Bittensor: The Best-Performing AI-focused Cryptocurrency
Bittensor (TAO) has recently gained significant attention as the best-performing asset in the field of artificial intelligence (AI). It has soared by an impressive 109% over the past 30 days, achieving a market capitalization of $2.9 billion.
Bittensor’s ‘Game-Changing’ Upgrade
Sami Kassab, a researcher at Messari, states that Bittensor has transitioned from a niche crypto-AI project to gaining widespread recognition within the open-source AI community. A significant network upgrade proposal called Dynamic TAO has been pivotal in this surge.
The current system has two key issues: concentration of influence over emissions and scalability problems. The proposed upgrade aims to replace the Root Network with an automated mechanism for emission distribution based on market demand.
Bullish Demand for TAO
To prevent dilution of TAO, subnet tokens are non-transferable outside the Bittensor system. The conversion between subnet tokens and TAO occurs through intrinsic liquidity pools, requiring the purchase and staking of TAO within a subnet pool.
This design is expected to create bullish demand for TAO as the need for subnet tokens increases. If subnets achieve a collective valuation of $1 billion, the demand for TAO could witness a 2-4x surge.
Hot Take: Bittensor’s Intriguing Approach to Growth
Bittensor’s solutions and proposals aim to drive growth within its ecosystem, attracting investors, stakers, and developers in AI. The native token, TAO, plays a crucial role in these initiatives.
The current trading price of TAO is $481 with sustained upward growth. The protocol’s ability to attract new investors and developers may drive TAO’s price beyond its current all-time high of $521.
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