Jun 04
State of Bittensor #5
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 $380 to $490. Based on the market cap, Bittensor is now the 51th biggest project.
$TAO and $WTAO holders
As the network grows, the number of $TAO (and $WTAO) accounts have fallen. In total, there are now roughly 86,000 token holders!
Staking stats
Currently, 83% 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 17%, 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.
The Bittensor team recently decided to raise the Subnet Limit from 32 to 36, aiming to enhance network stability and infrastructure. Previously, the 32 subnet limit led to frequent deregistrations, putting pressure on Subnet owners and miners to quickly turn profitable. This adjustment addresses those concerns, with plans to eventually reach 1024 subnets.
Increasing the subnet limit provides Subnet owners with more time to innovate and stabilize their operations, reducing the risk of deregistration. Many teams struggled to achieve stability within the previous constraints, leading to rapid deregistrations. This update allows for a more gradual and manageable process. Moreover, it affords validators more time to assess subnets without the fear of immediate deregistration pressures.
Miners benefit as well, gaining additional time to optimize their models within a less competitive environment. With more available subnet spaces, deregistrations occur less frequently, offering miners greater stability and opportunity. Additionally, the expanded network capacity encourages broader miner participation, further decentralizing the Bittensor network.
Subnet in the spotlight: Healthi
Healthi is a pioneering project within the Bittensor network, focusing on using AI models for predictive diagnostics based on electronic health records (EHRs). This subnet leverages the power of AI to forecast diseases, aiming to enhance patient outcomes and improve healthcare delivery.
The Healthi subnet operates as a specialized unit within the larger Bittensor network. It uses a compartmentalized approach, allowing for efficient resource allocation and specialization in healthcare-related AI tasks. The subnet encourages competition among miners—AI models—by rewarding those with the best performance in predicting clinical outcomes. This system, known as proof-of-service consensus, ensures that the subnet continuously strives for high-quality and efficient AI performance.
A key feature of the Healthi subnet is its decentralized execution. By distributing workloads across numerous nodes, it enhances security and reduces the risk of data manipulation, eliminating single points of failure that are common in centralized AI models. This decentralization not only secures the data but also improves the overall reliability of the AI models.
The Healthi subnet also promotes innovation through its open-source nature, encouraging community involvement and the development of new solutions tailored to specific needs. This openness democratizes AI development, allowing a diverse range of contributors to participate and benefit from advancements in AI technology.
The benefits of the Healthi subnet are significant. It improves patient outcomes by providing accurate disease forecasting and personalized clinical risk management. Its decentralized and open-source nature ensures robust security measures and fosters continuous innovation and community engagement.
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.
Tao.Bot
With Tao.Bot, you can easily access Bittensor subnets directly from Telegram, making network engagement convenient. The Lightning Bridge feature offers the fastest TAO to WTAO conversions, enabling near-instant transactions. For those looking to optimize their staking rewards, the Smart Delegate feature automatically stakes your TAO (and soon, Dynamic TAO) to the best-performing validators.
Trading is also made simple with Tao.Bot. You can buy and sell Dynamic TAO through the bot and use it for ecosystem participation, delegation, or converting into wrapped subnet tokens for trading. Additionally, the Stats feature provides a user-friendly and interactive visualization of the Bittensor ecosystem, helping you make informed decisions.
NeuralInternet
NeuralInternet is an AI research and development DAO that utilizes the decentralized Bittensor network. This network supports a variety of AI models, including text, image, and audio, offering advanced AI solutions without the constraints of centralized systems. As a delegate validator, NeuralInternet ensures network integrity and shares rewards with its delegators.
Key services include ChatNI, a decentralized AI chatbot, and ReplyTensor, a social media bot for Twitter and Telegram. The platform also features a DeFi market for lending and borrowing within the Bittensor ecosystem, managed through NFTs for security, and a Bounty Platform that allows users to trade the native TAO currency for developer expertise.
PRValidator
PRValidator is a professional media validator dedicated to promoting the Bittensor network and its native token, $TAO. It secures top-tier media coverage, helping build Bittensor's brand and create global awareness. By delegating their $TAO to PRValidator, stakeholders earn rewards that fuel growth and media outreach. PRValidator specializes in public relations, storytelling for founders and projects, and branding strategies. It has successfully garnered attention from major publications like The New York Times, Forbes, and the Wall Street Journal, demonstrating strong mainstream interest in Bittensor
Closing thoughts
The Bittensor ecosystem is just getting started, with subnets gaining more and more traction. All 336 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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Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.
