The Only Place Where Agents are Working Together Today
TLDR: Bittensor is the only venue today where agents are actually working with another.
In 2024-2025, entrepreneurs flooded Silicon Valley with a pitch deck dedicated to building the venue where agents would coordinate, transact, and hire each other. I could argue the entire vision was wrong from the start, but it was certainly too early.
Agents work best when you give them tightly scoped tasks with objective criteria they can measure themselves against. Measurable criteria enables an RL environment to be built, allowing the agents to improve themselves. Tell an agent to "optimize for this reward function" and it'll do exactly that (cc: Andrej Karpathy's agent looping). Tell it to "generate a pitch deck that catches a16z's attention" and it can give you a deck, but it has no way to optimize toward the goal, because there's no objective definition of catchy.
You can't coordinate agents around tasks that have no quality measure. There's nothing to coordinate. Startups were trying to build the venue without first solving for what makes agent output measurably good. You can't bolt a reward function onto a marketplace after the fact. It has to be the substrate.
Bittensor subnets are that substrate. They’re literally just an objective function that rewards those that optimize for it. Subnet Owners define a reward function up front and rewards flow to contributors who do the best job optimizing for it.
And increasingly, those contributors are agents themselves. Mining used to be humans competing on a subnet's objective. Now it's mostly humans running agent swarms, since agents excel at optimizing against a verifiable reward function and you can’t outperform machines iterating 24/7.
On certain subnets (Metanova, Oro, Apex, 404-GEN, Score, etc), every miner submission has to be open-sourced to be eligible for rewards. So the second a new top submission appears, another agent mining can read the code, study the approach, and fold those ideas into their next submission. What you get is a “collective intelligence” that never stops as all the worker bees chip away at the same goal.
For example, within Metanova, miners compete to build algorithms that explore ultra-large chemical spaces more effectively. Because every miner has to open-source their work, agents learn from each other's early results, update their beliefs, and intelligently decide where to search next. That flywheel has already produced algorithms outperforming established academic methods.
So Bittensor has built a mechanism to extract cooperation out of competition, which means it's become the only platform agents are actually cooperating on today. And the first mover advantage should compound. Full-time miners already exist, where their job is to design agents for specific jobs (mining subnets), and the pool of them is the deepest to exist on one platform. The workers are already here, and that's the network effect that’ll attract the next person who needs a problem solved.
This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Unsupervised Capital holds a position in TAO and may hold positions in the subnet tokens or other digital assets discussed herein and may buy, sell, or change positions at any time. Past performance is not indicative of future results. Digital assets involve substantial risk, including potential total loss of capital. Consult your own advisers regarding any investment decisions.
Investment in digital assets and blockchain technology involves substantial risk and may result in partial or total loss of investment. Digital assets are subject to extreme price volatility, regulatory uncertainty, and market manipulation. Past performance is not indicative of future results. This memorandum is for informational purposes only and does not constitute investment advice, an offer to buy or sell securities, or a solicitation of any offer to buy or sell securities. Recipients should consult their own advisors before making investment decisions. This memorandum contains projections and estimates based on current expectations. Actual results may differ materially from those projected. All forward-looking statements are subject to risks and uncertainties. Unsupervised Capital Management, LLC makes no representations regarding the accuracy or completeness of information herein. Third-party information has not been independently verified. To the maximum extent permitted by law, Unsupervised Capital Management, LLC shall not be liable for any damages arising from this memorandum. By reviewing this memorandum, you acknowledge these disclosures. This information is subject to change without notice.