BitTensor (TAO) Metrics
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BitTensor (TAO)
What is BitTensor?
BitTensor (TAO) is a decentralized machine learning network designed to create and manage a global intelligence market. Launched in 2021, the project aims to incentivize the sharing of machine learning models by connecting them through a blockchain-based protocol. BitTensor operates on its own blockchain, utilizing a consensus mechanism that encourages participants to contribute computational resources and machine learning models in exchange for its native token, TAO. The TAO token serves multiple functions within the BitTensor ecosystem, such as facilitating transactions, staking, and governance, enabling participants to vote on network upgrades and changes. BitTensor distinguishes itself by integrating blockchain technology with machine learning, fostering a decentralized network where AI models can be exchanged and monetized without centralized control. This unique combination positions BitTensor as an innovative platform in the intersection of blockchain and artificial intelligence.
When and how did BitTensor start?
BitTensor originated in 2021 when its founding team released the project's whitepaper, outlining their vision for a decentralized machine learning network. The project took significant strides with the launch of its testnet in the same year, allowing developers and early adopters to engage with the network and provide feedback on its functionality. Following this period of testing and refinement, BitTensor's mainnet went live in 2022, marking its transition to a fully operational platform. The early development of BitTensor was focused on creating a decentralized infrastructure that supports the training and deployment of machine learning models. The token's initial distribution was conducted through a fair launch, emphasizing community involvement and decentralized participation. These foundational steps were crucial in establishing BitTensor's presence in the blockchain and AI ecosystems, setting the stage for further growth and development.
What’s coming up for BitTensor?
According to official updates, BitTensor is gearing up for several key developments. A significant upcoming milestone is the release of the "Nakamoto" upgrade, targeted for Q4 2023. This upgrade focuses on enhancing network scalability and efficiency. Additionally, BitTensor is planning a series of integrations with major AI platforms, expected to roll out progressively through early 2024. These integrations aim to expand BitTensor's utility in AI model training and inference. Furthermore, a governance proposal is set for community voting in Q1 2024, which will address protocol improvements and potential new features. These initiatives are designed to bolster BitTensor's infrastructure and broaden its application scope, with progress being monitored through their official GitHub repository and roadmap updates.
What makes BitTensor stand out?
BitTensor stands out through its innovative approach to decentralized machine learning, utilizing a unique consensus mechanism called "Proof of Knowledge." This mechanism incentivizes participants to contribute valuable machine learning models to the network, enhancing the overall intelligence of the system. BitTensor operates on a specialized blockchain architecture designed to support efficient and scalable machine learning tasks, setting it apart in terms of throughput and computational efficiency. The project emphasizes interoperability, allowing seamless integration with various machine learning frameworks and tools, which broadens its applicability across different domains. Additionally, BitTensor's governance model is community-driven, ensuring that decisions regarding network upgrades and development are made collaboratively, fostering a decentralized and inclusive ecosystem. The ecosystem is further enriched by strategic partnerships and collaborations with research institutions and technology companies, which contribute to its growth and relevance in the AI and blockchain landscapes. These features collectively position BitTensor as a distinct and innovative player in the field of decentralized machine learning.
What can you do with BitTensor?
The TAO token in the BitTensor network is primarily used for staking, allowing users to participate in securing the network. By staking TAO, users can potentially earn network rewards. The token also plays a role in governance, where holders can participate in decision-making processes through voting on proposals that impact the network's future. Developers can leverage BitTensor to build decentralized applications (dApps) and integrations, utilizing the network's infrastructure for creating AI models and other innovative solutions. The ecosystem supports various wallets and tools that facilitate interactions with the TAO token, enabling seamless participation in network activities.
Is BitTensor still active or relevant?
BitTensor remains active through recent developments and community engagement. As of the latest updates, BitTensor has seen ongoing development activity, with recent releases and upgrades highlighted in its GitHub repository. The project continues to focus on enhancing its decentralized machine learning network, which is a key area of development. BitTensor maintains integration across various machine learning and blockchain ecosystems, ensuring its utility and application in these sectors. Additionally, the project remains relevant through active community governance, where proposals and votes are regularly conducted to steer its future direction. These indicators suggest that BitTensor is both active and relevant in the decentralized technology and machine learning space.
Who is BitTensor designed for?
BitTensor is designed for developers and researchers focused on decentralized machine learning and artificial intelligence. It enables them to contribute to and benefit from a global, decentralized network for training AI models. The platform provides tools and resources, including APIs and SDKs, to facilitate the integration and utilization of its network. Secondary participants, such as validators and token holders, engage through staking and governance, helping to secure the network and influence its development. This collaborative ecosystem aims to democratize AI research and development, allowing participants to share insights and computational resources while earning rewards.
How is BitTensor secured?
BitTensor employs a unique consensus mechanism known as Proof of Stake (PoS) to secure its network. Validators play a crucial role in confirming transactions and maintaining the network's integrity. They are required to stake a certain amount of tokens, which aligns their incentives with the network's health. The protocol utilizes advanced cryptographic techniques, such as Ed25519, to ensure authentication and data integrity. To incentivize honest participation, validators receive staking rewards, while slashing penalties are imposed to deter malicious activities. The network's security is further enhanced by regular audits and a robust governance framework, which includes community participation in decision-making processes. These elements collectively contribute to BitTensor's resilience and security.
Has BitTensor faced any controversy or risks?
BitTensor has faced certain risks and challenges primarily related to its innovative approach in the blockchain and AI space. As a decentralized network for machine learning, it inherently carries technical risks, such as potential vulnerabilities in smart contracts or network infrastructure. To address these, the BitTensor team has implemented rigorous security audits and continuous monitoring to identify and mitigate vulnerabilities. Additionally, there could be regulatory risks due to the evolving nature of cryptocurrency regulations globally, which the team manages by staying informed and compliant with legal standards. Community and governance disputes are also potential risks, but BitTensor employs decentralized governance mechanisms to ensure transparent decision-making. Ongoing risk mitigation includes regular updates, community engagement, and security practices to maintain the integrity and relevance of the network.
BitTensor (TAO) FAQ – Key Metrics & Market Insights
Where can I buy BitTensor (TAO)?
BitTensor (TAO) is widely available on centralized cryptocurrency exchanges. The most active platform is Binance Futures, where the TAO/USDT trading pair recorded a 24-hour volume of over $107 038 537.17. Other exchanges include Binance and Coinbase.
What's the current daily trading volume of BitTensor?
As of the last 24 hours, BitTensor's trading volume stands at $107,914,563.67 , showing a 42.24% increase compared to the previous day. This suggests a short-term increase in trading activity.
What's BitTensor's price range history?
All-Time High (ATH): $769.13
All-Time Low (ATL): $82.93
BitTensor is currently trading ~76.80% below its ATH
and has appreciated +435% from its ATL.
What's BitTensor's current market capitalization?
BitTensor's market cap is approximately $1 717 109 113.00, ranking it #46 globally by market size. This figure is calculated based on its circulating supply of 9 597 491 TAO tokens.
How is BitTensor performing compared to the broader crypto market?
Over the past 7 days, BitTensor has declined by 1.99%, underperforming the overall crypto market which posted a 0.79% gain. This indicates a temporary lag in TAO's price action relative to the broader market momentum.
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BitTensor Basics
| Open Source | Yes |
|---|
| Website | bittensor.com docs.bittensor.com |
|---|
| Source code | github.com |
|---|---|
| Asset type | Coin |
| Explorers (1) | bittensor.com |
|---|
| Tags |
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BitTensor Exchanges
BitTensor Markets
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
How to use it?
By default Market depth is showing the most liquid markets sorted by Combined Orders (which is a sum of buy and sell orders). This way it provides the most interesting information already. Left (green) side of the market depth bar is showing how many buy orders are open, and right (red) side of the bar is showing how many sell orders are open (both can be recalculated to BTC, ETH or any fiat we have available on the site).


Confidence
Due to rampant malicious practices in the crypto exchanges environment, we have introduced in 2019 and 2020 new ways of evaluating exchanges and one of them is - Confidence. Because it's a new metric - it's essential to know how it works.
Confidence is weighted based on 3 principles:
Based on the liquidity from order books (75%) - including overall liquidity and market depth/volume ratio, volumes included, if exchange is low volume (below 2M USD volume 24h)
Based on web traffic (20%) - using Alexa rank as a main indicator of site popularity
Based on regulation (5%) - researching and evaluating licensing for exchange - by respective institutions
Adding all of these subscores give overall main result - Confidence
Confidence is mainly based on liquidity, because it's the most important aspect of cryptocurrency exchanges. Without liquidity there is no trading, illiquid markets tend to collapse in the long term. Besides liquidity - there is also an additional factor in calculation of score - market depth/volume ratio. If volume is huge (especially when it’s growing much faster than liquidity), and market depth seems to not keep pace with - it's reducing overall score. Exchanges that keep market makers liquidity with expanding volume are those that keep all ratios in-tact and have overall score above 75-80% (it means that they have all liquidity ratios above minimum requirements, high web traffic participation, and are often regulated).
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| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 1 | Bitcoin BTC | $1 332 033 864 535 | $66 614.57 | $29 131 772 284 | 19,996,134 | |||
| 2 | Ethereum ETH | $235 729 695 988 | $1 957.46 | $14 868 682 261 | 120,426,316 | |||
| 4 | BNB BNB | $85 762 175 623 | $616.18 | $901 752 933 | 139,184,442 | |||
| 5 | XRP XRP | $83 284 099 396 | $1.36 | $3 134 514 739 | 61,090,376,977 | |||
| 7 | Solana SOL | $47 159 867 577 | $82.81 | $3 655 093 465 | 569,526,075 |
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| 389 | XYO XYO | $57 854 283 | $0.004153 | $3 180 867 | 13,931,216,938 | |||
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| 508 | Band Protocol BAND | $36 360 313 | $0.210527 | $3 274 086 | 172,710,652 | |||
| 576 | iExec RLC RLC | $27 656 301 | $0.382085 | $1 895 139 | 72,382,548 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
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| 54 | Near Protocol NEAR | $1 350 737 266 | $1.139704 | $201 178 934 | 1,185,165,436 | |||
| 87 | Render RENDER | $723 549 674 | $1.40 | $27 294 397 | 517,690,747 | |||
| 108 | Virtuals Protocol VIRTUAL | $451 259 278 | $0.695750 | $64 172 639 | 648,594,347 | |||
| 120 | Artificial Superintelligence Alliance FET | $405 353 496 | $0.155310 | $33 574 707 | 2,609,959,126 | |||
| 133 | Story IP | $323 906 362 | $0.922824 | $24 346 698 | 350,994,856 |
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| 355 | MindWaveDAO NILA | $65 144 937 | $0.082174 | $163 149 | 792,766,176 | |||
| 625 | FLUX FLUX | $24 746 827 | $0.061352 | $1 626 146 | 403,359,990 | |||
| 639 | Collect on Fanable COLLECT | $23 333 162 | $0.043451 | $635 039 | 537,000,000 | |||
| 675 | Ocean Protocol OCEAN | $20 811 033 | $0.102463 | $135 586 | 203,108,572 | |||
| 691 | ChainGPT CGPT | $19 448 037 | $0.022196 | $4 919 407 | 876,183,079 |
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| 197 | THETA THETA | $186 633 127 | $0.186633 | $6 276 173 | 1,000,000,000 | |||
| 210 | OriginTrail TRAC | $161 271 513 | $0.322546 | $906 929 | 499,995,033 | |||
| 228 | Golem GLM | $134 599 408 | $0.134599 | $2 999 057 | 1,000,000,000 | |||
| 273 | Theta Fuel TFUEL | $98 877 087 | $0.013648 | $2 418 199 | 7,244,764,372 | |||
| 289 | Akash Network AKT | $89 440 898 | $0.309543 | $4 269 295 | 288,945,186 |
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| 82 | Filecoin FIL | $748 376 029 | $0.991133 | $99 478 177 | 755,071,593 | |||
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What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
What is showing Historical Market Depth?
Historical Market Depth is showing the history of liquidity from the markets for a given asset. It’s a measure of combined liquidity from all integrated markets on the coinpaprika’s market depth module.
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