Tory Green Named New CEO of IO.NET Following Shadid’s Sudden Resignation

• Ahmed Shadid resigns as IO.NET CEO amid fraud allegations; Tory Green steps up as new leader.
• IO.NET unveils unique tokenomics, distributing 800M IO tokens over 20 years to suppliers and pledgers.
• Binance lists IO.NET’s IO token as its 55th Launchpool project, enhancing visibility and trading opportunities.

Ahmed Shadid, co-founder and CEO of IO.NET, has announced his resignation from the decentralized AI computing and cloud platform. This unexpected change in leadership comes at a time when the Solana Decentralized Physical Infrastructure Network (DePIN) project, spearheaded by IO.NET, is witnessing significant growth.

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Leadership Transition

In a recent post on X, Shadid reflected on the substantial progress made by the Solana DePIN project, recognizing its status as one of the fastest-growing AI startups globally. Citing the need for the community and the project to progress without distractions, Shadid stated his decision to step down and pass the leadership to Tory Green, the current COO and co-founder, who will assume the role of CEO.

Allegations and Resignation

Shadid’s resignation is reportedly linked to allegations of fraudulent activities against him. He emphasized that IO.NET should not be trapped in the ensuing chaos but rather focus on its growth and success. In his farewell message, Shadid expressed gratitude to the team, partners, and community members who have supported the development and implementation of IO.NET’s vision. As a gesture of appreciation, Shadid donated 1 million IO tokens from his share of the Internet of GPUs Foundation to further the growth of the ecosystem.

Future Prospects for IO.NET

With a renewed focus on growth, IO.NET is poised to see increased engagement and expansion of use cases on its platform. The project recently unveiled its net tokenomics, a notable milestone in its development. According to the new tokenomics, IO.NET’s native IO token has a maximum supply of 800 million, with 500 million tokens allocated at launch. The remaining 300 million tokens will be gradually issued and rewarded to suppliers and their pledgers over a 20-year period, with distributions occurring hourly. This mechanism distinguishes IO.NET’s tokenomics from those of other projects.

Binance Launchpool Inclusion

Binance has selected IO.NET as its 55th Launchpool project, marking the first trading platform to list the IO token. Trading on Binance is scheduled to begin on June 11 at 12:00 (UTC). This inclusion in Binance’s Launchpool is expected to enhance IO.NET’s visibility and accessibility within the cryptocurrency community.

Ahmed Shadid’s resignation is a pivotal moment for IO.NET as it navigates allegations and transitions leadership. Under the new guidance of Tory Green, the platform aims to continue its growth, boosted by innovative tokenomics and strategic partnerships such as its recent collaboration with Binance. The future of IO.NET remains focused on leveraging decentralized AI and cloud computing to drive technological advancements and ecosystem development.

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