net
io.net deploys and manages on-demand, decentralized GPU clusters
in the IO Network. IO Network is a decentralized physical
infrastructure network (DePIN) of geo-distributed GPUs from
multiple sources. Hundreds of thousands of GPUs are accessible
today in IO Network, and this Internet of GPUs is specifically
architected for low latency, high processing demand use cases like
AI/ML ops and cloud gaming. io.net democratizes access to GPU
compute capacity while reducing costs, expediting lead times, and
expanding choice for engineers and businesses. Access compute
capacity for a fraction of the cost or become a capacity supplier
at https://www.io.net.
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