Bittensor TAO, the decentralised AI project, rallied 41% in the past day, reclaiming losses from yesterday when over $1 billion worth of liquidations hit the global crypto market. When writing, Bittensor’s TAO increased 49% to $254, up 15% compared to last month, data from CoinGecko shows.
It had a trading volume of $203 million daily, with its market capitalization at $1.8 trillion. This latest development makes TAO the best-performing asset in the top 100 on CoinGecko, outperforming decentralised and open-sourced cloud computing marketplace Akash Network, which rallied 41% in the last 24 hours.
Bittensor Bitmind’s Deepfake Scam Detection System
The latest rally in TAO follows an X announcement by the decentralised AI platform Bitmind, which on Aug 6 announced the launch of the BitMind Subnet, a new element within the Bittensor ecosystem that seeks to detect better and mitigate deepfake scams. It can effectively tell apart the real from the fabricated, and it does so with transparent and public results and uses an open-source subnet architecture.
The deepfake detection system comes at the right time, given growing threats from deepfake scams, which involve sophisticated AI techniques in creating fraudulent videos or audio recordings that appear natural.
Surge in AI Tokens
This surge in TAO has come at a time when other AI tokens also surged in the past day. Render and Artificial Superintelligence Alliance tokens gained 28.8% and 13.6%, respectively. This comes amidst the latest surge in AI tokens, after a similar surge of 9% in the global crypto market, which now stands at $1.98 trillion.
Even the leading cryptocurrency, Bitcoin, remains in the green, 7.6 percent higher in the last 24 hours, changing hands at $55,694. This morning, the largest altcoin, Ethereum, increased by 10% to trade at $2,506 per price, according to data from CoinGecko.
The broader market recovery shows positivity in the crypto industry, signalling a regained confidence of investors. Gains of AI-related tokens, such as TAO, underline growing interest and investments in AI technologies within the crypto space, pointing to heightened recognition of its transformative power across cybersecurity and finance, among others.
The Importance of Deepfake Detection
The development of the deepfake detection system by Bitmind was a giant step in this fight against deepfake scams. Lately, AI and deep learning technologies have increased the ability to create convincing deepfakes; hence, severe security and authenticity threats have been thrown at many industries.
Bitmind’s innovative system has been developed to curb these threats by providing a reliable way to distinguish genuine content from manipulated content. This move will enhance trust in digital interactions and transactions within the crypto community and across the board in today’s digital world.
Broader Implications for the AI and Crypto Sectors
The more considerable significance of Bittensor’s overall success and the launch of Bitmind’s DeepFake detection system lies in the promise of AI technology and the role AI can play in better security and in developing trust in the digital ecosystem. The DeepFake detection system, the basis of AI, will become a critical point for the inductive solution of complex challenges and safeguarding digital systems.
Equally, it is a comment on the growing importance of innovation in crypto since a project like Bittensor would only be able to enjoy such success if people began to recognize the obvious value proposition brought forth by cutting-edge tech.
Conclusion
The recent surge in the price of the TAO token from Bittensor spells out the market sentiment for such cutting-edge solutions represented by Bitmind’s deepfake detection system. In this intensified fight against deepfake scams, at this critical juncture, such advancements are requisite for safeguarding the integrity and instilling trust in these digital ecosystems. With the global crypto market recovering and leading cryptocurrencies like Bitcoin and Ethereum also charting positive trends, things are certainly looking bright for Bittensor and other AI-driven projects. For news on blockchain and the broader crypto market, check out Turkishnyradio.
