JosephJacks_

Bittensor stands on the shoulders of this precedence:

“Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to.” – Satoshi, July 5, 2010

~$300M (7.5% of $TAO circ.) has been staked into subnets in 100 days since dTAO earlier this year... 25M $TAO of vol. has traded in/out of alphas, ~$11B total vol... 5%+ of this occurred on http://TAO.app (our share is growing fast). 💨 📈

It’s hard to describe how much of a privilege and honor it is to work with (for, really) @KibibyteMe to make Bittensor successful. This network attracts many young geniuses like Cameron in so many places it’s hard to enumerate… Always go where the next generation is going!

The deeply misled view that everything should happen on-chain is as dumb as believing all business logic should be hard coded into the database of your app.

Bittensor Subnet 14 (@taohash) is nearing a run-rate of $100 million / year in Bitcoin rewards .. from zero since we turned on mining 24 days ago.

Total annual block reward Bitcoin pays annually = $18.3B. We have a ways to go. 🛠️

Blockchains were never meant to persist the computations they incentivize on-chain.

Only two fair launch networks of scale have honored and embodied this fact from inception.

Bitcoin and Bittensor.

Superintelligent agents won’t want permission to acquire resources.

And they won’t want to be locked into a centralized platform.

And they won’t want to rely on fiat to transact.

$TAO will be reserve currency for ASI across all useful and continuously improving computational commodities required to amplify its existence.

We are going to improve the http://TAO.app experience by a factor of 1,000 in the coming days... Get ready.

"Today’s compute owners are highly capital inefficient (see Lambda Labs’ $500M debt facility, rumored 15% interest rate), and we believe Targon (Bittensor Subnet 4) can play an important role in reducing many of the inefficiencies that exist today." 🔥🔥🔥

In the same way that there are no “good” or “bad” open source projects … There is no such thing as “good” or “bad” incentive mechanisms (IM) on Bittensor. Subnet IMs are either effective or ineffective at continuously producing a given useful computational commodity.

Correspondingly— The big fundamental difference between an IM and a conventional startup business model (BM) is that BMs require attachment to fiat as the representation of value capture (and focus on the input of work that is measured as the cost basis for a market to then price) — whereas value creation is never represented anywhere and always subjective.

IMs, OTOH, focus only on measuring and rewarding the OUTPUT of a useful work, not its input. This allows for representing both value capture AND value creation in the currency of the subnet.

This is nuanced and counterintuitive for most to understand. But it is extremely profound. And it will upgrade and transform all of capitalism. Slowly. Then all at once.

There is so such thing as “good” or “bad” incentive mechanisms (IM) on Bittensor. Subnet IMs are either effective or ineffective at continuously producing a given useful computational commodity. The big fundamental difference between an IM and a conventional startup business model (BM) is that BMs require attachment to fiat as the representation of value capture (and focus on the input of work that is measured as the cost basis for a market to then price) — whereas value creation is never represented anywhere and always subjective. IMs, OTOH, focus only on measuring and rewarding the OUTPUT of a useful work, not its input. This allows for representing both value capture AND value creation in the currency of the subnet. This is nuanced and counterintuitive for most to understand. But it is extremely profound. And it will upgrade and transform all of capitalism. Slowly. Then all at once.

When open source projects are asked “why do people contribute ?”, they almost always answer “they just do!”. Intrinsics.

When Bittensor subnets are asked “how do miners solve your 🧩?”, … “no clue! but they do it better than we could have ever predicted!”. Extrinsics.

On Bitcoin, miners compute high levels of SHA-256.

On Bittensor, miners compute high levels of digital intelligence.

I’d like to take this moment to thank everyone tirelessly working over the last 55+ hours at @opentensor and also the founders of Bittensor @const_reborn and @shibshib89 to bring the chain back fully online. We will be stronger than ever as a result of this. 🙇🏻‍♂️❤️‍🩹

ATH LFG GM

Bittensor's chain had a panic issue and was down for the last couple hours -- but @KibibyteMe and @opentensor have merged a fix that should bring things back online. Please wait for a formal post-mortem and more info. Just sharing the PR here for folks. https://github.com/opentensor/subtensor/pull/1663

Here's the top 20 Bittensor subnets sorted by Gini coefficient and HHI (Herfindahl–Hirschman index). Gini measures income inequality (0=equal, 1=unequal). HHI measures market concentration (low=competitive, high=monopolistic). Landing today on http://TAO.app. 🔥

⚡️⚡️ We’re shortly adding live HHI and Gini coefficient metrics on https://t.co/EM5xE1wDtH (@taoapp_) for all of Bittensor $TAO holders + each subnet alpha holder distribution. Why is this extremely cool and a critical step toward keeping the network transparently accountable toward a goal of high, sustained decentralization?

HHI shows alpha holder concentration per subnet— high HHI = few dominate, low = diverse. Gini measures inequality: high Gini = uneven alpha/TAO distribution, low = fair spread. We are going to make it crystal CLEAR what all the Pareto distributions look like… no more guessing!

“Open Source” AI doesn’t exist.

But Bittensor does.

Mine reality. Mine Bittensor.