covenant

Bittensor co-founder Jacob Robert Steeves responded to the Covenant AI incident, stating that he was "deeply shocked" by the events of the past few days and accused Covenant AI founder Samuel Dare of causing serious harm to the protocol and community, betraying the trust of investors and users. He apologized to users who suffered losses due to the incident.Steeves stated that the original intention of Bittensor was to combat greed and selfishness in human nature, promoting AI to be collectively owned by all participants through a permissionless mechanism. He emphasized that while this incident exposed vulnerabilities in the system, it would also encourage the protocol and community to further enhance their risk resilience.Regarding future directions, Steeves proposed advancing the "Locked Stake" mechanism, introducing a "time + stake" commitment dimension at the protocol layer to improve transparency and investor protection, thereby reducing similar risks. He noted that this plan was originally designed with the participation of Samuel Dare.Additionally, he mentioned that the development related to subnets 3, 39, and 81 would continue to be driven by the community, and the overall functionality and vision would not change. Steeves emphasized that Bittensor remains one of the most decentralized AI protocols currently and will continue to promote the development of open AI, with plans to move towards training larger-scale models. In the future, they will train a 1 trillion parameter model.

Bittensor co-founder Const (@const_reborn) responded on Twitter to recent allegations regarding Covenant AI. Const stated that he has no authority to pause emissions, and that the previous sale of a portion of alpha positions in three subnetworks was because these subnetworks were not operational and were in a high ratio of code destruction state. The impact of this transaction on emissions is consistent with the buying and selling behavior of ordinary TAO holders, and he does not enjoy any special privileges.Regarding management authority, Const clarified that it was Samuel himself who abandoned his Discord channel, and he did not remove his administrator role; he only temporarily restricted his ability to delete posts that honestly criticize and then restored it. Additionally, he emphasized that the scale of the token sell-off was less than 1% of his total investment in the team, and stated that exercising the rights to buy and sell tokens under the dTao system is fundamental to supporting the operation of the system.According to previous reports from ChainCatcher, the main subnetwork developer on Bittensor, Covenant AI, announced its withdrawal from Bittensor. Covenant AI founder Sam Dare stated that the reason Bittensor attracts builders, miners, validators, and investors into this ecosystem is because of its promise not to be controlled by any single entity. But this promise is a lie.

According to Theblock, Covenant AI, the main subnet developer on Bittensor, has announced its exit from Bittensor. Covenant AI founder Sam Dare stated that Bittensor attracted builders, miners, validators, and investors into this ecosystem because of its promise of not being controlled by any single entity. However, this promise is a lie.Dare listed Bittensor co-founder Jacob Steeves as a major reason for the departure. He claimed that Jacob has been exercising authority over the subnet to regain control of Covenant, as Covenant has grown too large to manage.It is reported that after Covenant's announcement, the price of Bittensor's TAO token plummeted significantly, dropping from $338 to $285 in a short period, a decrease of 15%.