AI tokens began to gain popularity after the public launch of chatbot ChatGPT and image generation software Dall-E. Experts predict further growth of the sector in the coming years, as seen in DeFi tokens and tokens associated with blockchain games. January of 2024 was a rollercoaster for cryptocurrencies, many tokens gained a lot of interest during this month, and one of the top of them in terms of profitability for January is closed by Bittensor (TAO).
Bittensor (TAO) Price
The token increased in price by 88.6% (from $245.97 to $448.28), which allowed it to increase its capitalization to $1.94 billion and take 39th place in the ranking of the largest. Bittensor is a decentralized machine learning network built using artificial intelligence. The asset is relatively new, currently traded on multiple exchanges, and with a daily volume of $14.51 million.
Bittensor is up 7.85% in the last 24 hours. The current ranking is #204, with a live market cap of $2,773,839,841 USD. It has a circulating supply of 6,148,490 TAO coins and a max. supply of 21,000,000 TAO coins.
The AI crypto sector has experienced significant growth over the past year and now has a value greater than the total market capitalization of all privacy coins, which currently stands at $5.79 billion. However, the growing AI digital currency sector is significantly underperforming the meme coin market. whose capitalization as of January 22 fluctuates around $21.53 billion.
Artificial Intelligence Fenzy
Still capitalizing on the big hуpe surrounding artificial intelligence, the relativelу new crуpto asset Bittensor (TAO) promises to provide a blockchain-based testing platform for machine learning models to co-train and earn rewards for its developers, as well as create a secure and transparent AI marketplace sуstem. Over the past daу, Bittensor has gained 24.6% in price, as well as 1З.6% on the weeklу chart. The token is currently valued at $З14.87. Bittensor is a project that seeks to provide a decentralized AI solution that people can still tap into.
Bittensor’s Project (Incentive Computation)
As per Bittensor, the project is inspired by the efficiency of financial markets, and it proposes that a market system can be used to produce machine intelligence effectively, which machine intelligence is valued by other intelligence systems peer-to-peer across the internet.
Peers in networks evaluate each other by training neural networks that can understand the worth of their fellow peers. These evaluations accumulate on a digital ledger, and those with high rankings receive extra influence in the network. The system also includes incentives to prevent collaboration. This creates a collaborative machine intelligence market where participants are consistently rewarded for contributing valuable information to the system through newly trained models.
Over the last year, Subnet 1 (Bittensor’s first subnet) tested the limits of incentivized computing.
This week it is taking a new form as a the crown jewel Subnet for Bittensor 🧵 pic.twitter.com/PCtJcGc8hD
— Openτensor Foundaτion (@opentensor) January 25, 2024
About Bittensor (TAO)
Capitalizing on the still-high hype around artificial intelligence, the relatively new crypto asset Bittensor (TAO) promises to provide a blockchain-based testing platform for machine learning models to train together and earn rewards for its developers while also creating a secure and transparent system AI market.
