IO.NET’s co-founder and CEO has resigned from his role amid significant controversy surrounding his conduct. The resignation of Ahmed Shadid, who held the CEO position, has sparked attention due to undisclosed issues within the company.
Following Shadid’s departure, the responsibility for leading the DePIN project will transition to co-founder and COO Tory Green.
Leadership Transition at IO.NET
Ahmed Shadid, co-founder and CEO of IO.NET, has announced his resignation from the company amidst its significant growth within the Solana Decentralized Physical Infrastructure Network (DePIN) project. Shadid highlighted the project’s rapid expansion, positioning it as one of the fastest-growing AI startups globally. He expressed his belief that passing the leadership “torch” to another individual would best serve the community and project’s interests.
Source: X
In his stead, Tory Green, currently serving as COO and co-founder of IO.NET, will assume the role of CEO. Shadid emphasized his decision to step down to ensure IO.NET can progress without distractions, alluding to allegations against him, including accusations of involvement in fraudulent activities. He underscored the importance of the company focusing on its growth and success.
Shadid expressed gratitude to the team, partners, and community involved in realizing IO.NET’s vision. As a gesture of appreciation, he donated 1 million IO tokens from his holdings in the Internet of GPUs Foundation to support the ecosystem’s development and expansion.
IO.NET’s Growth Focus and Tokenomics
IO.NET, now emphasizing its growth trajectory, anticipates increased platform engagement driven by expanding use cases. Recently, the project unveiled its net tokenomics, a pivotal step in its evolution. The IO token has a maximum supply capped at 800 million, with an initial allocation of 500 million tokens at launch.
Unique Token Distribution Model
Over a 20-year period, the remaining 300 million tokens will be gradually distributed and rewarded to suppliers and their pledgers on an hourly basis. This distinctive distribution mechanism sets IO.NET’s tokenomics apart from its peers in the cryptocurrency space.
Binance Listing and Launchpool Selection
In a significant milestone, IO.NET has been selected as Binance’s 55th Launchpool project. This partnership marks Binance as the first trading platform to list the IO token. Trading of IO on Binance is scheduled to commence on June 11 at 12:00 (UTC), underscoring IO.NET’s strategic growth and visibility within the crypto community.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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