Finance, TAO, Bitcoin, AI, News TAO has a 21 million mounted token provide and goes via block reward halvings, like BTC.
TAO, the native token of AI-focused blockchain Bittensor, has been inflicting pressure on X between Digital Currency Group founder Barry Silbert and staunch supporters of bitcoin (BTC), the unique and largest cryptocurrency.
Author and bitcoin supporter Parker Lewis known as Silbert and Raoul Pal, the presenter of The Journey Man podcast, a gaggle of “affinity scammers” for selling TAO on a current episode.
Silbert responded by writing: “calling $TAO a scam is such a lazy attack. do better”
Grayscale Investments, one among Digital Currency Group’s subsidiaries, runs a Bittensor Trust that presently has round $8 million in belongings underneath administration. It additionally has a spot bitcoin exchange-traded fund (GBTC) with $16.6 billion underneath administration in addition to a bitcoin mini belief ETF.
What is TAO?
Silbert sparked the bitcoiners’ ire by evaluating Bittensor to the Bitcoin blockchain.
“It’s just like bitcoin, there was a white paper that turned into code then launched and it has the same token economics,” he mentioned within the podcast.
While there are some similarities to BTC in that TAO’s provide is capped at 21 million tokens and it goes via block reward halving occasions, there are additionally stark variations by way of the undertaking’s ethos and use case.
Bittensor is a decentralized community that merges blockchain expertise with machine studying. It was designed to turn out to be a peer-to-peer AI market, the place customers can share and monetize AI fashions.
Bitcoin was spawned out of the Libertarian cypherpunk period and designed primarily as a peer-to-peer cost methodology that averted government-issued forex. In current years has additionally emerged a retailer of worth, turning into a mainstay on company balance sheets to mitigate rising inflation.
The TAO token was launched two years in the past and has skilled excessive volatility, rising to above $700 on two events in 2024 earlier than cratering to round $200 each occasions. It was buying and selling not too long ago round $339.
Bitcoin, in the meantime, has risen from $22,000 because the begin of 2023 to as excessive as $109,000 in January. While it is had its ups and downs, they are not as marked because the plunges sometimes seen throughout the altcoin market. Bitcoin is presently priced round $90,000 with a market cap about $1.8 trillion. TAO has a market cap round $2.98 billion, based on information on CoinMarketCap.
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