May 07
State of Bittensor #4
Bittensor, the leading blockchain for AI, has seen explosive growth over the past months. In this edition of our Bittensor update, we'll shine a light on some key stats and developments of Bittensor's AI ecosystem.
In recent months, Bittensor and $TAO have made remarkable strides. The launch of Bittensor's unique feature, the subnets, marked a significant milestone, and the market began to recognize the technological innovation that Bittensor represents.
The only blockchain for AI applications is rapidly becoming its universe. This has made it hard to keep up, so we have decided to write a monthly "State of Bittensor" to keep our community updated on the latest and greatest from Bittensor's growing open-source community of builders. Let's get to it.
TL/DR
- $TAO stats
- Subnets
- New Bittensor-related tokens
- Closing thoughts
$TAO stats
$TAO price action
Over the past month, $TAO has ranged from $450 to $390. Based on the market cap, Bittensor is now the 45th biggest project.
$TAO and $WTAO holders
As the network grows, so does the number of holders of $TAO (and $WTAO). In total, there are now roughly 136,000 token holders!
Staking stats
Currently, there 88% of all circulating $TAO is staked. This is partially why $TAO is so volatile, as the floating supply is low, meaning there aren’t that many tokens available when demand increases. The staking APY is 15%, while validators rake in 19%.
Subnets
Simply put, subnets are network components specialising in a specific AI-related task that the entire Bittensor ecosystem can use. Since the essential network feature went live, the maximum number of currently available subnets, 32, has been reached.
Subnets face several key limitations that hinder their effectiveness and scalability. For instance, limited evaluations from a few top Validators might not accurately represent diverse perspectives or may even be biased. Additionally, with a cap on the number of Subnets, competition against large centralized AI providers is restricted.
Bittensor aims to revolutionize this through several innovative mechanisms:
- Decentralization of Evaluation: Bittensor hopes to diversify perspectives and enhance the objectivity of evaluations by enabling all TAO holders to participate in the evaluation process.
- Expansion of Subnet Capacity: Increasing the maximum number of Subnets to 1024 allows for more participants, fostering greater innovation and competition.
- Incentive for Early Movers: Offering greater rewards to validaters who move to newer Subnets could stimulate dynamic competition and innovation within the ecosystem.
These upgrades are designed to address current shortcomings, ensuring a more competitive and inclusive environment that could produce higher-quality AI outputs. Below is the complete list of current subnets.
If someone registers a new subnet within a couple of days, the fee goes up even more. Bittensor is trying to use open and fierce competition and incentives to make all cylinders fire correctly, so poor-performing subnets are kicked off. This keeps everyone on their toes. However, as subnets start to do well and there's only a maximum (at the moment) of 32 subnets, the competition to set up a subnet is high. We are currently seeing a flip in the cost of subscription registration, which is on the upside.
Subnet in the spotlight: Cortex.t
The MyShell TTS Subnet represents a significant advancement in the text-to-speech (TTS) technology landscape. This initiative is set to enhance the capabilities of TTS applications, which are crucial across various sectors, such as virtual assistants, audiobooks, and more.
MyShell is known for its strong research foundation in TTS technology. The team, spearheaded by its cofounder from QinzyTech, includes experts from renowned institutions like MIT, Oxford, and Princeton. This team's expertise is backed by years of experience and previous successes with popular open-source models like OpenVoice and Melo TTS.
With the launch of the MyShell TTS Subnet, the goal is to leverage the Bittensor network's unique incentive system to foster collaboration among the brightest minds in the open-source community. This collaboration is aimed at refining and advancing open-source TTS models. By integrating these efforts with Bittensor's framework, MyShell is enhancing its product offerings and significantly extending Bittensor's reach to over a million registered users and 50,000 creators.
Looking forward, MyShell's vision aligns closely with Bittensor's decentralized incentives. It aims to create a collaborative ecosystem where innovation is rewarded and everyone can contribute to and benefit from advancements in TTS technology.
New Interfaces and Tokens
What's quite telling is that while Bittensor's architecture highlights one unified incentive system through $TAO, several Bittensor-adjacent tokens have started to appear. These are tokens for (d)apps that provide access to the Bittensor ecosystem and a token from a Bittensor validator used to attract more stakers/delegators. Here are a couple we ran into and liked thus far.
TensorSpace
TensorSpace is an AI platform that simplifies the development and deployment of AI applications through a no-code interface. This allows AI/ML enthusiasts, developers, and researchers to quickly build, fine-tune, and share custom GPT models without needing extensive technical expertise. Integrated with Bittensor, TensorSpace provides a marketplace for sharing computational resources like GPUs, TPUs, and LPUs. This integration facilitates the creation and deployment of AI projects on a larger scale, making advanced AI more accessible to individuals and small teams. The platform promotes a community-driven development approach, encouraging collaboration and sharing of AI advancements within its user community.
Tensorplex
Tensorplex is a company focused on enhancing decentralized AI infrastructure, particularly within the Bittensor network. It offers a range of products and services, including a liquid staking solution for Bittensor's TAO tokens. This allows users to earn staking rewards without locking up their tokens, improving their flexibility for use in various DeFi applications. Additionally, these tokens can be re-staked to support the security of datasets used in AI model training.
Tensorplex also develops web3-native Large Language Models (LLMs) that power autonomous agents and AI-driven web3 applications, such as research platforms and chatbots. This enhances the efficiency of on-chain interactions and automates responses to inquiries.
Integrating with Bittensor, Tensorplex's solutions not only facilitate the use of TAO tokens across different applications but also boost the development and utility of AI models in the Bittensor ecosystem. Their web3-native LLMs and on-chain agents further extend Bittensor's capabilities, enabling advanced research and application functionalities.
Virtuals Protocol
Virtual Protocol has launched its Audio-to-Animation (A2A) Subnet on the Bittensor network to advance the development of autonomous AI agents. The A2A model enables these agents to respond to audio cues with appropriate animations, enhancing their functionality in virtual environments. By partnering with Bittensor, Virtual Protocol aims to leverage the network’s decentralized, open-source community to accelerate R&D in this area. The A2A model supports a range of applications, from virtual companions to on-chain gaming, and paves the way for future developments in Audio-to-Video neural networks, potentially revolutionizing digital media creation. The subnet is available on the Bittensor testnet, inviting users to explore its capabilities and contribute to its evolution.
Closing thoughts
The Bittensor ecosystem is just getting started, with subnets gaining more and more traction. However, all 32 subnet slots have been filled in this short time, with the subnet ecosystem updates coming and expansion to 1028 subnets in the coming months.
Bittensor is rapidly becoming a microcosm, and we can’t wait to see what AI products get released next. It will also be interesting to see how long it will take before the subnet competition starts to become fierce, with subnets feeling the pressure of being replaced. We’ll keep you in the loop until next month!
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