Bittensor to Become Decentralized in a Year and a Half

Bittensor's founder Jacob Steeves has revealed that the project is not yet fully decentralized, citing the urgent need to advance artificial intelligence technologies as the reason for maintaining centralized control temporarily.

Unlike Bitcoin, designed to withstand governmental interference, Bittensor is still in its formative stages, managed by a small team of engineers. This structure allows for rapid protocol updates and bug fixes without the delays that can arise from more democratic governance processes.

Steeves has organized the community into three segments, promising to provide thorough explanations of updates to non-technical supporters. The team is currently working closely with developers while dismissing feedback from those he labels as "scammers and critics" who might use decentralization as a reason to impede progress.

Despite its centralized management, Steeves noted that Bittensor is decentralized in terms of ownership, having no pre-mining and currently operating with 128 subnet teams. The development roadmap includes mechanisms for short positions to guard against market manipulation and plans to grant rights to alpha-token holders.

Steeves aims to transfer control of the network to the community within the next 18 months, once the essential protocol mechanisms are fully established. The Bittensor platform offers access to computing resources through a global, intermediary-free network.

In related news, Grayscale's research head, Zach Pandl, has indicated an expected rise in demand for decentralized AI solutions.