Barry Silbert, an early entrepreneur in the crypto space and widely recognized as a proponent of “Digital Gold,” recently shared his enthusiasm for a growing field. Speaking at Fortune’s brainstorming technology meeting in Park City, Utah, he unveiled a vision for the future.
“We think the next significant trend in crypto will be where AI meets the blockchain,” he stated during a panel discussion on Tuesday.
But it’s more than just the overlap of two popular terms that excites Silbert. He’s particularly passionate about a project called Bittensor, a decentralized marketplace for AI founded by a former Google engineer, Jacob Steeves.
Silbert’s enthusiasm for Bittensor led him to establish a new company named Yuma, which focuses on the protocol and its cryptocurrency, Tao. “Our aim is to democratize AI development and grant access to Bittensor,” he explained, adding that this is the most thrilling venture he’s undertaken since Bitcoin.
Transitioning from Bitcoin to Bittensor
Silbert is not your typical crypto enthusiast. He earned a stockbroker license at just 17 and dabbled in finance after graduating from various universities, including encountering firms like Enron and WorldCom. In 2004, he founded SecondMarket, a platform that facilitated the trading of alternative assets.
His interest in Bitcoin sparked in 2012, prompting him to launch the Digital Currency Group. This organization has birthed numerous subsidiaries, including the well-known Crypto news outlet Coindesk and crypto ETF publisher Grayscale. Eventually, the Digital Currency Group sold Coindesk to the Crypto Exchange Bullish, and Grayscale’s details were unveiled in July.
Despite facing challenges during the “crypto winter” after the FTX exchange collapse, Silbert has resurfaced to promote Bittensor and Yuma, his new venture focused on decentralized AI.
Understanding that major AI algorithms need vast computational resources—resources only large, centralized companies like OpenAI, Google, and Amazon usually possess—Bittensor aims to implement incentive structures similar to those in Bitcoin. This encourages users to contribute their computing power, fostering a decentralized network for AI algorithm processing. Yuma assists various initiatives in utilizing Bittensor’s framework for AI applications.
“Just as the Internet serves as a global network for information, Bittensor aspires to create a Global Web of Intelligence,” he noted.
The protocol gained significant traction in the first half of 2024, with the cryptocurrency Tao peaking at $757 in March. As of Thursday afternoon, it trades close to $360.
