The largest crypto exchange platform Binance has just completed the listing of the TAO token, belonging to the AI and ML project Bittensor, within its spot markets in the “Seed Tag” section.
The cryptocurrency can now be traded directly on the exchange using BTC, USDT, FDUSD, and TRY.
Let’s see all the details below.
Summary
What is the decentralized network Bittensor?
Bittensor is a crypto project that acts as a marketplace between providers and users of computing algorithms, based on the concept of a decentralized machine learning network.
Founded in 2019 by researchers Ala Shaabana and Jacob Steeves, operating in the field of artificial intelligence, the protocol was initially included as a parachain within Polkadot, before breaking away and developing a proprietary blockchain in March 2023.
Today Bittensor can be conceived as a decentralized ML computer that facilitates the connection between miners, who provide their own models and algorithms, and clients who use these outputs to power their applications.
Currently, platform customers can access 30 different domains, such as text prompts, automatic translations, data scraping, image generation, various weather forecasts, and much more.
Suppliers, on the other hand, communicate with each other through a competitive process that allows them to exchange data and provide efficient solutions to the end user: in practice, those who consistently provide accurate solutions to the proposed queries receive higher rewards.
The Bittensor AI ecosystem operates on 4 well-identified and distinct levels. These are:
- Miner Layer: main hub, where miners host and run various artificial intelligence models.
- Validator Layer: place where the integrity and consensus of the blockchain are preserved, ensuring that the network operates within the established rules.
- Enterprise Layer: area dedicated to solving the most complex problems through the use of artificial intelligence.
- Consumer Layer: final level that provides access to solutions and services generated by the network
Among the various goals of Bittensor, the main one is to democratize access to ML algorithms, often inaccessible to small businesses/individuals who do not have large capital and specific technical skills in the field of AI, expanding these models to a broad base of users worldwide.
Bittensor, in addition, aims to perform ML calculations without using traditional hardware that require a large amount of computational energy, which also entails a costly economic expense.
Finally, this protocol aims to revolutionize the world of algorithmic models by developing new solutions in the field of machine learning.
Listing on Binance: the crypto TAO opens for trading with BTC, USDT, FDUSD, and TRY
An extremely important element of the Bittensor ecosystem is the TAO crypto, just introduced in the cryptographic exchanges of the Binance exchange with the coin listing taking place today at 12 UTC.
Before delving into the details of the listing, let’s briefly describe the role of TAO within Bittensor: this token is used as a utility token to pay for access to algorithms and ML processing.
At the same time, it represents a resource for staking, which can be locked to validate transaction blocks on the project’s blockchain.
I validators of the chain must necessarily stake TAO to earn block rewards, similar to how it works on Ethereum.
The cryptocurrency in question has a maximum supply set at 21 million (the same as BTC), with a rate of new coin issuance that is halved every 4 years just like Bitcoin halving.
The next TAO halving is expected in September 2025 and will halve the block reward from 1 TAO to 0.5 TAO.
Returning to the listing on Binance, we observe how the world’s largest cryptocurrency exchange has opened trading for TAO within the “Seed Tag” section with the trading pairs: TAO/BTC, TAO/USDT, TAO/FDUSD, and TAO/TRY.
The currency was already exchangeable on other platforms such as Bitget, Kucoin, Bybit, Gate.io, and others, but the listing on Binance opens the doors to a new era of greater liquidity and more intense trading volumes.
We can notice how today’s breaking news led to a 25% increase in the value of TAO, going from $570 this morning to the current $722.
TAO was first launched on the crypto markets in March 2023, when it was trading at a price of around 90 dollars, but only from October onwards it has seen its value skyrocket.
In a few months TAO has grown by 1400%, attracting large capital, driven by the hype of the AI trend that has monopolized the attention of risk-on markets during Q4 2023.
Among all AI tokens, it was the one that benefited the most from the excitement for projects based on themes like machine learning and artificial intelligence, even surpassing competitors Render and Akash.
