There is a CRITICAL problem with Bittensor the "Bitcoin of AI"
It’s a shame that block validation is a “proof-of-authority” system that is, a centralized mechanism dependent on just a few people. Yes, I know that Bittensor is also a “proof-of-intelligence” mechanism that combines proof-of-work and proof-of-stake but this is on the subnet's layer only. What I'm talking about is the system’s foundations, the most important part of any cryptocurrency: the blockchain itself and the nodes who validate and add blocks to the chain.
Right now the system is not fully decentralized because of the "proof of authority". I know that “it will change” with updates. But when? Bittensor has been around for five years now, and this problem (yes it's a problem) still persists. With this problem, Bittensor will never be worth more than $1,000 or $2,000 (and I’m actually being very optimistic). People will never trust Bittensor the way they trust Bitcoin. Never. This problem must be resolved as soon as possible; otherwise, Bittensor will remain an excellent project on paper but one that will never take off in reality because people won’t trust it and say "actually it's centralized".
What makes Bitcoin so valuable is that people know they don’t need to trust the nodes (miners) who validate and add blocks to the chain. Why? Because Bitcoin’s decentralization is real and complete, and it’s a solid proof-of-work system. Don’t trust, verify. It’s precisely because there’s no need to trust anyone that people trust Bitcoin. I want that for Bittensor too. Without that, Bittensor will remain flawed, people won’t trust it, and the price will never take off either.
This is why I didn't invest in Bittensor. It's not worth my money. Complete decentralization is the most important thing in any serious crypto project. Bittensor does not fulfill this basic requirement for the moment. So, don't say Bittensor is the "Bitcoin of AI". It is not because it's not even fully decentralized on its most basic part contrary to Bitcoin. So "Bitcoin of AI" is a title Bittensor does not deserve because Bitcoin is FULLY decentralized and Bittensor is not.