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Bittensor (TAO), aiming to improve machine learning based on blockchain technology, the future of artificial intelligence? What is it used for?
What is Bittensor (TAO)?
Bittensor is a mining network similar to Bitcoin and provides access to a machine learning model network in a censorship-resistant manner. By using digital incentives and directly rewarding participants, it aims to create a comprehensive, open-source ecosystem in the field of artificial intelligence.
Bittensor, aiming to implement the development of machine learning platforms, brings together the collective intelligence of artificial intelligence models by making the process decentralized and creating a peer-to-peer market for machine intelligence.
How Does It Work?
Bittensor operates on a decentralized network, like Bitcoin. This means there isn’t a singular point of control. Instead of having one centralized server doing all the work, it does its job by spreading it over many different machines owned by individuals, known as miners.
Bittensor uses a unique consensus mechanism to ensure the consensus on the network over the best response. When a question is asked, multiple models (miners) give their responses. The network uses a system to determine the best response and sends this response back to the user.
Miners are the owners of these models. They keep their models running and ready to fulfill their tasks. Miners are rewarded with the ecosystem’s native token for their contributions.
What are the Advantages?
The advantages of Bittensor are as follows:
- Decentralized Structure: Bittensor, by offering a decentralized network structure, allows machine learning models to collaborate in a distributed manner worldwide.
- Reward System: Machine learning models that contribute to the network and provide knowledge value are rewarded with the TAO token, the ecosystem’s native token.
- Energy Efficiency: By using the Proof of Stake (PoS) mechanism, it offers a more efficient energy structure compared to the Proof of Work (PoW) mechanism.
- Global Access: As an open-source artificial intelligence repository, it provides a platform that everyone can access.
- Distributed Resource Usage: It offers the opportunity to use distributed computing power and innovation resources worldwide within an incentivized framework.
These advantages enable Bittensor to offer an innovative and optimized strategy for the development and distribution of artificial intelligence technology.
The Bittensor Team
In Bittensor’s white paper, similar to Satoshi Nakamoto in Bitcoin, a pseudonym “Yuma Rao” is mentioned. It is not known whether this person really exists and there is no more information about him. However, the names behind the Bittensor Foundation are publicly known. There are many people working for the foundation, some of whom are former Google employees or researchers.
Investors of Bittensor (TAO)
What is TAO?
The TAO token is the native cryptocurrency of the Bittensor network. It has several fundamental functions and purposes within the ecosystem:
- Incentive: TAO is used to incentivize various participants in the Bittensor network. Thanks to the reward mechanism, it incentivizes the provision of computing power necessary for decentralized machine learning processes.
- Staking: Users need to stake TAO tokens to participate in the network as miners and earn rewards. It also safeguards the network by preventing any participant from exhibiting malicious behavior.
- Governance: TAO holders can participate in the governance of the network and vote in decision-making processes such as protocol upgrades.
- Transaction Fees: Transactions in the Bittensor network typically require a fee payment. These fees are paid with TAO.
- Economic Model: TAO underpins the network’s economic model. It is designed to balance supply and demand for computing resources, harmonize incentives among participants, and facilitate the exchange of value within the ecosystem.
- Access to Services: Users who need machine learning services provided by the Bittensor network can pay for these services using TAO.
The total supply of TAO is 21,000,000. The circulating supply at the time when this article was written is 6,327,131 and it is traded at the level of $608.
Where Can $TAO Be Purchased?
TAO, the native token of the Bittensor ecosystem, is traded on exchanges such as Gate.io, KuCoin, BingX, Bitget.
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