The TAO cryptocurrency and its underlying Bittensor project have generated excitement for bringing blockchain and artificial intelligence together. However, there are several factors indicating TAO has significant room for growth before reaching its potential. Here are 5 reasons why this crypto is still in the early stages:
- Low Market Penetration With a market capitalization around $1.5 billion, TAO is still a relatively small cryptocurrency. For comparison, Ethereum’s market cap exceeds $150 billion. As more investors discover TAO, increased demand could rapidly drive up prices.
- Development Roadmap Not Fully Executed The Bittensor project outlines an ambitious vision for a decentralized machine learning network. However, most planned features like model quantification and tokenized model parameterization have yet to be implemented. As more functionality gets added, TAO will become more useful.
- Few Real-World Use Cases So Far Besides mining rewards, there are not yet many real-world applications leveraging the Bittensor network and paying fees in TAO. As developers start accessing Bittensor’s models for tasks like text generation, transaction activity should accelerate.
- Protocol Upgrades Forthcoming
The Bittensor core developers have hinted at protocol changes to further decentralize the network and add interoperability with major blockchains. Upcoming upgrades like these could significantly improve platform capabilities. - No Killer DApp Yet Despite innovation potential, Bittensor does not yet have a killer decentralized application showcasing its technology’s strengths. A breakout DApp would attract significant attention and investment to the project.
In summary, exciting properties like artificial intelligence computation and an honest launch support a bullish long-term thesis for TAO. However, realizing TAO’s full potential likely requires substantially increased adoption and development activity first. Expect plenty of volatility along the way.
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The price of Bittensor (TAO) is $267.11 today with a 24-hour trading volume of $7,457,784.01. This represents a 12.26% price increase in the last 24 hours and a 59.28% price increase in the past 7 days. With a circulating supply of 5.7 Million TAO, Bittensor is valued at a market cap of $1,496,563,602.
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