What is Bittensor? Information about TAO Token

What is Bittensor?

Bittensor is an open-source machine learning protocol built on the blockchain platform. This protocol allows for the integration of AI models, forming a decentralized artificial intelligence network. Bittensor’s decentralized approach facilitates rapid expansion and sharing of knowledge, akin to an unlimited and exponentially scalable knowledge library.

Bittensor’s vision is to establish a specialized marketplace for artificial intelligence, where consumers and providers can interact in an environment that prioritizes trustlessness, scalability, and transparency.

Bittensor utilizes the Proof of Intelligence (POI) consensus mechanism to monetize artificial intelligence. In the Bittensor network, nodes (researchers and developers) contribute their knowledge in the form of machine learning models. These nodes demonstrate their intelligence by performing machine learning tasks within the network.

The operational mechanism

Instead of solving complex mathematical problems like in the Proof of Work (PoW) and Proof of Stake (PoS) mechanisms of traditional blockchain networks, nodes in Bittensor’s POI are required to perform machine learning tasks to prove their intelligence. These tasks may include training and deploying machine learning models, data processing, or other related tasks.

Nodes compete with each other to demonstrate intelligence and contribute value to the Bittensor network. The more accurate and valuable the output of a node’s machine learning model, the higher the chance of being selected to add new blocks to the chain. When selected, nodes receive rewards in the form of TAO tokens, the native token of the Bittensor network.

The POI mechanism ensures that nodes capable of performing actual machine learning tasks and contributing real knowledge are duly rewarded. Additionally, this mechanism incentivizes the development and improvement of machine learning models within the Bittensor network.

Development Team

The founding team of Bittensor is the Opentensor Foundation, consisting of approximately 50 members, with key members including:

Founder: Jacob Robert Steeves

• Jacob graduated from Simon Fraser University with a Bachelor’s degree in Mathematics and Computer Science.
• He started his career as a Machine Learning Researcher at Knowm Inc.
• In 2016, Jacob joined Google as a Software Engineer.
• In 2018, he co-founded Bittensor with the aim of integrating Blockchain and artificial intelligence technologies.

Co-founder: Ala Shabana

• In 2006, Ala graduated from the University of Windsor with a Bachelor’s degree in Computer Science specializing in Software Engineering.
• In 2016, he served as an MTS Intern – Cloud Application Services at VMware, later transitioning to the role of Software Engineer (R&D) in 2017.
• From 2018 to 2023, Ala worked as a Software Developer at FirmChannel.
• During this time, he and Jacob co-founded Bittensor.

Investors

Project investors include Digital Currency Group, Polychain Capital, FirstMark, and Capital GSR. However, accurate information regarding the funding raised in each funding round is currently unavailable.

What is TAO Token?

Basic Information about TAO Token

• Token name: Bittensor
• Ticker: TAO
• Blockchain: Bittensor
• Total supply: 21,000,000 TAO

TAO Token Allocation

• Circulating delegated/staked: 87.73%
• Circulating free: 12.27%

TAO Token Release Schedule

The total supply of TAO is 21 million. A block is mined approximately every 12 seconds, rewarding miners and validators with 1 TAO per block.

When half of the supply has been issued, it will be halved, equivalent to halving every 4 years (similar to Bitcoin).

TAO Token Use Case

The TAO token is used for transactions and rewards for various activities on the network. Here are some ways in which the TAO token is used:

• Gas fee for transactions: Similar to other blockchain networks, Bittensor requires users to pay gas fees when conducting transactions on the network. This gas fee is calculated in TAO tokens and transferred to nodes performing verification and transaction processing on the network.
• Rewards for miners and validators: In the Bittensor network, miners or validators (participants in transaction verification and network security) also receive rewards in the form of TAO tokens. This incentivizes participation and contribution to maintaining network operations.
• Rewards for community initiatives: Bittensor also provides rewards for community initiatives and contributions. Individuals or groups with high-impact community ideas and activities can receive rewards in TAO tokens to encourage development and contribution to the network.
• Used as a means of payment: TAO tokens can also be used as a means of payment to access services and AI applications built on the Bittensor network. Users can use TAO tokens to pay fees or purchase services and applications through the integrated payment system on the network.

Trading TAO Token

TAO Token is traded on most major exchanges such as Binance, OKX, Mexc, …

Related: Binance Announces Listing of Bittensor (TAO)

Roadmap

In the article “The promise and challenges of crypto + AI applications” on his personal website, Vitalik Buterin mentioned the use of cryptocurrency incentives to encourage the development of artificial intelligence, using Bittensor as an example. This contributed to the significant increase in the price of TAO tokens in the following days, which are currently trading around $450 – $460 USD.

Project Information

• Website
• Twitter
• Discord.

Conclusion