Bittensor (Tao) Report
- Project Overview
Bittensor is a decentralized artificial intelligence network. Anyone can produce competitive digital commodities on it. These digital commodities can be machine intelligence, storage space, computing power, protein folding, financial market predictions, and more, and receive TAO rewards.
The architecture of Bittensor can be divided into two layers. The bottom layer is a blockchain based on Polkadot Substrate, responsible for executing the consensus mechanism and incentivizing the network. The AI layer is responsible for reasoning, training, and ensuring input/output compatibility between Bittensor protocol nodes.
The core of Bittensor is the subnet. The subnet is a competitive market. Anyone can create a subnet or participate in an existing subnet. By paying a registration fee (in TAO), a subnet can be created. Subnets compete with each other to achieve survival of the fittest. Current subnets include large language models, fine-tuned models, language translation, data, and more.
The tasks of subnet miners depend on the subnet. For example, in subnet 1, the miners' task is to respond to text prompts; in subnet 2, the miners' task is machine translation; and in subnet 21, the miners' task is to provide storage space.
Subnet validators rank the quality of the work done by subnet miners.
- Token Economic Model
In January 2021, the first batch of Bittensor protocol miners and validators were launched, and the network began to operate. Bittensor's currency (TAO) is a utility token designed to incentivize the generation of machine intelligence. Therefore, the team chose a fair launch—no pre-mining of tokens or ICO—to ensure that each TAO reflects real machine learning work. Just as Bitcoin introduced a decentralized currency not controlled by any central authority, Bittensor also promises a fair, anti-enterprise intelligence future.
7200 TAO are created every day, with a new TAO created (minted) every 12 seconds. This single TAO is then distributed across all subnets. Therefore, every 12 seconds, each subnet receives a small portion of the newly created TAO based on the performance of the subnet. The portion of TAO rewards received by the subnet (referred to as emissions) is then distributed within the subnet as follows:
- 18% is owned by the subnet owner.
- 41% is allocated to subnet validators (referred to as dividends).
- 41% is allocated to subnet miners (referred to as incentives).
The production is halved every 4 years, with the next halving scheduled for September 2025.
Each TAO token can be directly associated with intelligence contributed by miners to the network and verified by validators. As the Bittensor network continues to develop and expand, the work contributed by miners will become increasingly complex. This work will take the form of numerous decentralized commodity markets, all under a unified token system. By holding TAO, individuals and institutions will be able to access an interconnected digital resource network, ultimately generating intelligence.
By delegating your TAO to validators, you can receive staking rewards. Validators distribute 82% of the rewards in the form of TAO to the delegators. By staking to validators, you can support the entities built on the network (i.e., TAO Stats).
- On-chain Data
According to the official browser calculation, as of September 27, 24, the circulating supply of Tao is 7.45 million (the circulating supply of 7.38 million on coinmarketcap is somewhat outdated). According to official browser data, the staking rate of Tao is 5.89 million. The staking rate is as high as 79%, which is an extremely exaggerated staking rate.
From the on-chain addresses, 16 out of the top 20 addresses have all their Tao staked. This is likely the staking addresses provided by users.
It is speculated that the Binance address owns 566,000 Tao.
Due to the limited data provided by Bittensor, the information is very limited.
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