An altcoin project focused on digital goods and artificial intelligence (AI) is seeing volatility after a surprise listing on Binance.
The world’s leading cryptocurrency exchange announced that it has officially launched trading services for Bittensor (TAO).
The announcement followed a big drop in Bitcoin to $65,771 on Wednesday, sending the asset surging 9% to a high of $627.52 before the coin fell to $548.20.
Bittensor is a decentralized blockchain platform focused on machine learning and AI. The open source project allows users to produce digital goods across different subnets.
Describe the project documentation;
“These digital goods can include machine intelligence, storage space, computing power, protein folding, financial market prediction, and more. Produce the best digital products and you will be rewarded with TAO.
Subnets that exist outside the blockchain and are connected are off-chain competitions where only the best producers are rewarded. The subnet consists of off-chain subnet validators, who initiate competition for specific digital goods, and off-chain subnet miners, who compete and respond by producing the highest quality digital goods.”
Despite the recent rally, TAO remains more than 17% below its all-time high of $757.60 set in early March.
Binance plans to attach a seed tag to TAO, which the exchange applies to low-liquid projects that may exhibit 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 the tokens.
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