"Early on Monday, the supply of new cryptocurrency tied to Bittensor-a decentralized network of AI projects-dropped by half. The halving was the first the currency has experienced and came about by design, reflecting how Bittensor shares the same anti-inflationary architecture as Bitcoin. The event also serves a milestone for one of the most novel and ambitious cryptocurrencies to launch in years."
"Currently, Bittensor has a market capitalization of $2.7 billion, according to the crypto analytics site CoinGecko. That pales in comparison to Bitcoin but is number 50 on the list of most popular cryptocurrencies. It also enjoys the backing of influential crypto billionaire Barry Silbert. At a time when AI is dominating the economy and the political discourse, Bittensor offers the promise of a decentralized alternative to Big Tech-provided it can keep picking up traction in the crypto world and beyond, and if its price holds up following the new drop in supply."
"Founded by Jacob Steeves, a former Google engineer, in 2019, Bittensor is designed to repurpose the mechanics of Bitcoin for AI. In the world of Bitcoin, owners of fleets of computer servers leverage their processing power to process and secure cryptocurrency transactions. This is called Bitcoin mining. Similarly, Steeves devised a system where fleets of computers compete to process AI computations. In exchange for their processing power, these "miners" receive Bittensor's cryptocurrency, TAO. In aggregate, Bittensor is like a decentralized server farm for AI."
Bittensor experienced its first halving, reducing the issuance of its TAO token by half as part of a built-in anti-inflationary model similar to Bitcoin. The network functions as a decentralized AI compute marketplace where participants provide processing power and receive TAO in return. The project was founded in 2019 by Jacob Steeves and positions itself as a decentralized alternative to centralized AI offerings. Bittensor currently has a market capitalization around $2.7 billion and counts prominent crypto backers. Future success depends on continued crypto traction, broader adoption, and price resilience after the supply reduction.
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