What is Bittensor ($TAO)?

AI tokens are surging, but one in particular is $TAO, the native token to the Bittenso protocol which has just been green-flagged by one of the largest asset managers in the world, Grayscale which has launched an AI-focused fund.

Join us on a deep dive into Bittensor.

What is Bittensor ($TAO)?

Bittensor first launched in 2023 and is a network of connected machine-learning models owned by users around the globe sharing the same goal and that is to progress the development of AI in a completely decentralized manner that rewards everyone involved!

In essence, the Bittensor network is a P2P marketplace that enables anyone and everyone to develop, train and/or share AI machine learning models and earn $TAO tokens as a reward for their contributions. All AI models within the network can connect and learn from each other to help progress the development of each AI machine learning model.

How Does Bittensor Work?

Digital commodities ranging from data, storage, predictions, GPU power and models can be transformed into intelligence within the Bittensor network of subnets. Bittensor subnets are vital to the network’s integrity and each serves a unique purpose to support the ecosystem.

Anyone can participate in Bittensor’s ecosystem. Firstly, we have Subnet owners. Secondly, we have the Validators who find the correct users for the Subnet in order to generate revenue. Next, those with the expertise, aka ML practitioners can become Subnet miners to produce predictions and earn $TAO in return. Of course, finally, the most important are the consumers of a subnet’s digital commodity,

Currently, Bittensor has just under 100K active accounts using the network with an accumulated staked amount of over 5.8M $TAO tokens, all of which are utilizing the official Bittensor wallet. Simply put, the wallet enables users to send, receive and stake the native token $TAO.

Bittensor Token ($TAO)

$TAO which is the driving force powering the entire network has three primary utilities. First is the ability to participate in the governance of the network. Secondly, $TAO can be staked with Bittensor Validators and finally, it is primarily used to pay for AI services and applications native to the network.

Conclusion

According to CoinMarketCap, at the time of writing, $TAO is currently trading at $336.52 with a market cap of $2.38B, ranking $TAO as the 44th largest crypto. In recent months, $TAO achieved an ATH of $767.68 and has yet to live and experience a bull market, therefore we could very well see new highs for the $TAO token in the coming months.

Grayscale, one of the leading crypto asset managers has set up a fund specifically for AI protocols that only selected investors can participate in. This fund includes leading AI protocols such as Bittensor ($TAO), Filecoin ($FIL), Livepeer ($LPT), NEAR Protocol ($NEAR) and the Render Network ($RNDR). Here is an official article from CoinTelegraph describing the fund in more details.

The AI narrative is set to attract billions, if not trillions of dollars into the crypto market as we progress into an AI-focused world. With that, many AI tokens will rise and Bittensor stands as one of the finest altcoins in this sector that is innovating in this space.