io.net and Filecoin Team Up to Expand Storage Provider Incentives
Filecoin Storage Providers (SPs) can look forward to greater demand for their hardware and greater revenue streams. The good news comes courtesy of decentralized cloud service io.net, which has partnered with Filecoin to unlock greater GPU compute for its clients.
io.net has been gradually expanding its supply of GPUs that can be directed towards AI processing. In collaborating with Filecoin, it’s tapping into a deep well of GPU courtesy of suppliers who are keen to see their hardware used to the fullest extent. The opportunity to become GPU suppliers for io.net gives hardware owners another use case for their graphics cards and more importantly another source of revenue.
AI Arms Race Intensifies
The explosion in artificial intelligence has caused a massive spike in demand for GPUs which are used to run large language models (LLMs) and machine learning. Demand for GPUs is now increasing tenfold every 18 months on average and current cloud providers can’t keep up. This has led to bottlenecks, pricing AI startups out of being able to compete, and stifling innovation.
io.net’s solution to this problem is to create what it hopes will become the world’s largest DePIN to provide clusters of GPUs on demand. To bootstrap its network, and to ensure its clients can access the compute they require, io.net has sought to collaborate with extant DePINs. A recent partnership with Render Network brought a significant quantity of GPU capacity onstream, and the agreement with Filecoin SPs will bolster this.
1,500 Filecoin community members were already providing hardware for io.net prior to the agreement with Filecoin being announced. Its commencement will increase the number of GPUs sourced from Filecoin SPs and will boost the total of GPUs onboarded to io.net’s DePIN, which currently stands at around 17,000 machines.
Collaboration Is the Key
Web3 projects building decentralized networks have a significant overlap, particularly those focused on physical infrastructure. It thus makes sense for projects whose business model is broadly aligned to collaborate. io.net’s agreement with Filecoin Service Providers is likely to be replicated with other web3 players, providing greater incentives for hardware owners while demonstrating that DePIn can work at scale.
io.net Founder and CEO Ahmad Shadid explained: “This particular initiative with Filecoin is not just about expanding use cases or diversifying income streams for hard-working Storage Providers. It’s about enriching the decentralized data economy as well, and fostering a symbiotic relationship where both io.net and Filecoin SPs can grow and thrive together. I believe that by leveraging the strengths of our respective technologies, we can unlock tremendous growth and drive innovation in the decentralized cloud and storage sectors.”
Described as one of this decade’s most important crypto use cases, DePIN is providing a tangible application for web3 that has global implications. Companies that require GPU access can access clusters of RTX3090s courtesy of io.net at rates that are significantly cheaper than cloud services such as Azure.
GPU providers, meanwhile, can unlock a more sustainable source of income compared to crypto mining. This creates a robust economy in which GPU suppliers and consumers can reap the rewards.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
