Leading Compute DePIN Io.net Launches Highly Anticipated Staking Program
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.