Mode announces the launch of Synth subnet on Bittensor, intends to launch an AI-based crypto asset price prediction system

On January 27th, Mode, an Ethereum Layer2 project, announced the launch of a subnetwork called Synth on Bittensor, aimed at developing an AI-based encrypted asset price prediction system. As a member of the Optimism Superchain ecosystem, Mode will provide infrastructure for AI-driven financial modeling through this subnetwork.

James Ross, co-founder of Mode, said that Synth will use Bittensor's decentralized architecture to model asset price volatility. In the system design, "miners" will generate 100 simulated price paths for Bitcoin every 5 minutes, and subnetwork validators will evaluate their accuracy based on historical data and reward miners who perform well with TAO tokens.