Aug 06
State of Bittensor #7
Bittensor, the leading blockchain for AI, has seen explosive growth over the year. 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 $225 to $360. Based on the market cap, Bittensor is now the 52nd biggest project.
$TAO and $WTAO holders
As the network grows, the number of $TAO (and $WTAO) accounts have grown. In total, there are now roughly 104,000 token holders, which is a 10% increase from June!
Staking stats
Currently, 81% 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 36 to 45, 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: Bettensor
Bettensor is a subnet within the Bittensor ecosystem, leveraging decentralized technology to enhance the accuracy of sports price predictions. The platform utilizes collective intelligence, drawing data from a diverse community to forecast sports outcomes effectively.
Bettensor's accuracy is bolstered by its decentralized approach. Users submit their predictions, which are refined through the collective intelligence of the network. This method not only improves the precision of individual predictions but also enhances the overall reliability of the platform's forecasts.
In terms of statistical performance, Bettensor's scoring system is designed to reward accuracy. Users receive a daily balance of simulated funds to wager on various sports events. Predictions are validated and scored based on their accuracy, with rewards distributed proportionally. The system is structured to heavily incentivize correct predictions, making it a valuable tool for those interested in sports betting and analysis.
Sharpe AI
Sharpe AI is an AI-powered crypto super-app designed for trading, tracking, and investing in digital assets. With more than $500 million in platform volume, Sharpe AI offers a comprehensive solution for crypto enthusiasts and traders.
Sharpe AI utilizes the Bittensor subnet, an open-source protocol that creates a decentralized network for AI models. By leveraging the AIT subnet within the Bittensor ecosystem, Sharpe AI mines TAO tokens, enhancing its AI capabilities and overall platform performance.
The platform's native token, $SAI, serves multiple purposes. It provides utility and governance functions, offering users benefits such as discounts on trading products, potential airdrops, voting rights, and staking rewards. This token model encourages long-term participation and growth within the ecosystem.
Sharpe AI is recognized for its robust integration and partnerships, including support from Google, Microsoft, IBM, and OpenAI. The platform aims to combine data intelligence, trading products, and DeFi execution to create a vertically integrated solution for the crypto market.
Omega Labs
Omega Labs is developing OMEGA Any-to-Any (A2A), a decentralized AI project on the Bittensor blockchain. This initiative aims to create advanced multimodal models by attracting top AI researchers to train on Bittensor's incentivized platform, fostering a self-sustaining research lab where contributors are rewarded for their compute and research.
Omega A2A integrates all data types (text, image, audio, video) into a unified model, believing that true intelligence arises from the interplay of these modalities. The project uses decentralized data collection to ensure diverse, representative datasets, avoiding underrepresentation issues.
Bittensor's AIT subnet, which Omega A2A utilizes to mine TAO tokens, enhances its AI capabilities. This subnet acts as a high-bandwidth router, incorporating specialist models from other subnets.
The roadmap for Omega A2A includes:
- Foundation (Q2 2024): Develop a validation mechanism for video understanding and create a state-of-the-art image and video model.
- Fully Multimodal (Q3 2024): Produce a comprehensive model covering all modalities, develop user interfaces for miners and validators, and release open-source embedding models.
- Exponential Progress (Q4 2024): Create the first open-source model outperforming closed-source counterparts, form partnerships, and implement task-driven learning.
- Agentic Focus (Q1 2025): Launch a validation mechanism for real-world tasks, achieve top performance on agent benchmarks, and provide digital twin companions through the OMEGA Focus app.
Closing thoughts
The Bittensor ecosystem is just getting started, with subnets gaining more and more traction. All 45 subnet slots have been filled in this short time, with the subnet ecosystem updates coming and expansion to 1028 subnets in the coming years.
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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