Messari's Unqualified Opinions Theses 2026: Crypto x AI – Why BitTensor Could Be the “Bitcoin of Open AI Competition” | Fully Diluted with Messari Research
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Dec 22, 2025 Discover how the fusion of crypto and AI is revolutionizing innovation, with BitTensor at the forefront of this movement. Learn about the groundbreaking subnet model that transforms AI development into an open competition. The discussion highlights the rise of reinforcement learning and open-source projects, setting the stage for decentralized AI's growth. Dive into the complexities of investment strategies, the debate around buybacks, and the exciting predictions for 2026 in sectors like robotics and privacy.
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Templar And IOTA: Two Training Approaches
- Templar (Subnet 3) focuses on decentralized pre-training and has run large-scale 70B parameter training runs.
- IOTA experiments with a 'train-at-home' approach to let even MacBooks contribute to model training.
Use Subnets As Startup R&D Engines
- Treat BitTensor subnets like startups that recruit global contributors via token incentives rather than hiring massive centralized teams.
- Use micro-missions (subnets) to coordinate distributed experts and accelerate product-focused innovation.
Compute Subnets Lead Early Revenue
- Compute and inference subnets are already productized and generating revenue, making them current leaders in value creation.
- Combined top subnets were approaching tens of millions in ARR by mid-2025.