Coinbase, one of the leading cryptocurrency exchanges in the United States, has announced that it will be adding support for a new altcoin on the Solana network. The altcoin in question is io.net (IO), a decentralized physical infrastructure network that focuses on artificial intelligence (AI).
According to Coinbase, trading for IO will commence on or after 9 a.m. Pacific Time on October 9th, 2024, provided that liquidity conditions are met. The trading pair will be IO-USD, and trading will be launched in phases as sufficient supply of the asset is established. However, it is important to note that support for IO may be restricted in certain jurisdictions.
As of the time of writing, IO is trading at $1.77, showing a decrease of more than 3% in the last 24 hours. With a market cap of $168 million, io.net currently ranks as the 295th-largest crypto project in the market.
The main goal of the io.net project is to utilize idle graphics processing units (GPUs) for machine learning (ML) and AI projects. By assembling over 1 million GPUs from various sources such as independent data centers, crypto miners, and projects like Filecoin and Render, io.net aims to make computing more scalable, accessible, and efficient.
The project’s website states, “Our mission is to unlock fair access to computing power by assembling 1 million + GPUs from independent data centers, crypto miners, and crypto projects such as Filecoin or Render. The major cloud providers currently have around 10-15 exaFLOPS of GPU compute capacity available. However, given the surging volume of AI/ML model training and inferencing workloads, the potential demand for GPU compute in the cloud could be as high as 20-25 exaFLOPS.”
In conclusion, Coinbase’s decision to add support for io.net on the Solana network highlights the growing interest in AI-focused altcoins and the potential of projects like io.net to revolutionize the way computing power is utilized for AI and ML applications. Investors and traders will be keeping a close eye on the performance of IO once trading begins on the platform.