Could Bittensor End Up Being the Only Crypto/AI Project That Matters? - Ep. 712
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What BitTensor is actually doing is inverting capitalism. It's inverting the traditional business model for AI AI companies, AI foundation companies. And it's saying, get rewarded by this token, which is increasingly worth more as you have more activity contribution on the network. It's very liquid. It's a top top top twenty, top 30 token. And you actually are required to open source all of your work. You're you're you're only producing open commodities that can then be used by other people, whether it's a dataset or an image model or video model or coding model or compute infrastructure, what
Everyone, welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin, author of the crypto peons. I started covering crypto 9 years ago and as a senior editor at Forbes was the 1st mainstream media reporter to cover cryptocurrency full time. This is the October first, 2024 episode of Unchained. Mandel's AmETH is now the 4th largest LST with $1,300,000,000 in TVL. AmETH offers folders cumulative incentives and airdrops in addition to native ETH POS yields. This includes exclusive rewards like and cook. Check it out at meth.mantl.xyz/campaigns. Polkadot is the o
for having us.
So BitTensor, which brings together crypto and AI is having what I would call its second moment. Earlier this year, the price of the token TAO surpassed $700 before drawing down with the rest of the crypto markets to as low as $215. At the time of recording, it's at just about $600. As far as I understand, the reason is due to the upcoming rollout of Ethereum based smart contracts on the chain. And you both are at OSS Capital, which is an investor in Bet Tensor, and you actually told me before the call that you were redesigning OSS Capital to go all in on BitTensor, which is interesting and sa
thank you for having us, Laura. Really appreciate the opportunity to share our views and perspectives with your audience. So, yeah, I'm JJ. I started a venture capital fund 6 years ago called OSS Capital. OSS stands for open source software or open source startup, your your choice, or any other acronym for that matter. I wasn't really that thoughtful in the naming. The thesis has been pretty exciting and really, really rewarding for me. I mean, I I I kind of probably do the job for free. We invest in open source startups exclusively. We're not really a crypto or web 3 or, like, blockchain inve
Sammy, can you go into more details on what Bittensor is?
Yeah. So BitTensor is essentially trying to decentralize your traditional AI lab. One way of thinking about it is also as a launchpad for decentralized or, I guess, AI applications in general. So the way to think about Bittensor is it's not like this AI infused blockchain. It really is just merging crypto and AI together. So Bittensor is made up of a blockchain, obviously. It's a substrate blockchain, and it essentially serves as its launch pad for other builders to come and launch AI services and tasks, which, honestly, actually doesn't have to be AI exclusive. It can be anything that you can
Yeah. I mean, the so from my probably not super in-depth understanding, but at least from what I have gleaned from my research, it's sort of like right now we have these huge centralized companies that are pushing these AI models and they have hired lots of people. They've gotten all these chips. I mean, there's, like, a lot of money that has to go into this, but, like, if you're more of yeah. Like an open source developer, like and and it is not to say there can't be groups, of course, there can, but there's a way of using
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