What exactly is TAO token? Bittensor's open-source protocol (Brilliant)
The TAO token, which belongs to the Bittensor open-source protocol, aims to introduce the possibilities of cryptocurrency and artificial intelligence to the wider community through an accessible protocol.
What is Bittensor?
Bittensor operates as an open-source protocol driving a decentralized machine learning network built on blockchain technology. Within this network, machine learning models collaborate, forming an artificial intelligence network and earning TAO token rewards based on the value of the information they contribute. Users retain the ability to extract data and customize the network to suit their specific requirements.
The project employs the Proof of Intelligence consensus mechanism to monetize artificial intelligence, a blend of PoW and PoS, enabling businesses or individuals to procure knowledge from the platform for crafting tailored applications.
Bittensor was "fairly launched" in 2021, featuring a total supply of 21,000,000 TAO tokens with a halving cycle occurring every 10.5 million blocks. Presently, one TAO unit is introduced into the network every 12 seconds (per blockstep). The project outlines 64 halving events, with the inaugural event slated for August 2025.
Vitalik Buterin has referenced Bittensor as an example of leveraging crypto-related incentives to drive the creation of improved AI models. Subsequent to the article's publication, the token's value surged, peaking around the $450–460 range. In the initial month of the year alone, the TAO token experienced over a 150% increase in value, boasting a market capitalization of approximately $2.7 billion, with continued growth thereafter.
Bittensor's Features
- Innovative AI Development and Distribution Approach: Bittensor introduces a pioneering strategy for AI technology development and distribution leveraging distributed ledgers. This framework facilitates global access, open ownership, decentralized governance, and widespread resource distribution.
- Open-Source AI Repository: Bittensor provides an open-source repository of AI models accessible to anyone globally. This fosters unrestricted innovation and collaboration on a global scale without the need for permission.
- Reward Distribution and Network Ownership: The platform implements a reward distribution system where network ownership is directly tied to the value contributed by users. This ensures a fair and proportional allocation of rewards.
- Core Functionality Separation: Bittensor's core technological innovation involves separating the core functionalities of the blockchain from the operation of the market validation system, thereby enabling the creation of digital goods.
- Language Customization and Subnet Integration: Bittensor offers language flexibility for authentication system creation, supporting popular languages such as Rust, Python, and C++. Tools required for off-chain subnet authentication are equipped to handle large datasets and computationally intensive tasks.
- Yuma Consensus (YC): Yuma Consensus serves as Bittensor's on-chain mechanism designed to maintain consistency among validators within individual sub-mechanisms of the network.
Tokenomics
- Token Name: Bittensor
- Ticker: TAO
- Blockchain: Bittensor
- Attributes: Governance, Utility
- Total Supply: 21,000,000 TAO
- Currently Circulating: 6,575,949 TAO
Price and Exchange Trends
The TAO token at 04/11 is currently trading at $646.74, reflecting a 1.22% increase over the past 24 hours and a 7.97% rise over the last seven days. Coinmarketcap data indicates a more than 20% surge in Bittensor's 24-hour trading volume, now standing at $82.97 million. The project's market capitalization has seen a modest uptick of 1.31% to $4.25 billion.
Link
- Website: https://bittensor.com/
- X/Twitter: https://twitter.com/bittensor_
- Telegram: https://t.me/bittensor
- Discord: https://discord.gg/bittensor
