- Bitensor's subnet registration costs jumped 10,000% to $6.7 million.
- High registration costs and subnet caps have sparked discussions within Bittensor about innovation and network expansion.
- Proposals to increase the number of subnets have faced concerns about reducing quality and attracting profit-driven registrations.
As the AI hype in cryptocurrencies continues to heat up, the cost of registering a subnet on Bittensor, a major AI-related network, has reached $6.7 million, an all-time high.
A subnet is a specialized network integrated with the Bittensor blockchain, featuring its own miners and validators that perform unique tasks, often related to AI. By deploying a subnet, a project can leverage its daily TAO emissions (issuance of network tokens) and engage a dedicated community of miners to perform specific tasks specified in the subnet.
Just last month, the cost to register a subnet was 100 TAO, or $53,000. It has risen over 10,000% in the last month and reached 10,127 TAO ($6.7 million) as of yesterday.
This sudden increase appears to be driven by an explosion of AI projects registering subnets on Bittensor, capturing a passionate community and a portion of the 7,200 TAOs emitted daily.
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Every time a project registers a subnet, the registration cost doubles, and if no one registers, the price halves linearly over 4 days.
Current costs are unaffordable even for well-funded startups, leading to discussions about rising subnet registration costs.
some analysts anxiety Current caps on subnets within the Bittensor network may be stifling innovation, suggesting that the high costs associated with subnet registration may be hindering experimentation.
This plan increases the total number of subnets from 32 to 48 or 64, or removes them completely.
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On the other hand, others Point out Such expansion could lead to a proliferation of subnet registrations by parties primarily intended to receive TAO radiation, thereby diluting the quality and purpose of the network.
What is Bittensor, a cutting-edge AI network?
Bittensor is a blockchain that operates like other proof-of-stake blockchains, leveraging a decentralized network of validators to verify transactions and users to transact using TAO tokens.
The difference is that there are 32 subnets, each with its own set of miners and validators. Miners and validators on a subnet are different from what we know on the blockchain. Instead, on the subnet, validators provide tasks for miners to complete.
The subnets are all connected to the main blockchain, but each has its own purpose, many of which are AI-related, but not necessarily.
In subnet 28, the S&P 500 Oracle, the validator sends to the miner a specific time in the future at which the miner should make a price prediction for the S&P 500.
Subnet 2 (BitTranslate) works by having validators forward the user-submitted text to miners to translate it into another language.
In subnets, miners and validators are graded based on the tasks set by each subnet, with the best performing miners and validators receiving a larger portion of the TAO rewards than the poorly performing miners. Contests will help you complete tasks as accurately and quickly as possible.
Subnets are ranked by the amount of activity each subnet generates, creating further competition between each subnet. Subnets with more activity are rewarded the most, ensuring that TAO emissions go where demand is strongest.
When a new subnet is registered, the worst performing subnet as measured by the TAO emissions received will be deregistered and the fees paid at registration will be refunded.
Every day, 7,200 TAOs are sent to the subnet and, in turn, to miners and validators. 18% goes to subnet owners, 42% to miners, and 42% to validators.
Dealing with rising subnet costs
The rising cost of subnet registration on the Bittensor network has put the community at a crossroads. At the heart of the problem is balancing growth and innovation with ecosystem integrity and purpose.
As networks consider adjusting subnet caps, concerns are being raised about the potential for abuse, with some parties using the system for short-term gain rather than contributing long-term value. You may be trying to exploit it.
The concern is that increasing the number of subnets may encourage entities to register subnets primarily for their own purposes. Collect TAO emissionsThey do not truly contribute to the development of the network or provide any valuable services.
Other suggestions are: burn some About registration fee.
Introducing this non-refundable cost could deter companies looking to make a quick buck and could reduce the total number of new subnet registrations, ultimately reducing registration costs. there is.
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