Bittensor has a native token called $TAO, which is used for governance, staking, and as a means of payment for accessing AI services and applications built on the Bittensor TAO network. TAO tokens are rewarded to users who contribute valuable data or computational resources to the network. The blockchain is updated every 12 seconds, and newly minted TAO tokens are distributed to the system. TAO tokens have several core utilities within the Bittensor network. These include:
- Governance: TAO tokens are used to vote on proposals and changes to the Bittensor network.
- Staking: TAO tokens can be staked to participate in the consensus mechanism and earn rewards.
- Payment: TAO tokens are used as a means of payment for accessing AI services and applications built on the Bittensor TAO network
TAO tokens are rewarded to crypto users who contribute valuable data or computational resources to the network. The maximum supply of TAO tokens is 21,000,000. There was an initial iteration of the network name Kusangi which was started on the 3rd January 2021 and then halted in the middle of May so that some issues could be addressed. The blockchain and all 546,113 previously mined TAO were migrated to Nakamoto which was started on 21st November 2021 from block 0. The Finney network network was officially launched on the 20th March 2023.