Altcoin projects focused on digital goods and artificial intelligence (AI) are witnessing instability after their sudden listing on Binance.
The world's top cryptocurrency exchange announced that it has officially rolled out trading services for Bittensor (TAO).
The announcement sent the asset soaring 9% on Wednesday to a high of $627.52. Bitcoin then dropped significantly to $65,771 before the coin fell to $548.20.
Bittensor is a decentralized blockchain platform focused on machine learning and AI. Open source projects allow users to produce digital goods in separate subnets.
Describes the project documentation.
“These digital goods include machine intelligence, storage space, computing power, protein folding, financial market prediction, etc. Producing the best digital goods will be rewarded with TAO…
Subnets that exist outside the blockchain and are connected to it are off-chain competitions where only the best producers are rewarded. A subnet consists of off-chain subnet validators that initiate competition for a particular digital good, and off-chain subnet miners that compete and respond by producing the highest quality digital good. ”
Despite the recent gains, TAO remains down more than 17% from its all-time high of $757.60 in early March.
Binance plans to add a seed tag to TAO, which the exchange will apply to illiquid projects with higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass a quiz every 90 days to ensure they are aware of the risks before trading their tokens.
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