Coinbase is set to incorporate a new altcoin focused on artificial intelligence (AI) within the Solana (SOL) network.
In a recent announcement, the leading US crypto exchange stated that the decentralized physical infrastructure network (DePIN) io.net (IO) will now be available for trading on its platform.
According to Coinbase,
“Trading is scheduled to commence on or after 9 a.m. Pacific Time on October 9th, 2024, provided liquidity conditions are satisfied. Once an adequate supply of this asset is confirmed, trading on our IO-USD trading pair will be initiated in stages. There may be limitations on IO support in some regions where it’s offered.”
As of this writing, IO is priced at $1.77, reflecting a drop of over 3% in the past 24 hours. With a market capitalization of $168 million, iot.net ranks as the 295th-largest cryptocurrency project.
The io.net initiative seeks to leverage underutilized graphics processing units (GPUs) for machine learning (ML) and AI applications.
The project website asserts,
“We aim to enhance the scalability, accessibility, and efficiency of computing. Our goal is to ensure fair access to computing power by aggregating over 1 million GPUs from independent data centers, crypto miners, and projects like Filecoin and Render. Major cloud providers currently hold approximately 10-15 exaFLOPS of GPU computational power. However, with the increasing demand for AI/ML model training and inference tasks, cloud GPU compute demand could potentially reach 20-25 exaFLOPS.”
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Disclaimer: The views expressed at The Daily Hodl are not investment advice. It is advisable for investors to conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that any transfers and trades are undertaken at your own risk, and the responsibility for any losses incurred rests with you. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please be aware that The Daily Hodl is involved in affiliate marketing.
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