Revenue Search: Inside Bittensor

Mark Creaser and Siam Kidd
  • 4.5 (2)
  • INVESTING
  • UPDATED DAILY

The podcast for anyone building, investing in, or obsessed with Bittensor. Hosted by Mark Creaser and Siam Kidd from DSV Fund, Revenue Search goes inside the subnets to ask the important questions about revenue - not just hype. If you’re betting on the future of distributed AI - or building it - this is your signal.

  1. 6D AGO

    Subnet Session with Koyuki from Vocence: Subnet 78

    This episode, Mark discloses that DSV is already invested in today’s subnet, but they’ll still ask the awkward questions. They bring on Koyuki (“special k”) from San Francisco, who shares her background in AI (web2 + web3), how she joined the Bittensor Foundation/OTF as Head of AI, and then dives into her slides on Subnet 78, Vocence. Koyuki pitches Vosens as a decentralized “voice intelligence layer” on Bittensor, targeting the rapidly growing voice AI market and competing with incumbents like ElevenLabs by being more open, cheaper, and driven by Bittensor incentives. She shows that Vocence already has a live studio product (TTS/STT, voice cloning/design, text-to-music, API) and outlines how miners submit models that validators score across nine dimensions (script accuracy and naturalness weighted highest), with winning models becoming the new baseline for inference. On revenue, she describes a credit-based SaaS model (consumer + API, with enterprise as the big upside), plans for buybacks into a treasury, and an emissions burn condition if no model clears a defined improvement threshold. The discussion then focuses on the “Turing test” problem for voice agents—latency, filler words, interruptions, and overlapping speech—and Koyuki claims a new “style trajectory TTS” approach will make agents sound truly human soon. Siam offers a $5,000 wager that Vocence can produce a voice agent he can’t detect as AI by the end of the month, and Koyuki accepts, with some talk about testing via a phone-call scenario and adversarial off-script questions. They wrap by noting the prior Vocence slot issues/deregistration risk and arguing this time is different due to stronger leadership, a live product, faster shipping, and early traction.

    57 min

  2. MAY 6

    Subnet Session with Bob Wold from Quantum Compute: Subnet 48

    In this episode, Bob from Subnet 48 (quantum compute) gives a grounded overview of quantum computing: huge long-term promise (materials, batteries, drug simulation), but today’s machines are still “NISQ” (noisy, intermediate-scale, not error-corrected at useful scale). Subnet 48’s pitch is essentially “Airbnb for quantum computers”—miners run real quantum workloads, users submit quantum circuits, and the network executes them cheaper than traditional access. Bob shows OpenQuantum.com as the front-end marketplace, listing multiple hardware providers (IonQ, Rigetti, IQM, AQT) with current machines in the ~20–50 qubit range, and explains that most jobs on OpenQuantum are being executed via Subnet 48. The conversation then veers into the big scary question: quantum risk to crypto. Bob distinguishes SHA-256 (mining) from elliptic curve cryptography (ownership/signing) and argues the nearer-term threat isn’t quantum “mining Bitcoin faster,” but breaking signature security unless chains migrate to post-quantum schemes. He mentions industry roadmaps and research suggesting timelines could be tighter than people assume, and plugs Subnet 63 (Enigma)—a prize-driven subnet designed to incentivize public breakthroughs in cryptography rather than vague claims.

    1h 3m

  3. APR 29

    Subnet Session with Aldo de Pape from NIOME: Subnet 55

    In this Revenue Search episode, the hosts sit down with Aldo from Subnet 55 (NIOME / “Neural Intelligence in Omics”)—a project tackling one of the messiest problems in biotech: how to make genomic/biodata usable for research and AI without turning it into a privacy and cybersecurity nightmare. Aldo walks through why the status quo is broken, pointing to repeated breaches and misuse across the industry (from direct-to-consumer testing firms to major institutions), and makes the case that “compliance” doesn’t equal “security” when hackers are actively targeting sensitive health data. NIOME’s approach is twofold. First, through the wider genomes.io ecosystem, individuals can store their DNA data in encrypted “vaults” where the user remains the owner and controls access—rather than handing away rights to hospitals or platforms. Second, the subnet’s core mission is to generate synthetic genomic / biodata at scale—so pharma, biotech, and researchers can train models and run analyses without exposing raw identifiable datasets. The roadmap is built around a structured series of predictive challenges (starting with cystic fibrosis / CFTR), with commercial interest already forming around bespoke challenges, licensing outputs, and data brokerage partnerships (e.g., bringing external datasets into the synthetic pipeline and sharing revenue when that data is used). The big idea: make biodata safe, precise, and scalable and use Bittensor’s open, inspectable “under-the-hood” model development to build trust versus black-box approaches.

    1h 3m

  4. APR 29

    Subnet Session with Jake & Alex from HODL: Subnet 118

    This episode brings the long-awaited sequel with Jake (Investing 88) and Alex (Trusted Stake). They recap how the two teams teamed up to build Subnet 118 / HODL, a joint venture focused on making subnet investing less painful by reducing slippage, improving liquidity, and smoothing out the constant rotation/volatility that comes from trading directly against shallow alpha pools. The core product is the HODL Exchange: a secondary-market style, automated escrow/order-book layer that lets users buy and sell TAO ↔ alpha with far less price impact than the native AMM pools. Instead of “one big swap” causing huge slippage, orders can be partially filled over time by counterparties (including incentivised market makers / IMMs) who earn subnet emissions for providing fill volume, plus there’s a private-order option for direct counterparties. The plan is to introduce a dynamic fee model that charges a small share of the slippage saved (e.g., taking ~15% of the saved slippage so users still keep ~85% of the benefit), with fees after OPEX used for buybacks. They also discuss how this matters even more if the subnet cap rises and liquidity gets thinner across more subnets.

    1h 13m

  5. APR 22

    Subnet Session with Josh from Green Compute: Subnet 110

    Revenue Search returns with the usual chaos and banter, then introduces Josh and the launch of Green Compute—a new Bittensor compute subnet designed specifically for enterprise-grade inference workloads. Josh shares his background building and selling GPU infrastructure in the UK since 2017, and explains that Green Compute plugs into an already-profitable compute business with existing customers, contracts, and deployment experience—so the subnet isn’t starting from zero. The core thesis: bring data centers to constrained renewable energy. Across the UK (and beyond), farms and renewable sites often generate power the grid can’t accept—so it’s wasted. Green Compute turns that stranded power (solar, wind, hydro, and especially anaerobic digestion / biogas) into usable AI compute, offering site owners far higher returns than exporting electricity back to the grid. Unlike “spot” compute markets, Green Compute is aiming at longer-term, high-volume enterprise deals that require symmetry (large clusters of identical GPUs, networking, CPUs/RAM/storage) plus real human support (sales + engineers) and predictable uptime—things many existing marketplaces struggle to guarantee. They also touch on tokenomics and onboarding: compute can be bought with fiat, but the goal is to push real-world customers toward paying via subnet alpha over time (creating buy pressure). Mining is gated by standards (e.g., high-bandwidth connectivity and matching hardware) to meet enterprise requirements, with a process for miners to apply and be verified—including the “green” power source. The team plans to update naming/branding and community channels shortly, with more details and access via the Green Compute website.

    1h 13m

  6. APR 20

    Subnet Session with Arshum, Dimitri & Max from Bitrecs: Subnet 122

    Revenue Search returns with the usual banter (and a bit of tech lag) before welcoming Bitrecs (Subnet 122)—a small, doxxed team building an LLM-powered product recommendation engine for e-commerce, starting with Shopify. Dimitri (CEO), Max (CTO) and Arsham (CRO) explain how their widget boosts store performance by generating smarter “you might also like” suggestions, then cleaning messy LLM outputs with a consensus/ranking layer. They show live examples on real stores, including a unique feature: explanations (“reasoning”) displayed to end-users for why each recommendation was chosen. They also introduce Bitrecs V2, which separates the product into a fast Web2 inference layer (serving real-time recommendations) and a Bittensor “intelligence” layer where miners compete in a winner-take-all prompt-template (“artifact”) evolution game. Bitrecs shares business traction (~130 customers), metrics (avg ~$32/month ARPU, ~$75 CAC, ~1% lift so far with a goal of 2–5%+), and a clear growth plan: deploy a six-figure marketing budget, aim for ~1,000 stores, ship a self-serve API for non-Shopify/enterprise use, and (once trust + lift improve) transition toward performance-based billing / revenue share so stores pay only on measurable uplift.

    1h 4m

  7. APR 7

    Subnet Session with Jose from Yanez & Ken from BitMind: Subnet 54 and 34

    Revenue Search is back after the Bittensor San Francisco event, and this episode is a first: a dual-subnet session with Yanez (SN54) and BitMind (SN34). Jose and Ken announce a partnership aimed at tackling the rapidly growing threat of deepfake-driven identity fraud—the kind of attacks that can bypass KYC, liveness checks, and even enable high-value social engineering scams. In short: Yanez produces high-fidelity, well-annotated synthetic identity/face data and attack vectors, and BitMind uses that to train and improve face-focused deepfake detection models via their subnet. They’ll take the combined “data + detection” stack to enterprise customers (financial institutions and identity providers), typically via licensing/usage-based deals, with both teams reinforcing that real-world revenue supports their subnets (including alpha buybacks into treasury) while keeping flexibility for future DeFi/treasury use.

    1h 5m

  8. MAR 23

    Subnet Session with Seby from RESI: Subnet 46

    This episode starts with Siam and Mark chatting about TAO going “more mainstream,” name-dropping Jason Calacanis’ interest and sharing Const’s reminder that TAO/Bittensor ultimately stands on Bitcoin’s groundwork. They briefly recap recent ecosystem happenings (Bitstarter’s TAO Ads launch for Subnet 21 and their upcoming San Francisco trip), then bring on a returning guest from Resi (Subnet 46) to share a major product expansion. Seby explains RESI as a real-estate “oracle” network: miners produce and the team verifies highly accurate property valuation models (already available via Chutes for cheap inference). The big update is RESI Finance, a lending/tokenization layer built on top of that oracle. The core idea: instead of slow/expensive “tokenize your whole house” structures, RESI tokenizes liens/charges (mortgage-like claims) because they’re standard, easier legally, and safer. They claim they’ve reduced tokenization overhead from roughly $2,000 and weeks to about $200 and ~2 days, with the fee covering real-world checks (title verification, signatures/DocuSign, notary, and recording the lien) before any tokens can be minted. They compare the model to Figure HELOC (a large mortgage-backed stablecoin business): investors deposit USDC into a vault and receive a receipt token, while homeowners borrow against home equity; loans are later bundled/sold (MBS-style) and fees/interest create yield. RESI’s version mirrors this: investors deposit USDC and receive an “rUSD”-style receipt token with target yield; homeowners either (a) sell small slices of property exposure and/or (b) borrow against tokenized property collateral at lower rates (e.g., ~5%). The “looping” concept is using cheap borrowing against a yielding property to lever returns (e.g., reinvest borrowed funds to lift effective yield toward 20–30%+), with the oracle’s live pricing enabling liquidations/risk control.

    56 min
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About

The podcast for anyone building, investing in, or obsessed with Bittensor. Hosted by Mark Creaser and Siam Kidd from DSV Fund, Revenue Search goes inside the subnets to ask the important questions about revenue - not just hype. If you’re betting on the future of distributed AI - or building it - this is your signal.

Information

  • Creator
    Mark Creaser and Siam Kidd
  • Years Active
    2025 - 2026
  • Episodes
    67
  • Rating
    Explicit
  • Copyright
    © Mark Creaser and Siam Kidd
  • Show Website
    Revenue Search: Inside Bittensor

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