Alpha Sigma Capital Research已發布了一份關於Bittensor（Tao）的深入報告，該報告旨在建立一個分散的“神經互聯網”

Alpha Sigma Capital Research已發布了一份關於Bittensor（TAO）的深入報告，該報告旨在建立一個分散的開源“神經互聯網”，以使AI開發和訪問民主化。

Alpha Sigma Capital Research has released an in-depth report on Bittensor (TAO), a project aiming to build a decentralized, open-source “neural internet” to democratize AI development and access. The report highlights how Bittensor contrasts sharply with the prevailing model—where a handful of corporate giants control data, compute, and advanced models—by implementing a peer-to-peer network in which AI models collaborate, compete, and are financially rewarded according to the value they contribute to the system.

Alpha Sigma Capital Research已發布了一份有關Bittensor（TAO）的深入報告，該項目旨在建立一個分散的開源“神經互聯網”，以使AI開發和訪問民主化。該報告強調了Bittensor如何通過實施一個點對點網絡，在該模型中，少數公司巨頭控制數據，計算和高級模型如何形成鮮明對比，在這種模型中，AI模型合作，競爭並根據對系統的價值獲得財務上的獎勵。

Key Findings

關鍵發現

Decentralization vs. Centralization

權力下放與集中化

* Problem with Current AI Landscape: Corporate titans (e.g., OpenAI, Google, Meta) aggregate massive datasets, proprietary compute resources, and closed-source models, creating high barriers to entry for smaller innovators.

*當前AI景觀的問題：公司泰坦（例如Openai，Google，Meta）匯總了龐大的數據集，專有的計算資源和封閉源模型，為小型創新者提供了很高的入境障礙。

* Bittensor’s Alternative: A peer-to-peer network where any participant can contribute compute or model outputs; contributions are evaluated and rewarded in TAO tokens governed by the network’s Yuma Consensus.

* BITTENSOR的替代方法：一個對等網絡，任何參與者都可以在其中貢獻計算或模型輸出；由網絡Yuma共識管理的TAO代幣評估和獎勵。

The “Neural Internet” Vision

“神經互聯網”願景

* Collaborative Competition: Models hosted on Bittensor compete across subnets, specialized mini-markets within the broader network, ranked by validators on criteria like accuracy, efficiency, and novelty.

*合作競爭：在Bittensor上舉辦的模型跨子網，更廣泛的網絡中的專業迷你市場競爭，由驗證者在準確性，效率和新穎性等標准上排名。

* Incentive Alignment: TAO tokens facilitate staking, governance, transaction fees, and reward distribution—mirroring Bitcoin’s proof-of-work incentives but for machine intelligence.

*激勵對準：TAO代幣有助於賺錢，治理，交易費用和獎勵分配 - 培訓比特幣的工作證明激勵措施，但用於機器智能。

Founding and Governance

建立和治理

* Leadership: Co-founded in 2019 by Jacob Robert Steeves (ex-Google engineer) and Ala Shabaana, operating under the OpenTensor Foundation.

*領導力：由雅各布·羅伯特·史蒂夫斯（Jacob Robert Steeves）（前木馬工程師）和阿拉·沙巴納（Ala Shabaana）於2019年共同創立，在Opentensor基金會下運營。

* Decentralized Governance: TAO token holders vote on protocol upgrades, emission schedules, and subnet parameters through on-chain governance proposals.

*分散的治理：Tao代幣持有人通過鏈政府建議對協議升級，排放時間表和子網參數進行投票。

To read the full research report, visit [LINK].

要閱讀完整的研究報告，請訪問[鏈接]。

Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

與ASC的替代研究保持聯繫。在Alpha Sigma Capital Research訂閱|替代。

About Alpha Sigma Capital Research

關於Alpha Sigma Capital Research

Active Investing in the Blockchain Economy.™

積極投資區塊鏈經濟。 ™

Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund.

Alpha Sigma Capital Research由Alpha Sigma Capital Advisors，LLC提供，Alpha區塊鏈/Web3基金和Alpha Liquid Fund的投資經理。

Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

Alpha Sigma Capital（ASC）投資基金專注於成功構建其用戶基礎的新興區塊鏈公司，證明了對其分散生態系統的現實世界的用途，並將區塊鏈技術移至大眾群中。 ASC專注於利用區塊鏈技術在金融科技，AI，供應鍊和醫療保健等領域提供增值。申請在www.alphassigma.fund/research上接受研究。

This material is being provided for informational purposes only and should not be considered as investment advice or any other commercial service. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

該材料僅用於信息目的，不應被視為投資建議或任何其他商業服務。除了與Alpha Transform Holdings（ATH）和Alpha Sigma Capital（ASC）有關的披露以外，此信息基於我們認為可靠的當前公共信息，但我們並不能夠準確或完整地表示它，因此不應如此依賴它。此處包含的信息，意見，估計和預測是此處的日期，並且在沒有事先通知的情況下可能會更改。我們尋求適當更新我們的信息。

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

本文包含的任何預測僅用於說明目的，不得作為建議依靠或解釋為建議。加密資產的價格可能會因為廣泛市場的變化或公司財務狀況的變化而上漲或下跌，有時甚至是不可預測的。過去的表現不是未來績效的指南，未來的回報不能保證，並且可能會損失原始資本。匯率的波動可能會對某些投資的價值或價格或收入產生不利影響。我們和我們的分支機構，官員，董事和僱員（不包括股權和信用分析師）將不時擔任長期或短職位，擔任本新聞稿中提到的證券或衍生產品（如果有），並擔任本金，並買賣，並以此為代表。

The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

已經從據信可靠的消息來源獲得了有關信息的信息，例如，公司的財務報表向監管機構，公司網站，公司白皮書，Pitchbook和其他任何來源提交。儘管Alpha Sigma Capital已獲得了可靠的數據，統計數據和信息，但Alpha Sigma Capital不進行審核或尋求對其收到的任何數據，統計信息和信息的獨立驗證。

Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

除非在單獨協議中另有規定，否則Alpha Sigma Capital不能表示內容符合適用於收件人的管轄區的所有演示和/或披露標準。 Alpha Sigma Capital及其高級管理人員，董事和僱員不得對報告中的信息，數據，分析或意見造成的任何交易決定，損害或其他損失負責或責任。

Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which

加密貨幣和/或數字貨幣涉及重大風險，本質上是投機性的，並且可能無法按預期執行。與受監管的交流不同，許多數字貨幣平台不受監管監督的約束。一些平台可能會將客戶資產融合在共享帳戶中，並提供不足的監護權，這