An altcoin project focused on digital commodities and artificial intelligence (AI) is witnessing volatility after a surprise listing on Binance.
The top global crypto exchange says it’s officially rolled out trading services for Bittensor (TAO).
The announcement triggered a 9% surge in the asset to a high of $627.52 on Wednesday, before the coin dropped to $548.20 following Bitcoin’s big pullback to as low as $65,771.
Bittensor is a decentralized blockchain platform that focuses on machine learning and AI. The open-source project enables users to produce digital commodities in distinct subnets.
Explains the project’s documentation,
“These digital commodities can be machine intelligence, storage space, compute power, protein folding, financial markets prediction, and many more. You are rewarded in TAO when you produce best digital commodities…
Subnets, which 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 who initiate the competition for a specific digital commodity, and off-chain subnet miners who compete and respond by producing the best quality digital commodity.”
Despite the recent gains, TAO remains more than 17% down from its all-time high of $757.60, which it set in early March.
Binance will attach a seed tag to TAO, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
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