Tao, the native token of AI-focused blockchain bittensor, has caused tension on x between digital currency group founder Barry Silbert and Staunch supporters of Bitcoin (BTC), the original and largest cryptocurrency.
Author and Bitcoin supporter Parker Lewis called Silbert and Raoul Pal, the program leader for the Journey Man Podcast, a group of “Affinity Scammers” to promote Tao in a recent episode.
Silbert replied by writing: “Calling $ Tao a scam is such a lazy attack. Do better”
Grayscale Investments, one of the digital currency group’s subsidiaries, runs a bittensor Trust, who currently has about $ 8 million in assets under management. It also has a spot Bitcoin Exchange-Traded Fund (GBTC) with $ 16.6 billion under management as well as a Bitcoin Mini Trust Etf.
What is Tao?
Silbert triggered Bitcoiners’ Ire by comparing bittensor with Bitcoin Blockchain.
“It’s like Bitcoin, there was a whitebook that turned into code and then launched, and it has the same token economy,” he said in the podcast.
While there are some Similarities to BTC, with Taos Supply being limited to 21 million tokens, and it undergoes blocking half -stern events, there are also sharp differences with regard to the project’s ethos and use cases.
Bittensor is a decentralized network that merges blockchain technology with machine learning. It was designed to become a peer-to-peer AI market where users can share and make money on AI models.
Bitcoin was spawned out of the libertarian cypherpunk era and designed primarily as a peer-to-peer payment method that avoided government-issued currency. In recent years, a store of value has also emerged that became a cornerstone of the company’s balance to mitigate rising inflation.
The Tao tokenet was released two years ago and has experienced extreme volatility and rose to over $ 700 on two apartments in 2024 before cratering to about $ 200 both times. It recently acted around $ 339.
Bitcoin, meanwhile, has risen from $ 22,000 since the beginning of 2023 to as high as $ 109,000 in January. While it has had its ups and downs, they are not as marked as they throw, typically seen across the Altcoin market. Bitcoin is currently priced about $ 90,000 with a market capital of approx. $ 1.8 trillion. Tao has a market capital of around $ 2.98 billion, according to data on coinmarketcap.
