⏰Abstract:
Market trends are changing, and several sectors are becoming active again.
In addition to the Bitcoin ecosystem under the spotlight, the AI track has been a continuous hot spot in recent stages and has always been a stage where demon coins frequently appear!
One of the tokens, TAO, had a strong start to May, rising 48% in just 6 days to reach resistance at $487. However, the bulls were unable to hold out for long, and at the time of writing, the price dropped to $387.3.
This issue explores TAO and the projects behind it#Bittensor ！👇
🔆What is Bittensor?
Simply put, Bittensor is a project that combines cryptocurrency and artificial intelligence to promote people to work together on machine learning. By giving TAO tokens as rewards to users who contribute valuable data or computing resources, it encourages the development of machine intelligence.
Bittensor (TAO) is a miracle that combines the power of blockchain and artificial intelligence to create a global decentralized network. We can regard it as the result of the cooperation of international teams on an open source platform to create a more intelligent, efficient and scalable artificial intelligence computing system.
The uniqueness of Bittensor lies in its sophisticated consensus mechanism, which combines the characteristics of deep learning and blockchain consensus algorithms.
The core concept of Bittensor is decentralization, like a global brainstorming meeting without a central authority. By building infrastructure on the blockchain network, Bittensor enables the sharing and training of machine learning models across long distances and different communities, thereby promoting the exchange of ideas and rapidly driving the development of innovation.
1️⃣Bittensor’s Ecosystem
Bittensor introduces the concept of a peer-to-peer intelligence marketplace, a disruptive marketplace where learning systems interact and trade knowledge directly on the network, democratizing intelligence.
The project is creating a decentralized marketplace for AI services, enabling developers to monetize their AI models and provide valuable solutions to businesses and individuals.
2️⃣There are three main roles in the Bittensor network:
Miner: Provider of AI products and services. In addition to directly operating and maintaining large AI models, it also covers other links in the AI industry chain, such as data storage, providing data sets for AI training and pre-training. Miner's competitiveness lies in providing higher quality products at the lowest possible cost, thereby gaining more$TAO Motivation.
Validator: A referee who evaluates the quality of Miner products and services, and a relay node that delivers User needs and Miner services. The threshold for becoming a Validator is to stake TAO.$TAO The greater the influence of lidator on the final evaluation results.
User: The party that enjoys Miner services, including end users and developers who use AI services to build applications.
Simply put, Miner is the supplier, User is the demander, and Validator is the relay that transmits demand and services and the referee who evaluates service quality.
3️⃣ Features of Bittensor
Artificial Intelligence Development and Distribution Strategy: The project introduces a breakthrough strategy that optimizes the development and distribution of artificial intelligence technology through the convenience and power of distributed ledgers. The platform supports access, open ownership, decentralized management, and global resource distribution;
Open Source Repository: Bittensor provides an open source A1 repository that is accessible to anyone, anywhere. This enables open and permissionless innovation on a global scale.
Rewards distribution and network ownership: The platform distributes rewards and network ownership in proportion to the value of user contributions.
Separating core functionality from the certification system: Bittensor’s core technological innovation is to separate the core functionality of the chain from the operation of the market certification system to create digital commodities.
Ability to customize languages and integrate subnetwork mechanisms: The project does not require special programming languages to create the authentication system. The platform uses popular languages such as Rust, Python, C++, etc. All the tools required to verify the off-chain subnetwork mechanism should be able to handle big data and intensive computing.
Yuma Consensus (YC): Yuma Consensus is Bittensor’s on-chain mechanism that ensures consistency among validators of various sub-mechanisms in the network.
🔆What is TAO Coin?
The TAO token is Bittensor’s native token and is used for governance, staking, and payment for AI services and applications built on the Bittensor TAO network.
It will reward users who contribute valuable data or computing resources to the network and will be updated every 12 seconds, with newly minted$TAO
1️⃣TAO tokens have several core utilities within the Bittensor network.
●Governance: TAO is used to vote on proposals and changes to the Bittensor network
●Staking: You can stake TAO tokens to participate in the consensus mechanism and receive rewards.
●Payment: TAO tokens are used as a means of payment to access AI services and applications built on the Bittensor TA0 network.
2️⃣TAO Token Economics
The maximum supply of TAO tokens is 21,000,000, with one block mined every 12 seconds and 7,200 new TAO issued into circulation every 24 hours.
Once half of the supply is issued, the issuance rate will be halved until all 210 million TAO are in circulation. Since TAO used for recycling registration is burned back into the unissued supply, the halving data will automatically update over time.
3️⃣What is the future of Bittensor(TAO)?
On November 14, 2023, Casper Labs, a leader in enterprise blockchain software, released a new report, "Blockchain Meets Artificial Intelligence: Exploring the Challenges and Opportunities of Integration." Based on a survey of 608 IT decision makers, the report explores how enterprises currently use artificial intelligence and blockchain, the main adoption barriers they continue to face, and how blockchain can become a key guardrail for successful artificial intelligence implementation.
The report highlights the symbiotic relationship between blockchain and AI, showing that 71% of businesses believe that the technologies are fully complementary. This level of comfort and excitement bodes well for a promising future as AI and blockchain continue to merge, with projects like Bittensor at the forefront of this intersection.
The recent rally in the cryptocurrency market following OpenAI’s AI Developer Day on November 6th adds an interesting layer to the Bittensor story. The new AI features introduced by OpenAI, including upgraded GPT-4 and GPT-3.5 natural language models, hint at potential implications for AI tokens. This could explain the growing interest in AI-based cryptocurrencies.
🅿️Summary:
In the world of Bittensor(TAO), blockchain and artificial intelligence are intertwined to create a smart future. As technology continues to advance and its applications expand, we look forward to seeing how this open source miracle will continue to lead humanity towards a more intelligent, efficient and sustainable future.
May this world that combines technology and innovation bring us more surprises and possibilities.
