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Price (USD)$ 717.32
Circulating SupplyTAO 6.3409M
Volume (24h)$ 46.46693M
Market Cap$ 4.55084B
Low/High 24h$ 606.59 - $ 727.82
Change (24h)$ 93.32
The cryptocurrency space is abundant with projects that promote machine learning and AI. One of them is Bittensor TAO. Bittensor is a peer-to-peer network that aims to revolutionize knowledge exchange and collaboration. Imagine it as a global brain, with each ‘neuron' representing a machine learning model that is owned by a different individual somewhere in the world. Similar to how neurons in your brain cooperate to enable thought and decision-making, these models work together to digest information and deliver intelligent answers. So how does it work? Let’s take a closer look at Bittensor coin and the protocol’s characteristics.
Bittensor with its main cryptocurrency token TAO is an open-source protocol that powers a decentralized, blockchain-based machine learning network. In it, machine learning models are trained in a collaborative manner and are rewarded based on the informational value they provide to the group. Moreover, Bittensor provides external access, enabling users to retrieve data from the network and customize its operations to suit their requirements.
The network is made up of thousands of nodes, each of which is equipped with a machine-learning model. These nodes are tasked with processing a large amount of text data and collaborating to extract semantic meaning. The system is intended to discourage fraudulent conduct by rewarding the nodes that generate the greatest value through a consensus method. This process ensures that the digital token reaches parity with the quantity and quality of representational information in the system.
The fundamental principle of Bittensor is decentralization. This network facilitates the training and sharing of machine learning models among diverse populations and over great distances by constructing its infrastructure on a blockchain network. This encourages rapid innovation and idea sharing. A fascinating idea is presented by Bittensor's ecosystem: a peer-to-peer intelligence market. Imagine a vibrant marketplace for intelligence, where learning systems communicate and exchange knowledge directly over the internet, rather than for products or services. This disruptive marketplace exemplifies a new model of democratizing intelligence.
Bittensor’s blockchain is built using the Substrate framework, which is a modular framework that enables the creation of purpose-built blockchains. Another popular blockchain, Polkadot, is also based on the Substrate architecture.
The fundamental ‘pallets’ that Substrate offers can be customized to construct a blockchain that fulfills particular requirements. Because of this, Bittensor is able to create a blockchain that is ideal for its decentralized network of machine learning. Unlike cryptocurrencies like Bitcoin, which use a Proof-of-Work (PoW) consensus method, Bittensor uses a Proof-of-Stake (PoS) mechanism. Depending on how many tokens they own and are prepared to stake as collateral, validators in PoS are selected to build new blocks and validate transactions. In general, this uses less energy than PoW.
For its end users, Bittensor TAO offers a number of unique features, including:
TAO, the native token of Bittensor, is used for staking, governance, and as payment for AI services and applications that are developed on the Bittensor TAO network. Users who provide the network with useful data or computing resources are rewarded with TAO tokens. Every 12 seconds, the blockchain is refreshed and new TAO tokens are added to the system.
Crypto users who provide the network with useful data or computing resources are rewarded with TAO tokens. There are 21,000,000 TAO tokens in total supply. The network known as Kusangi underwent a first iteration that began on January 3, 2021, and was suspended in mid-May to allow for the resolution of certain concerns. On November 21, 2021, block 0 of the blockchain and all 546,113 previously mined TAO were moved to Nakamoto. The Finney Network was launched at the beginning of 2023.
Bittensor is essentially a decentralized marketplace for AI services, matching the supply and demand for AI inference while keeping track of transactions using a blockchain-like structure. With a reward structure that promotes the upkeep and development of AI models, it's a community-driven strategy to increase the accessibility of AI. With the growth of AI products, Bittensor can become more widely used and adopted.
In connection to this, some experts, for instance, DigitalCoinPrice, believe that by 2030, Bittensor TAO coin price is going to go as high as $3,153.65 at its peak, while by 2033 it can reach a staggering $8,182.25 per coin.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.