Binance Launchpool Rolls Out Support for New Solana-Based AI Computing Altcoin

Binance is adding the token of a Solana (SOL)-powered decentralized artificial intelligence (AI) computing network to the roster of supported crypto assets on its Launchpool platform.

In a statement, the world’s largest crypto exchange says that io.net (IO) will be the 55th crypto project on Binance Launchpool, which allows users to deposit their coins into a pool of funds to earn assets from new projects.

Binance says users will be able to stake BNB and the stablecoin First Digital USD (FDUSD) into separate pools to farm IO tokens over four days starting on June 7th. IO will then be listed on June 11th.

According to io.net, it is creating an enterprise-grade decentralized computing network that allows machine learning engineers to access distributed cloud clusters at a lower cost.

The aim is to address the challenges of relying on traditional cloud service providers that have 2.5x less capacity than the estimated market demand, which causes problems such as high costs, limited choices and longer waiting times to access hardware with cloud services.

Reads the io.net website,

“We believe that compute is this generation’s “digital oil,” powering a never-before-seen technological industrial revolution. Our vision is to build IO to be the currency of compute, powering an ecosystem of products and services that enable access to compute as a resource and as an asset.”

Binance says it will attach a seed tag to IO, which indicates that the token has higher volatility and risks than other crypto assets listed on its platform.

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