Key facts: TAO has seen an 80% increase in the last 7 days. Within the top 100 by market capitalization, it is the cryptocurrency with the highest increase. Bittensor (TAO), the native cryptocurrency of the machine learning protocol of the same name, leads the weekly increase within the top 100 of the ranking of digital assets with the highest market capitalization. Its price skyrocketed after announcing updates to its network. As announced by the Opentensor Foundation, Smart contracts and Ethereum Virtual Machine (EVM) support will be included. “We are pushing Ethereum contracts to the network. Very soon we will be able to have contracts on the Bittensor network, which will be really positive for trustless cross-chain bridges, also for more hierarchical designs at the top of subnets,” they indicated through a video that was published on September 15. As BitcoinDynamic already reported, the EVM is a computing engine that allows the execution of programs inside and outside the ecosystem created by Vitalik Buterin. Several chains have their own virtual machines to execute contracts, although most are based on the Ethereum “computer.” After the announcement, the price of TAO skyrocketed from $297 to $576 in the last seven days, which represents an increase of more than 80%.
At the time of publication of this note, the price of the digital asset is 542 dollars.
TAO price over the past 30 days. Source: TradingView. Bittensor It is one of the artificial intelligence protocols based on open source principles and currently has a market cap of over $3 billion. It is a decentralized layer-1 network made up of different subnets, allowing for the creation of AI-powered content such as images, music, or the automatic extraction of data from web pages in a matter of hours. Due to its constant expansion, it is also The altcoin that rose the most in price in the last 90 daysas seen in the following image: Finally, it is worth remembering that on August 9, Grayscale, a digital asset management firm, announced the launch of an investment product focused on TAOAt the time, Rayhaneh Sharif-Askary, head of product and research at Grayscale, said: “We are very excited to add Bittensor to our product suite. We believe that Bittensor is at the heart of the growth of decentralized AI.”