One of the pioneering figures in the cryptocurrency space, Barry Silbert, is shifting his focus away from Bitcoin to explore the potential of artificial intelligence (AI) in the blockchain realm. Known for his role in creating influential ventures like CoinDesk and Grayscale, Silbert expressed his enthusiasm for a new initiative at Fortune’s Brainstorm Tech conference held in Park City, Utah.
During a panel discussion, Silbert remarked, “I believe that the next big wave in crypto is going to be the convergence of AI and crypto.” His excitement centers around a project named Bittensor, a decentralized marketplace for AI, developed by Jacob Steeves, a former engineer at Google.
Silbert’s commitment to Bittensor has led him to establish a new organization called Yuma, specifically dedicated to the protocol and its cryptocurrency, TAO. “I want to open up the development and the access to AI, and Bittensor is enabling that,” he stated. “It is the thing that I’ve gotten most excited about since Bitcoin.”
Silbert’s background is far from conventional for a crypto advocate. He earned his stockbroker license at the tender age of 17 and ventured into the finance sector after graduating college. His career has included significant roles in high-profile bankruptcies involving Enron and WorldCom. In 2004, he founded SecondMarket, a trading platform for alternative assets, which he later sold to Nasdaq. His foray into cryptocurrency began in 2012 when he founded Digital Currency Group, an enterprise comprising several subsidiaries, including the well-known CoinDesk and a crypto trading platform called Genesis.
Although Silbert’s crypto empire faced challenges during the tumultuous “crypto winter” following the collapse of the FTX exchange, he has re-emerged to champion Bittensor and his new venture, Yuma, focused on decentralized AI.
One of the central ideas behind Bittensor is addressing the vast computational requirements of AI algorithms, which are typically dominated by large, centralized entities like OpenAI, Google, and Amazon. The project aims to create a decentralized network of servers willing to share their computing power, utilizing incentive mechanisms inspired by Bitcoin. Yuma plays a crucial role in assisting various projects that aim to leverage Bittensor’s network for their AI applications.
Silbert described Bittensor’s ambition, stating, “In the way that the internet was the world wide web of information, Bittensor is creating the world wide web of intelligence.”
The protocol has garnered significant attention, particularly in the first half of 2024. During that period, Bittensor’s cryptocurrency TAO reached an all-time high of $757 in March, and it currently trades just below $360.
