Earlier I wrote about why I think Bittsensor is one of the most exciting coming to DOT in February. Below is their rationale for joining Polkadot network:
Subtensor, our network blockchain, is the foundational structure for our network - aligning incentives and streamlining the creation of machine intelligence. As the network has expanded, we have decided to integrate with an external system to support a smooth process of evolution and scaling. We chose to integrate with the Polkadot ecosystem.
Why?
Substrate-based, simple, secure, and cost-efficient
Polkadot uses Substrate, a modular language used on multiple other blockchains. A language like this gives us fine control over our blockchain and consensus mechanism. The fully-shared blockchain ecosystem is also simple to integrate with, low-cost and energy efficient, allowing us more resources to devote to the critical network activity: creating machine intelligence.
Fit for a next-generation governance protocol
Polkadot offers an advanced set of governance tools so that we can automatically deploy fork-less upgrades and custom-create our developing governance system. Developing a governance structure that works efficiently in practice will be an iterative, continuously evolving process, and we need to integrate with a system that promotes this.
Synchronicity of Values
Integrating with Polkadot will be the beginning of what we hope will be a long-term, fruitful partnership, so it helps that they share many of our foundational values. Polkadot was founded on principles of transparency, fairness and decentralization while also displaying a commitment to axiomatic evolution and change. We are in alignment with all of this.
This next step is as crucial as it is daunting. We will be losing a lot of control over the system and opening it up to the world. But that is where this was always going.
For those not familiar with Bittensor - resources below:
https://github.com/cetiny/awesome-bittensor
My quick take:
Bitcoin uses more computing power than top 500 supercomputers combined for one purpose only, to verify the transactions and provide security.
Being on DOT allows Bittensor to use 100% of compute power toward an open-source, scalable, globally distributed, decentralized neural network. The idea is that several thousand machine learning models work together on different tasks, while helping and learning from each other. This may also restructure the way in which we are incentivizing the creation of intelligence itself, replacing the standard academic competition with markets.
The project is still in an “incognito” phase, as they are still pre-mining. For now, it is possible to get tokens from pre-miners (OTC) on Discord or dedicated OTC / BTC exchange. DEX timing q1/q2 after DOT onboarding. Early backers include Polychain Capital, Digital Currency Group and Firstmark Capital.
The Founders:
Jacob Steeves (enterprise machine learning at Google) and Ala Shaabana (IBM AI division)
Problems addressed:
Bittensor hopes to scale resources available towards AI while lowering the cost of AI development significantly. And in process making it a lot more decentralized and open to miners (in this case AI modelers with sufficient GPU power) who can earn tokens by providing most optimal AI solutions on the network.
Tokenomic and Token Utility:
The value of TAO is connected to the value of the intelligence that it is produced by the network. Ownership of the network comes with holding TAO. So, if someone holds a fair amount of TAO, he gets to decide, on what the network will be trained on. The Tokenomics are inspired by Bitcoin: The max supply of TAO is 21 Million tokens and every four years there is a halving event (the first one in 2025). The current issued supply is around 3.7 Million TAO. Current price around 42 (up 420% since August) implied market cap at around $150/160m.
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