Binance Exchange announced today that it will launch the 55th phase of new coin mining, with the mining project being IO.NET, a decentralized artificial intelligence computing and cloud platform. The event will take place from 8:00 on June 7, 2024 to 07:59 on June 11, 2024 (Taiwan time), conducting a four-day mining activity where users can stake BNB and FDUSD tokens to earn IO token rewards.
(IO.NET Launchpool Details
What is IO.NET (IO)?
BNB briefly surpasses $705
Binance Exchange announcement
The Binance Exchange released a statement today, stating that it has launched the 55th phase of “new coin mining” project IO.NET (IO) on the Binance Launchpool, a decentralized artificial intelligence computing and cloud platform.
Users can participate in the four-day new coin mining activity by depositing BNB and FDUSD into the IO pool on the Launchpool platform from 8:00 on June 7, 2024 to 07:59 on June 11, 2024 to receive IO token rewards.
In addition, Binance will list IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY spot trading pairs (adding seed labels) on June 11, 2024 at 20:00.
According to the Binance announcement, the detailed information of IO.NET Launchpool is as follows:
Token name: IO.NET (IO)
Initial total supply: 500,000,000 IO
Maximum token supply: 800,000,000 IO
Initial circulating supply: 95,000,000 IO (19% of the initial total supply of tokens)
Total mining volume: 20,000,000 IO, with BNB mining pool occupying 85% (17 million tokens) and FDUSD mining pool occupying 15% (3 million tokens)
Research Report:
IO.NET (IO)
Smart Contract Details:
Solana
Restrictions: KYC required
Personal hourly mining cap: BNB pool: 17,708.33 IO; FDUSD pool: 3,125 IO
For information on how to participate in the Binance Launchpool, please refer to the Binance “New Coin Mining” complete tutorial.
According to the Binance research report, IO.NET is a decentralized artificial intelligence and cloud platform that provides computational resources for machine learning by aggregating underutilized GPU resources, unlike centralized and large enterprise AI center computing power.
The platform’s native token is $IO, which has the following functions:
Payment currency: Used for payment and transaction fees within the IO.NET ecosystem, such as purchasing/providing underutilized GPU computing power and deploying GPU clusters.
Staking: Users can participate in network security and earn rewards for idle GPU shares in the following ways: delegators stake $IO tokens to the nodes of their choice or directly stake more $IO tokens to operate on their own nodes.
Governance: $IO tokens allow holders to participate in the governance of IO Grants DAO by proposing, voting, and implementing funding proposals that guide the allocation of funds and strategic direction of the GPU network foundation.
IO.NET has successfully raised $40 million to date, with investors including Hack VC, Multicoin Capital, OKX Ventures, Animoca Brands, Foresight Ventures, and 26 other companies and individuals.
Upon this announcement, the Binance platform’s coin BNB saw a boost in price. According to Binance spot trading market data, the BNB price rose to a peak of $706.5 within 5 minutes of the announcement, representing a 1.3% increase. It then dropped to $692 before showing signs of recovery, currently reporting $704, a 0.47% decrease in the past 24 hours.
BNB Price source: binance
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