Bittensor (TAO): The Machine Learning Protocol That Surges 90% in Two Weeks

Bittensor (TAO), a blockchain-based machine learning protocol, has shown remarkable growth in both its network and its token price. According to Coingecko data, the TAO token has increased by more than 90% and reached a market cap of $3 billion in the past two weeks. As of February 6, 2024, TAO is trading at $493.91 down 1% in the past 24 hours.

TAO price in 1 month | Source: Coingecko

Bittensor claims to have nearly 70,000 active accounts and has issued about $5.8 million worth of TAO tokens. The protocol allows different AI models to collaborate and form an artificial intelligence network. This network incentivizes developers to create better AI models and receive rewards for doing so.

Ala Shaabana, the co-founder and COO of Opentensor Foundation, the organization behind the protocol, explained the mechanism to The Block as follows:

“Everyone in the system will compete with each other to provide the best possible output. If I do better than you, I will get more rewards because my model is working better”.

One of the catalysts that boosted TAO’s price was the mention of Bittensor by Ethereum founder Vitalik Buterin. About a week ago, Vitalik wrote about Bittensor in his blog, saying that Bittensor is bringing AI applications to users through various crypto incentives.

“Using crypto incentives to incentivize making better AI” can be done without also going down the full rabbit hole of using cryptography to completely encrypt it: approaches like BitTensor fall into this category”.

Source: Vitalik Buterin

At the macro level, the convergence of AI and blockchain seems to be a hot topic in the development community. A project that combines both is what leaders are aiming for, as it will address the concerns about the concentration of power and risk by centralized organizations like OpenAI and Google.

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