James Bull, a top crypto analyst explains why Bittensor TAO’s $6 billion fully diluted variation (FDV) can rise to $360 billion to overtake Ethereum. Such a move is a 60x increase.
The analyst admits that Ethereum is ‘cool’ but its utility is limited. Taking a look at the top 15 ethereum tokens, one would see that there is a mix of decentralized exchanges, stablecoins, and exchange tokens.
Although these assets are confined to the crypto space to a great extent. The analyst argues that they do not extend to the real world very much, meaning that their utility is low.
TAO as the Ethereum of the Real World
The analyst argues that TAO could be considered the Ethereum of the real world since it functions as a decentralized GPU network. He argues that most technological and societal advances in the coming years will be led by AI, which could find TAO useful, potentially increasing its utility and value.
The analyst also reveals that anyone can contribute their GPU to TAO’s subnet, which offers attractive rewards and compensation to GPU contributors.
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Show more +TAO’s decentralized system distinguishes it from corporate-owned GPU farms operated by tech giants. With no single entity controlling it, TAO reduces the chances of unethical AI usage.
Bittensor’s system obscures the identity of GPU owners. While projects need transparency and identity verification to allow validators to offer GPUs, this obfuscation also helps reduce fraudulent activities while maintaining decentralization and GPU protection.
The decentralization also makes a large network of GPUs available transparently and efficiently, potentially enhancing AI solution development.
The analyst thinks that the government and large corporations would benefit a lot by running their AIs on Bittensor. The system gives them credibility and flexibility and can also increase trust in their activities.
James argues that the market cap of Ethereum was at $360 billion at the time of the post and it could get to $1 trillion at the end of the bull run. He also argues that TAO could reach $1 trillion in market capitalization by next year if large companies start registering their subnets on it.
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