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XLM $0.1744 +4.57%
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sati

Bittensor co-founder responds to Covenant AI's accusations: no authority to suspend subnet emissions, and the amount sold is less than 1% of the investment

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.

The compromise proposal for the cryptocurrency market structure bill has sparked industry divisions, with Coinbase expressing dissatisfaction with the stablecoin yield provisions

This week, a compromise proposal regarding the yield section of the Clarity Act by U.S. Senators has sparked mixed reactions within the crypto industry. Coinbase has expressed dissatisfaction with the latest compromise text to the senator's staff but has not publicly stated opposition.The proposal was presented to stakeholders in the crypto industry on Monday, with some expressing dissatisfaction while others felt the outcome was better than expected. The proposal will instruct certain regulatory agencies to formulate rules to clarify the regulatory approach to yield-generating activities, but there are concerns that regulators may set subjective standards. Additionally, the text may limit companies' ability to tie rewards to the scale of stablecoin transactions.During this week's industry conference call, Coinbase had disagreements with other parties, with some companies believing that giving up certain stablecoin rewards is too costly, while others felt that losing the Clarity Act poses a greater risk to the overall legislative framework for the crypto industry. Previously, news related to this compromise proposal had impacted the market, with Circle's stock price dropping 20% on Tuesday and slightly rebounding on Wednesday.White House crypto advisor Patrick Witt criticized the related predictions on the X platform as "uninformed" and stated that "everything will be resolved." The final text is expected to be released this weekend or early next week.
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