TAO/USD (-4.55%)
The Bittensor Ecosystem combines artificial intelligence (AI) and blockchain technology. Its native token provides access to this merger and its products. As the project describes it, TAO is 'the embodiment of intelligence and knowledge.' It's not just a currency; it's an opportunity for token holders to discover AI innovations in the ecosystem.
A Bit About Bittensor
Bittensor (TAO) is not like most cryptocurrencies. Its network delivers computational power for machine learning tasks as opposed to cryptocurrency transactions. The token establishes an incentive and economic structure for the ecosystem, facilitating a decentralized machine learning (ML) marketplace. TAO's main role is incentivizing miners, by rewarding them in exchange for valuable data and computational resources. Asset holders can use it for other tasks as well, including staking.
Pioneering the next generation of decentralized AI!CryptoLists.com
The Bittensor network takes a decentralized approach to AI and ML, facilitating the easy sharing of knowledge. It's a marketplace where anyone with the means can access machine learning services. TAO is the currency that gives you the power to capitalize on the protocol. The token benefits from the network's Proof of Stake consensus. Most networks, such as Bitcoin, use Proof of Work. In a PoS mechanism, the number of tokens a validator holds is what guides their selection. It shows that they have collateral on the network, which is a more efficient way of validating transactions.
Utility of Bittensor?
As Bittensor's native token, TAO serves several needs in the ecosystem. Understanding how to use the token is how you get maximum value from it. The following are the main use cases for TAO in the Bittensor Ecosystem.
Incentivization
Bittensor is a decentralized protocol that operates on a peer-to-peer model. The community's contribution is integral to the expansion of the AI marketplace. TAO incentivizes users to participate in the ecosystem. Miners receive tokens as rewards for providing computational resources. When the network receives a request from a client asking for a prediction, it goes to a miner to process it. Miners have locally hosted machine learning models that enable them to fulfil different tasks. Rewards motivate miners to keep presenting the Bittensor network with computational power.
Transaction Fees
When you transact on the Bittensor network, for example, transferring tokens, you might incur charges. Transaction fees go to miners and validators responsible for processing tasks. TAO is used to pay them. So, you must have enough TAO to pay for the cost of your transaction.
Staking
Passive income is one of the biggest reasons to hold on to a crypto token, TAO is no exception. Staking lets you earn income by holding your tokens for a specified period. After the staking duration, you get your tokens and a reward. Staking TAO is not just about rewards, though. It's a form of collateral. With your tokens in the network, you have the motivation to work in the best interest of Bittensor. Another reason to stake TAO is to help improve the network's security.
Access to Services
TAO allows you to pay for services in the Bittensor Ecosystem. The marketplace offers machine learning services. You can get predictions, model training, and data analysis for your tokens.
Governance
You have a chance to take part in the decisions regarding Bittensor if you own TAO. Bittensor's governance protocol leaves management in the hands of the community after transitioning it from centralization within the foundation. Token holders can vote on protocol upgrades, propose the creation of new sub-networks, and make other vital decisions. Giving voting power to TAO holders enhances the network's security and transparency.
Bittensor Price details
›› TAO tokenomics and social media
Advantages of Bittensor
+ $TAO gives you the power to participate in the open AI marketplace and promote innovation+ The token's utility has the potential to expand as the Bittensor network grows over time
+ As a TAO holder, you can delegate your tokens to a validator to earn rewards, which you then share
+ You can buy or trade with TAO at some of the biggest exchanges, including several listed below
+ Robust privacy integrations and anti-cheating measures in the ecosystem ensure fair and safe TAO transactions
Disadvantages
- TAO, similar to other decentralized currencies, is subject to market volatility- Due to the project's unique approach, the TAO token can be complex and intimidating for novices
- User education and network effects are some factors that might lead to the token's slow adaption
- An uncharted regulatory framework may affect TAO's expansion
- Trading and transacting with TAO comes with potential security issues
Costs
▪ Rated at 8.5/10The network fees, which are the cost of transacting with the token, are between 0.1% and 0.2%. Due to the incentivization of miners to mine more TAO, the token is cost-effective. When withdrawing the token, the lowest you can pay is 0.003 TAO, about $0.08 at the time of writing. The average withdrawal fee is 0.0074 TAO or $2.1. Compare rates from leading exchanges to find the most affordable one for your transaction requirements. Remember to check the staking and conversion spread fees if you are a staker or trader.
Reputation and Buzz
▪ Reputation rated at 9.5/10▪ Buzz rated at 10/10
The Bittensor Protocol is a unique approach to blockchain technology. So, it's not for nothing the project received a lot of attention when it launched. Providing a native token only served to raise interest in Bittensor and TAO. Within a year after launching, the token was available on the most notable decentralized and centralized cryptocurrency exchanges.
Backing from recognized investors, such as FirstMark Capital, Digital Currency Group, and Polychain Capital, has helped build TAO's reputation. In an age when artificial intelligence and machine learning are at the forefront of technology, Bittensor has a promising future. As the need for innovation leads to a higher demand for machine learning services, TAO is expected to gain more value.
FAQ
Who founded Bittensor?
Ala Shaabana and Jacob Steeves are the minds behind the blockchain machine learning project. The founders have experience in AI research and computer science.
Does Bittensor (TAO) have its own wallet?
Presently, no. You can, however, store the token in wallets compatible with the Polkadot ecosystem. An example is the Polkadot JS wallet, which offers excellent usability and a broad range of features.
What is Bittensor TAO's total supply?
The token is modeled after Bitcoin in many ways, including its fixed supply, which is 21 million. This fixed figure maintains the token's scarcity, thus increasing its value over time.
Can I trade Bittensor (TAO) on a decentralized exchange?
Yes. Several DEXs offer TAO for trading, which you can do directly from your wallet. The pairs available vary from one exchange to another.
History of Bittensor
January 2021 - Although the Bittensor project started running in 2019, it wasn't until 2021 that the TAO Fair Launch took place at an initial price of $0.1262 (its lowest recorded price).
March 2023 - It moved from Polygon to its own blockchain and launching the new TAO token.
March 2024 - Bittensor (TAO) attains its highest recorded price of $724.33.
July 2024 - The Bittensor blockchain suffers a security breach, forcing it to go into safe mode and stopping transactions. TAO's prices dropped 15% after the incident.
Screenshots from Bittensor
More sites where to buy/sell/trade Bittensor
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin. Click on the logo to read our review.
