Bittensor

What is Bittensor (TAO)?

Bittensor happens to be a decentralized machine learning and AI training platform that seeks to produce a P2P (peer-to-peer) market centered around machine intelligence.

Origin and Development

This is a fairly new project, launching early this year, although the exact date eludes us. However, the overarching vision behind its formation has been to direct the power of virtual markets towards one of the most essential digital commodities in society, and that is artificial intelligence, or AI for short.

It aims not just to create one of the more powerful intelligence networks, but to make sure that the ownership and benefits of machine intelligence can be in the hands of the people, i.e., bottom up instead of top down.

The Team Behind Bittensor

Several individuals are working for the Bittensor Foundation, with some of them even being ex-Google researchers and employees. As for its founders, that would be Ala Shaabana and Jacob Robert Steeves.

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Technological Framework

Here, we will look at things from more of a technical standpoint, briefly going through the technology and protocols underlying Bittensor.

Underlying Technology and Protocols

Technologically speaking, there are a ton of elements underlying its functionality.

However, to summarize how it works, it’s a decentralized machine-learning protocol that allows for the exchange of machine-learning predictions and capabilities among the participants within a network.

Hence, it supports the collaboration and sharing, in a P2P manner, of machine learning services and models. However, to do that, it utilizes Proof of Intelligence as its consensus mechanism, along with a model known as Decentralized MoE (Mixture of Experts) and various other technological elements.

Integration With Existing Machine Learning Frameworks

Moreover, even existing machine learning frameworks, such as those utilized by the likes of Google, IBM, Microsoft, or OpenAI, can be integrated within Bittensor, effectively utilizing it as a cost-effective solution and a means of advancing AI and developing more powerful models.

Bittensor’s Machine Learning Proposition

As for Bittensor’s proposition, it seeks to revolutionize the machine learning platforms’ developmental process by decentralizing the entire thing and producing a P2P market dedicated to machine intelligence, allowing for the coming together of the collective intelligence underlying AI models, forming a virtual hive mind of sorts.

According to Bittensor, such a decentralized approach enables the swift expansion and exchange of knowledge, comparable to an unyielding library filled with knowledge that exponentially grows.

It hopes that by harnessing the abilities of distributed networks while incentivizing collaboration, it can drive innovation and push the limits of machine learning.

Benefits of Bittensor

Within this section, we will be going over some of the possible benefits that one may come across when interacting with this protocol.

For the Machine Learning Community

With Bittensor, the training and distribution of machine learning models across disparate communities and incredible distances may be empowered, possibly fueling exchanges of various ideas and fostering innovation in the process, which might ultimately benefit the machine learning community at large.

For Data Scientists and Developers

Developers and data scientists may find the library of knowledge and exchange of ideas to be welcoming, as it can allow them to corroborate technological ideas of their own, serving as a testing ground of sorts that they may use to come up with innovative solutions.

For the Broader Tech Ecosystem

The broader tech community can benefit from the fact that the platform serves as a means for furthering AI, which might bring about innovative technological solutions to current problems or may even birth entirely new tech, for that matter.

Real-world Applications

The project claims to tap into the world’s supply of innovation, and besides just computing power, the implications for that within the real world can be significant. It creates the potential for the generation of AI models that can cover anything from virtual assistants (such as Siri), recommendation systems, fraud detection, self-driving cars, facial and image recognition, medical diagnosis, and much more.

Challenges and Critiques

However, as with anything, there will be some challenges to consider, which we will delve into briefly below.

Technical Hurdles

While the project may seem to present an interesting blend of AI and blockchain, it is important to note that such a technological foundation is still fairly new and untested, so predicting whether or not it can even live up to the potential it claims to have or will have is difficult and speculative.

Broader Concerns Within the Crypto and ML Communities

While things may appear sound in theory, their working in practice is another matter entirely, and the same is true here.

Bittensor’s propositions with regards to blockchain and AI can be interesting, but adoption is always a concern in such areas.

To elaborate, for the project to even come up with interesting AI-based applications or solutions, it needs to have a thriving base of developers or individuals that are talented enough and want to use this platform as their base of ideas. And that is a challenge that is by no means easy to overcome, which can affect both the cryptocurrency and ML communities.

Tokenomics of TAO

Here, we will be directing our attention to its native token, TAO, going over the roles it plays along with some stats.

Definition and Role of TAO Tokens

As stated earlier, TAO is the native utility token of Bittensor, where it serves as an integral element of the platform’s functionality.

Distribution and Acquisition

The total supply for these TAO tokens is the same as Bitcoin’s, i.e., 21 million.

Their distribution, however, is steadily released over time via staking rewards, mining rewards, and community-centric initiatives.

Use Cases Within the Bittensor Ecosystem

As far as use cases go, within its own ecosystem, the tokens are utilized within governance to vote on various proposals, as a medium of exchange or payment for gaining access to AI-based applications or services built on this network, and finally, for staking and mining, as mentioned previously.

Acquiring TAO Tokens Through Bitget

If you’re interested in this network and what it has to offer, then you may be looking to buy some TAO tokens to engage with it, which is why we’ll be discussing how that may be done on Bitget.

Creating a Bitget Account

To buy the tokens you want on this exchange, you will have to create an account, and that can be done by clicking on the link below, which will take you to the registration page using a special Coin-Labs referral code. On its registration page, fill in whatever’s asked of you, such as your email address, phone number, password, etc.

KYC Verification

On Bitget, registration should be followed by the KYC, or account verification process, and is necessary if you want to access the entirety of its services. So, after accessing the identity verification page, complete both of the verification levels, i.e., 1 and 2, which will entail adding some personal information and providing documentation evidence.

Depositing Funds Into Your Bitget Account

Now, you can move on to funding your newly created Bitget account, which can be done on the deposit page. Over there, choose the token you want to deposit, and a network supporting it, and then a deposit address should be generated. Paste this address within the withdrawal field of an external wallet or exchange that has the funds you need, to confirm your transfer from there.

Making Your First Purchase

After your deposits have arrived, you can move on to buying some TAO tokens. While there are a couple of options available on Bitget for buying tokens, not every option will support the TAO token. So, only select the ones that do, such as spot trading, for instance, and place your order through that.

Storing Your TAO Tokens Safely

After your order has been fully processed and you have some TAO tokens with you now, you can move on to withdrawing them. So, head over to Bitget’s withdrawal page, select the TAO token, and a network supporting it, and specify the amount you want to withdraw.

Paste your wallet’s address within the withdrawal field and confirm your transaction, which will take a while to process. As for picking a secure wallet, cold wallets tend to be the safest option since they store your funds offline.

Future Prospects

While the project doesn’t seem to have uploaded a roadmap of sorts, nor have we come across any announcement lately of new features being added, what does warrant a mention is how its price has been performing lately. So far, it seems to be performing rather well, having reached an all-time high this month, November 2023, and chances are it may continue on this trajectory, at least when looking at the short term.

Conclusion

Bittensor claims to be a diverse system where any engineer or a group filled with them can fine-tune AI or machine learning models, plug them in, and see the odds for themselves. The greater the diversity, the greater the likelihood of accessing some of the best results.

Moreover, the platform states itself to be scalable, with software being able to be built above it, which may potentially raise the complexity or quantity of the innovation that can be fostered.

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Therefore, we are not responsible for the investment decision in Bittensor and the resulting loss.

Bittensor Basics

Here are some factors that investors should consider before investing in Bittensor.

Cryptocurrency Features	Bittensor (TAO)
Publisher or Developers	Ala Shaabana, Jacob Robert Steeves
Headquarters (Registration Number)	Toronto
Symbol	TAO
Platform	Ethereum
Published Date (CMC Registration)	2024-10-14
Max Supply	21,000,000 TAO

Reliability Score of Bittensor in 2024

These are indexes mesuring the investment reliability of Bittensor conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 2 Exchanges
Number of Available Pairs Worldwide	96 Pairs
Market Cap of the Cryptocurrency	3,088,805,835 USD (Rank #204)

The table above shows the result of investment suitability evaluation for Bittensor.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Bittensor Price

Here are the price and recent trading volume of Bittensor. (Data of 2024-10-14 11:24:00)

Price Items	Price and Trading Volume of Bittensor
Bittensor Price	649.697 USD
Price Change 24h	-1.58%
Price Change 7d	-1.05%
Trading Volume 24h	134,262,311 USD
Trading Volume Change 24h	-28.39%

Cryptocurrency Metadata

You can check the development status and social media information of Bittensor through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
�?� Twitter
🤖 Reddit
🎺 Message Board

Where to Buy Bittensor

Here are the top ten world crypto exchanges where traders can buy Bittensor in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Listed	https://www.htx.com/en-us/trade/tao_usdt?type=spot
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Listed	https://www.gate.io/trade/TAO_USDT

Frequently Asked Questions