What Is Bittensor (TAO) Coin: Something You Need To Know About It

Bittensor is a decentralized machine learning network that incentivizes connecting AI models and train them together via the $TAO token. Notably, Bittensor’s $TAO token offers the opportunity to invest in a decentralized neural network protocol that could incentivise AI production and potentially surpass Google’s centralized AI, making it a valuable asset in the Web 3 space.

With the help of the AI theme, $TAO hit an all-time high (ATH) on March 7 this year, reaching $757.60. Since then, it has dropped by about 58%. Recently, despite marketwide downturn, Bittensor ($TAO) witnessed positive performance. Then, what is TAO token? Is it a good the investment in 2024? In this article, we will explore this crypto project.

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Table of Contents

What is Bittensor?

Key Features of Bittensor

What is the TAO Token?

TAO Tokenomics

Bittensor (TAO) Price Prediction

Is Bittensor (TAO) a Good Investment in 2024?

How to Buy TAO Token?

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What is Bittensor?

Bittensor is a Crypto+AI concept project that facilitates collaborative machine learning. The project targets to incentivize the generation of machine intelligence by rewarding users who contribute valuable data or computing resources with TAO tokens.

Bittensor (TAO) is an open source marvel that weaves together the transformative power of blockchain and artificial intelligence to construct a globally distributed decentralized neural network. The magic of Bittensor lies in its clever consensus mechanism, which is a combination of deep learning and blockchain consensus algorithms.

The cornerstone of Bittensor is its core value of decentralization. It’s like a global brainstorming session with no central authority. By building infrastructure on a blockchain network, Bittensor is able to share and train machine learning models over long distances and in different communities, thus facilitating the exchange of ideas and rapidly facilitating innovation.

Key Features of Bittensor

Compared to other cryptocurrency projects, Bittensor (TAO) coin stands out because of its following characteristics:

• AI Development and Distribution Strategy: this project introduces a breakthrough strategy that optimizes the development and distribution of AI technologies through the convenience and power of a distributed ledger. The platform supports access, open ownership, decentralized management, and global resource distribution.
• Open-source Repository: Bittensor provides an open-source AI repository, accessible to anyone, anywhere, thus creating the conditions for open and permission-less innovation on a global scale.
• Reward Distribution and Network Ownership: the Platform allocates rewards and network ownership in proportion to the value contributed by users.
• Separation of Core Functions from Certification Systems: Bittensor’s core technology innovation is to separate the core functions of the chain from the operation of the market certification system, thus creating digital goods.
• Ability to Customize Languages and Integrate Subnet Mechanisms: this project does not require a special programming language to create an authentication system. The platform uses popular languages like Rust, Python, C++, etc. All the tools needed to verify the chain subnet mechanism should be able to handle big data and intensive operations.
• Yuma Consensus(YC):Yuma Consensus is Bittensor’s on-chain mechanism that ensures consistency between validators of various submechanisms in the network.

What is the TAO Token?

Cryptocurrency	Bittensor
Token	TAO2
Price	$ 511.1192 -1.60%
Rank	32
Market Cap	$ 3.8B
24H Trading Volume	$ 362.7M
All-time High	$ 776.0250
All-time Low	$ 31.7365
24 High	$ 534.4020
24 Low	$ 484.8749
Cycle High	$ 679.1850 / 2024-10-12 15:00:00
Cycle Low	$ 166.9700 / 2024-08-05 06:45:00
Update Time	2024-11-23 08:35:01

TAO is the native cryptocurrency of the Bittensor ecosystem. TAO holds intrinsic value within the Bittensor ecosystem as it represents the embodiment of intelligence and knowledge, using for governance, rewards, staking, as well as fees and payments. Each TAO token signifies the contributions made by developers and the quality of their models. The value of TAO extends beyond a mere currency, as it serves as a representation of the collective intelligence and insights contained within the network.

TAO tokens will be awarded to users who contribute valuable data or computing resources to the network. The blockchain is updated every 12 seconds and newly minted TAO tokens will be distributed into the system.

TAO Tokenomics

The total supply of Bittensor (TAO) is 21 million tokens, which is the same as the total supply of Bitcoin. This fixed total supply is designed to limit inflation and maintain the scarcity and value of the token over time.

The distribution of TAO tokens is gradually released over time through mining rewards, staking rewards, and community-driven initiatives. The tokens are used for governance, staking, and as a means of payment for accessing AI services and applications built on the Bittensor TAO network.

• Token name: Bittensor
• Symbol: MAN
• Total supply: 4,123,120 TAOs
• Maximum supply: 21,000,000 TAOs
• Self-reported distributed supply: 4,123,120 TAOs

Bittensor mines a block approximately every 12 seconds, and each block rewards miners and validators with 1 TAO. Based on the current inflation schedule, this would result in the issuance of 7,200 new TAOs into circulation every 24 hours, currently divided equally between miners and validators.

Once half the supply is issued, the issuance rate halves – it takes 12 seconds for each block, which equates to halving every 4 years. Each half-mark of the remaining circulation creates a new halving event until all 21 million TAOs are in circulation. The total number of tokens issued, rather than the number of blocks, is used to determine the exact point in time at which the halving occurred.

Tao used for recycling registrations is burned back into unissued supply, so the halving data is extended, but this data is calculated at the time of the current block/issue, so it would automatically update over time.

Bittensor (TAO) Price Prediction

As of writing the article, Bittensor (TAO) is traded at $ 511.1192, boasting a market cap of $ 3.8B, and witnessing a hefty 24-hour trading volume of $ 362.7M. TAO  token saw a 24-hour change of -1.60%, with minor fluctuations of 2.43% in the past hour.

The following sets forth the TAO to USD Chart

Bittensor Chart

Bittensor (TAO) Price Prediction 2024

As to Bittensor (TAO) Price Prediction for 2024, it is projected that Bittensor (TAO) token may be traded between a potential lowest price of $284.69 and a potential maximum price level of $400.82. The average price of Bittensor (TAO) for 2024 is predicted to be $374.60.

Here are the possible price changes we expect for Bittensor in the next half month:

Bittensor (TAO) Price Prediction 2025

As to Bittensor (TAO) Price Prediction for 2025, it is projected that Bittensor (TAO) would trade between $ 421.1183 on the lower end and $ 717.3126 on the high end, with an average trading price of $ 633.1552.

Bittensor (TAO) Price Prediction 2030

In terms of long-term price prediction for 2030 on Bittensor (TAO), it is projected that the potential lowest price that Bittensor (TAO) token could see in 2030 is $ 574.3486, while the maximum price level that Bittensor (TAO) token would reach in 2030 is estimated to be $ 964.7942. The average price expected throughout the year is estimated to be around $ 917.3594.

Bittensor (TAO) Price Prediction 2050

In terms of long-term price prediction for 2050 on Bittensor (TAO), it is projected that Bittensor (TAO) would be traded at a minimum price of $ 1757.8710. The maximum price could be $ 3464.1335, with an average price of $ 2952.9180 throughout the year.

There is large uncertainty about the future price of Bittensor (TAO) token, as the cryptocurrency market changes rapidly. With this in mind, we have made both more bullish and more bearish forecasts for Bittensor (TAO) crypto based on a variety of different scenarios.

Potential Highs & Lows of Bittensor

Here are our projected highs and lows for TAO from 2025 to 2050:

Is Bittensor (TAO) a Good Investment in 2024?

On November 14, 2023, Casper Labs, a leader in enterprise blockchain software, released a new report, “Blockchain Meets AI: Exploring the Challenges and Opportunities of Integration.” Based on a survey of 608 IT decision makers in the U.S., Europe, and China, the report explores how businesses are currently using AI and blockchain, the key adoption barriers they continue to face, and how blockchain can be a key guardrail to successful AI implementation.

The report highlights the symbiotic relationship between blockchain and AI, revealing that 71 percent of businesses believe these technologies are completely complementary. This level of comfort and excitement bodes well for a promising future where AI and blockchain continue to converge, and projects like Bittensor are at the forefront of this intersection.

The recent rally in the cryptocurrency market following OpenAI AI Developer Day on November 6 adds an interesting feature to Bittensor’s story. The new AI features introduced by OpenAI, including upgraded GPT-4 and GPT-3.5 natural language models, hint at the potential impact on AI tokens. This could explain the growing interest in AI-based cryptocurrencies.

Cryptocurrency enthusiasts are optimistic about TAO’s potential. According to Eric Cryptoman, it seems likely that TAO can develop to be among the top 10 cryptocurrencies.

How to Buy TAO Token?

TAO Token is currently listed on major crypto exchanges like Binance, Bitget Gate.io, Uniswap, Uphold, MEXC, etc., where interested investors can make a purchase.

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