What is Bittensor (TAO)?
Bittensor (TAO) is an open source protocol that facilitates a decentralized and collaborative machine learning (or AI) network. Bittensor also establishes a marketplace where Artificial or Machine intelligence transforms into tradable commodity. It is a PoW network much like Bitcoin and incentivizes miners for contributing computing power plus knowledge. TAO is the native token that handles all purposes related to on chain transactions.
The Aim Of Bittensor (TAO)
The main aim of Bittensor (TAO) is to develop decentralized and peer to peer machine learning platforms. The main objective of such platforms will be to collect and train various AI models to create a 'digital hive mind'.
The Origin of Bittensor (TAO)
Bittensor is product of OpenTensor, a non-profit organization. Originally, it was established as a parachain on Polkadot ecosystem but in March 2023 OpenTensor decided to launch its own network. Jacob Robert Steves, a former Google employee, and Also Shabaana are the founders of Bittensor.
The Tokenomics of TAO (Bittensor's Native Currency)
TAO is modelled much after Bitcoin and has the similar total supply of 21 million coins. Bittensor did not attempt a presale, nor it had private funding. Even the founding members has to mine their first coins. This makes TAO a truly open source and fair blockchain like Bitcoin. TAO also follows the halving pattern of Bitcoin. It has 64 halving events in total. The first one is set to occur in 2025.
Is TAO (Bittensor) Worth Buying?
Definitely TAO is worth of every penny considering how demanding AI has been in the recent past. If we take a closer look the stocks for most companies are still dwindling after the COVID 19 pandemic but AI companies are soaring above expectations. Let's understand why Bittensor isn't something to miss.
- Bittensor has the same potential as OpenAI, albeit in decentralized manner.
- The Tokenomics are the fairest and much similar to that of Bitcoin.
- The Utility of TAO token. From governance to accessing AI models TAO is used for every kind of function that happens for Bittensor.
- The team and project is supported by famous names like Polychain Capital.
- Last byt not the least, it's still early days and early investor's rewards are outta there.
As AI is a buzz word right now, crypto is filling up with many AI projects recently. So, the key is to be cautious while choosing which of these projects has the capacity to sustain. So, let's also understand why TAO is something not to buy.
- Bittensor project is one of the most complex to understand. It seems as if it were only meant for the technical people and not for common masses.
- Additionally, the supply of 21 million seems way insufficient as this project claims to collaborate and combine infinite number of AI or ML models.
- The lofty vision of creating a decentralized marketplace where everything associated with AI and ML can be traded. Their website states, "Bittensor aims....building a hierarchical web of resources, ultimately culminating in the production of intelligence; intelligence leverages computation, which leverages data, which leverages storage, then finally leveraging oracles and data procurement and into infinity, all within the same ecosystem". Can someone get what Bittensor is aiming at!
Overall Bittensor (TAO) is a very ambitious project with a few complexities. It's worth looking at the development of the project and keeping it in the watchlist if not in the portfolio. However if it achieves even half of what it aims for, the sky is the limit with scarce supply of TAO tokens. With the aim of building an AI marketplace, Bittensor can achieve what Ethereum has with its digital marketplace. So friends keep an eye and if you can have 1 or 2 tokens as it may soar higher and higher with AI and ML are progressing rapidly.
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