qBitTensor Labs Live — March 5, 2026
Updates on SN48 stability and miner emissions, SN63 prize pools and partnerships, the new stakeholder meeting concept, and events including ETH Denver and APS Global Physics Summit.
In the rapidly evolving world of quantum computing, staying updated is essential. During our latest qBitTensor Labs Live session on March 5th, we shared key insights about Subnet 48 and Subnet 63, along with various updates impacting the quantum ecosystem.
Introduction to qBitTensor Labs Live
qBitTensor Labs Live is our platform for discussing advancements in quantum technology and sharing updates directly from the team. This session primarily focused on two important topics: Subnet 48 (Quantum Compute) and Subnet 63 (Quantum Innovate). We also introduced a new concept called the stakeholder meeting, which promises to add more depth to conversations about future developments.
Subnet 48 — Quantum Compute Updates
### The Importance of Stability in Quantum Computing
Quantum computing is not just about speed but also about stability. We emphasized the complexity involved in Subnet 48, where decentralized systems must interact with centralized interfaces. This complexity creates challenges but also opportunities for innovation.
### Recent Changes to Miner Emissions
Ryan shared that we have restructured the distribution of miner emissions. Originally, 10% was allocated to a treasury wallet, but due to operational challenges, we decided to distribute emissions directly to miners. This change aligns the incentives for different validators and ensures that miners are compensated fairly for their work.
Enhancements in Stability and Performance
### Tackling Communication Issues
Communication between miners and third parties has been a major hurdle, with some jobs getting stuck in limbo. We have implemented measures to resolve these issues, ensuring that jobs are processed as intended and that alarms alert the team to any problems.
### Chasm Parsing Improvements
Chasm parsing is crucial for ensuring that quantum jobs are executed correctly. We have made significant performance improvements, reducing runtime dramatically and improving error clarity for users. This ensures that developers can easily identify and correct issues in their quantum job submissions.
Updates on Subnet 63 — Quantum Innovate
### The Role of Quantum Innovation
While Subnet 48 focuses on compute stability, Subnet 63 is about fostering innovation within the quantum landscape. The discussions highlighted the need for continuous improvement in product management within quantum companies, emphasizing a proactive approach to development.
### Collaborations with Educational Institutions
One of the exciting developments we shared was our collaboration with the School of Mines. This partnership engages computer science students in productizing previous hackathon work, ultimately enhancing predictions for simulation resource requirements. This collaboration not only benefits the students but also strengthens the quantum computing ecosystem.
Hello, everybody, and welcome to qBitTensor Labs Live. Today is March 5th, and we're thrilled to have you all with us again today. So let's jump into it. We've got the usual housekeeping. Again, as always, the information that we're sharing today are ideas and not promises. This is not any kind of investment or legal advice. People continue to be great with what they do with this information, and so we're sort of not as worried as we once were that transparency would be weaponized, but we're still going to say so. And if you're still here, then you agree and we'll roll from here. So today's agenda, I mean, feels pretty straightforward except for one item that maybe is a new thing that'll have some mystery until we get to it. First, we're to talk about Subnet 48, quantum compute. Then we'll talk about Subnet 63, quantum innovate. We're going to share something on this mystery item called stakeholder meeting. We'll talk more about what that is when we get to it. We'll talk about some events that have happened recently and some community stuff. So without further ado, let's roll into it. So Subnet 48, quantum compute. Ryan, you want to hit the minor emission changes?
Yeah, basically, know, originally, yeah, we were sending 10 % of minor emission to a particular wallet. And so we were treating it like a treasury wallet, but we wanted to make some course corrections there and make sure we do things the bit tensor way. And now we have, we had two updates that actually happened. The first update was really to just align the V-Trust and the incentives between the different validators first and then the second one was actually releasing that change to make sure that the validators are tracking the cost per jobs of each one of the miners and then distributing it fairly, you know, that way it's set up exactly how a bit tensor is designed and how it should be paid out.
Perfect, yeah. And so if I were explaining this to my mom, would be like, we started burning through the whole 10 % that we had originally budgeted. But because we got straight shut down on Subnet 63 when we were treating a wallet we custodyed as a treasury wallet, we didn't want to turn that 10 % up in that way because we figured the valleys might just squash us. So we restructured it to feed directly to the miners. And by the way, I will say it says a lot about the team that you guys did this in two steps. I know in the past when we would make like incentive changes, we'd just push them out and then it would take a while for the valleys to get kind of on the same page and to rebuild consensus. So super cool that you guys did this in two steps so that they could build consensus before they start setting weights.
Right.
Yeah, it went out pretty smooth and it's working well.
Awesome. Cool. And then the next one's on 48 stability. And maybe I'll take a second before I have you talk about some of the stability work that you guys have been doing. But I just wanted to highlight how complex the quantum compute subnet really is. Because this requirement for everything to be decentralized, but also for us to need to interface with people in a centralized way, means that we have huge layers of complexity between the researcher who wants to run a quantum job and the quantum computers. And so just to zoom up and do a little bit of my market texture of how this really works, the user starts off in something like IBM Qiskit or some other development environment, which we'll have announcements on coming soon. They then have to operate in some sort of framework-specific connector library. In our case, if you're in Qiskit, we've got an SDK that you install that runs. But if you're on a web platform, we have an OAuth platform that Ryan talked about last time we were on qBitTensor Labs Live. That then talks into our base SDK, which talks into our API. And that's kind of, OK, there's a web layer on top of that, too. That's not on this diagram. But that's kind of open quantum. But then open quantum is built on top of subnet 48 quantum compute, which means that all of the jobs end up going from this API into validators who are totally out of our control. They talk to miners who we help operate some of those on behalf of the QPUs. But there's this exchange between the validators and the miners, which then ties into the QPU specific stuff, which happens through exposed APIs that the QPU guys have. Then they have their own internal APIs. Then they have the QPUs that have firmware and the physical systems. It's all kind of crazy. There's a lot of layers of complexity in here. And so this layer here, call it the open quantum layer, is really stable. We can just build that with software engineering best practices, unit tests, CI, CD, monitoring. Everything's really solid and under control. We really don't get surprised often at this layer. At this layer, it's pretty stable.
But know, Qiskit will just release new updates without telling us about things or people use some obscure functionality that we haven't seen before. And so there is, you know, some, you know, some reaction there, but this is sort of the layer where there's lots of surprises. I mean, like quantum computing companies, for the most part, hire like quantum researchers to build crazy science. And then, but then they need to provide these things as like commercially viable platforms. So there's all kinds of sort of like, whether it's just software development lifecycle, things that we would do in a better way, or design choices that were done in kind of questionable ways. It can be a little bit like surprising there. And so, Ryan, why don't you take us through some of the items that we've recently upgraded there.
Yeah, that's kind of a great breakdown, Bob, because yeah, the lots of surprises. We recently resolved some issues with communication between miners and third parties. Some of the jobs were getting stuck in limbo only in sort of exceptional cases, not the happy path. you know, I think lots of surprises describes a different kind of the best way possible because sometimes API interfaces can change because this is an emerging market. There are, might not be migration plans in place for certain APIs that change. Data structures can change, interpretation of how that data is presented can change as well. And so it's very dynamic and we really did squash some issues that were causing the jobs to get stuck in limbo. And as of now, everything is processed as intended, have alarms that also go off when certain things occur. That way we could make sure that we're doing the best we can to try to keep things as stable as possible in a flexible environment, I guess you could say. And then, yeah, we've resolved some disparity between online and offline statuses. And some of this is not just, you know, some of our partners changing their API interfaces, but sometimes it's actual bugs that I've reported in and helped get a change to happen actually a handful of times now in order to fix behavior outside of our ecosystem.
Yeah, totally. Actually. Yeah, Ryan, you and your team are single-handedly making the entire quantum ecosystem way more stable. It's funny because, I mean, like Open Quantum literally is like the first person reporting a huge number of bugs to these guys, which is funny because they actually see like fairly high volumes of use. But think we just have like a lot of diverse use cases, you know? But one of the cool things in my humble opinion though is that when we first launched
Better.
Even with relatively small volume of user data, we experienced a lot of issues. So we worked a lot of the kinks out while volumes were really low. And now as we're seeing usage volumes continue to grow and increase, it's not like we're seeing proportionate increase in defects that we're discovering. So it definitely is becoming more more stable.
Yeah. Right. Absolutely. Yeah. And there's always going to be certain exceptional things that happen. Someone's going to come up with something new or different. And, you know, there's multiple layers also of translation that go through the system because chasm, which is what some people develop and well, some people develop in a higher framework and then it ends up as chasm language. And then that chasm gets translated into another language based upon the platform and the provider that we're working with as well. So.
Totally, totally. Cool, yeah, awesome. Good stuff, nice to see the platform continuing to grow in stability. Chasm parsing, talked about it last week, you have an update on it.
Yeah, we introduced this a little bit ago. We added additional compatibility for Chasm 2.0. There are certain QPUs that only work with that. There was performance improvements. We were cutting runtime substantially for doing the Chasm validation. The whole reason we want to parse and validate before it actually gets to a QPU is we don't want to waste the time of, you know, validators, miners, and everyone else downstream in terms of receiving garbage. And that way we could catch things up front. And also we made some improvements recently to improve the clarity of the error messages because they were sort of token based before and now we're giving more of a compiler like error where you could find the line and the column that's invalid in your chasm and helps guide users more quickly to the problem that they're having.
Yeah, awesome. And yeah, it's funny because we're using this open source library to do chasm parsing, which, you know, Ryan's heavily modified. I think it took like minutes when you had a really big chasm file, and now you're down to like sub-second even for giant chasm files.
Right, yeah, yeah, I did a lot of performance work on that.
But what I've gotten a bigger kick out of is one of the things we do in our core business is we make this really big simulation SDK. And so my CTO has actually been so impressed with the chasm parsing work here that he's gone back to enhance the simulator's own chasm parsing too, which is great. So nice job. All right, February credit yields. You want to take this one?
Yeah, credit distribution is scheduled for March 6th. Just reminding people to link your wallets and that way you can get free credits out of this.
Yeah, sounds good. And we'll sort of use this as an opportunity to foreshadow something else to come. But if you haven't linked your wallet yet, but you are holding, there are some reasons to link your wallet even if you're not planning on using credits. We'll talk about that a little bit more, but now would be a great time to link your wallets if you have not linked them yet. yeah, Aria 1!
Yeah, so we just don't have a good way to get to the ARIA 1 device. There's certain API providers that don't have support for that anymore. We're going to be retiring it for now. If it comes out of maintenance with IonQ and is able to come back online, then we'll find a way to get it back on the platform.
Yeah, yeah. And so this one's, this is a really funny one because I don't think it's ever been out of maintenance since Open Quantum has been alive. So, and yeah, they keep moving the, they keep moving the finish line for when it's going to come back online. They also, you know, other, other people that make this available commercially have, have officially retired it at this point. So yeah, this is like a great example of like,
Since since open quantum launched. Yeah, absolutely. Yeah, yep
bad product management, you know, in my opinion, right? Like, I mean, it kind of goes back to the point we were talking about where QPU companies don't do product management well.
Yeah, it's the lots of surprises part.
Yeah. So Ryan and I are like almost the exact same like generation. So Ryan, you remember Bo-Rat, right? Your quantum computer, is retired. Do you remember that scene? all right. Yeah. If anybody doesn't remember that, if you're too young, go Google the Bo-Rat.
I don't know what I do. yeah, yeah. Yeah, yeah, totally.
I normally say borat, but, yeah.
I guess you have to, it's probably retarded, retarded. Other stuff, other cool stuff, website enhancements. So yeah, somebody caught wind of this. I was impressed that people are looking at the Open Quantum website in Telegram. But we put out some updates, basically further articulating how the free works and also articulating pricing. We're in the process of co-drafting a press release with a partner that I guess I'm going to save that. I'll keep that powder dry for the next qBitTensor Labs Live. But we're in the process of drafting a press release with somebody, and they were asking a lot of questions about the free. And we sort of realized that our home page didn't really lay out what free. And so we've revamped the home site quite a bit to outline that users can come and grab free credits every 90 days. They can also get free credits through the referral program. We also built out a pricing page, which is pretty important so people understand like, well, once I get past free, then what does it cost if I want more? And so we've put all those out. I think they look really nice. Kudos to the front end team for their work on that. We also did, so, and this one isn't the front end team. This is actually like the marketing team working in a WYSIWYG editor. That's how the Quantum Rings marketing website works. But we added, we sort of realized that we had launched Open Quantum and we had a little blog entry about Open Quantum, but we actually didn't really like promote Open Quantum through Quantum Rings. So while our initiatives, like our inorganic initiatives to recruit users were being successful, just organic users through Quantum Rings weren't really being directed towards it. And so we revamped that website, you know, kind of more or less completely. So now on the homepage, it really talks about Quantum Rings as providing a quantum execution layer that can be done through local simulation, through open quantum, or if you're brand new to quantum and you want to figure out what it is, we've got this Quantum 101 course that we've always had. I think it's a nice upgrade. I still think it's a WYSIWYG editor on Squarespace, so people will still probably have their gripes about the quality of the Quantum Rings website, but at least does a much better job
kind of reflecting open quantum. So I was excited to see that. okay. Yeah, so School of Minds. One of the things that we're doing, and we're working with a lot more than just the School of Minds, but we're sort of waiting to see how something pans out before we talk about kind of the collaborations that we're doing with the other local institutions. But we are moving ahead with School of Minds. If people aren't in Colorado, they might not know School of Minds, but they are actually like a pretty big school, a pretty prestigious school. We're going to be partnering with them to get a bunch of their CS students working over the summer to basically productize the work that we had started with the MIT iQWAC hackathon. And so we've written up a document that summarizes all of the work that the hackathon teams did around the prediction of how long it would take to run a simulation for any given circuit. And we're having that start off as the beginning point for the capstone project. The aim of this capstone project is that by the end of their you know, five week full-time project, they will give us a library that we could actually integrate into Open Quantum so that we could predict fairly precisely what the resource requirements will be and what the time requirements will be to run a simulation. And the key thing there is that Open Quantum was always supposed to be something that would work not just for quantum computers, but for hosted quantum simulations. But it was just a little bit impractical to do that without knowing how long the simulations should actually take so that you can charge the user the right amount of credits or the right amount of money. And so this should be a really cool unlock for us. And just to...
Yeah, I'm really excited about it. It's a great school and there's a lot of smart people there.
Totally. In fact, the last company that we both used to work for would recruit really heavily out of Mines, even though it was further away from the office than other better known universities. But a little bit about Mines. So some of the reasons that we're really excited about collaborating with these guys, in case people don't know the background on it, they are actually really driving quantum. So they do have like the nation's first bachelor's program in quantum engineering, which is really cool. They also host one of the few master's programs in quantum. So usually people kind of have to get into the PhD level before they start getting into a quantum specialty. They also were not just one of the critical founders of Elevate Quantum, but Elevate Quantum's campus, the Quantum Commons, actually exists on School of Mines land. Now, I actually hate the location of it. It's like out in the middle of nowhere in Arvada. So it's like right between University of Colorado Boulder and Mines. But it literally is in the School of Mines facilities. And so yeah, the relationship here, it's a lot more important than just a capstone project. These guys really are a key player in the quantum ecosystem here in Colorado.
All right, 63. Prize pools. Another day, another 500 Tau in prize pool. That's a fun post. Yeah, so so far we've accumulated $230,000 in prize pools. We've accumulated this essentially all through owner emissions, which is nuts. Had we had the minor emission going to, this number right now would be about 750,000. as opposed to 230. So we're obviously missing a little bit there. But 230,000, a couple of notes about it. One, we did that despite the fact that we had no minor emission and despite the fact that tau prices have been a little bit deflated in this time period. And the alpha price of the subnet has been a little bit deflated in this time period. And so if you look at the upside potential of that, as one of our QBITies calls out, 250k is great.
But if we actually can double or triple, which is really not unreasonable, and tau 50%, 100 % increases, that number actually becomes huge. But even at $230,000, that's enough to start running the challenge. So if we set an average prize pool of like 25k for these initial challenges, that lets us run 10 of those at the current prices, which is a great backlog.
.
So plenty to get people excited about at launch. Now, what we are really hoping for, though, is to start the period of time where we can actually collect the minor emissions. For those of you that have been following us on this journey, the key thing there is this treasury wallet feature that needs to be released. So we'll talk more about that in a second. But 63 updates. Maybe... I think I'm springing this one on you, Ryan. So, you know, feel free to just be like, nah, not ready to talk about it if it's not. But do you want to take a swing at kind of some of the progress we've made on 63?
Yeah, you know, the subnet code is going along nicely. Got the minor plumbing done, submission fee, validated plumbing, you know, really looking to get that treasury wallet stuff nailed down. And then under the factorization challenge, know, we're performance testing, setting milestones. These milestones would determine when prizes are unlocked for these things. And then the peak circuits challenge, we have a partnership set up, raring to go, just about ready to do some API integration. So hoping that'll come soon. And then the open quantum integration is doing great, you know. as we probably said last time, or maybe we didn't, we got some of the e-commerce done in the web portal so that people outside the BitTensor community could easily participate. and things are going quite well.
Yeah, totally. And one of the things that's a little bit hard is we have this fairly large punch list that we publish, and it so doesn't reflect the progress being made. know what I mean? So many of these things are so close to all done, but it's like we need to finish tying off the integrations and then plow through the testing of these things. But but progress is looking great on 63. I'm super excited about it. equally excited about something that you just dropped there, which was partnerships, which we'll talk about in a little bit, just a tiny bit more detail shortly. But the factorization challenge. So one of the things I was blown away with, these results are actually like from my computer, like I'm just running a MacBook Pro. But I was blown away with actually how far you could factorize semi-prime numbers on just like a laptop computer these days. It's totally insane. So the default minor that we're going to be putting out there actually let us get up to like 304 bits. And by the way, there was like a big jump between like 304 bits and the next thing that we tried, was, what is that? Oh, I can actually see it's too small, but you know, but there was this pretty big, like, was this pretty big jump between the next one that it failed at. And so pretty crazy that, you know, like, I mean, that used to be like what encryption was, right? And computers can just like pip install Yahoo and run it. you know, break them now. But the cool news about this is we actually think because we sort of pushed this as far as we could with open source, but then we haven't spent a ton of time optimizing for like the validator environments that people will be running on or doing, you memory enhancements. We actually do think that when we put this challenge out, there's a really strong chance that smart miners will be able to do some cool work in terms of like... even just calibrating the existing open source that's there and optimizing it to run on the H100s that we're going to be trying to run validators on and unlock some prize pools even in the early days of classical factorization, which will be cool.
Partnerships. So super stoked about this. On the peak circuit side, have fully, we have full commitment from the CEO and CTO of the partner organization that's going to go. We have an LOI in place here. We've totally agreed upon the design of the challenge and who owns what parts of it. And we are supposed to be getting an API, I think this week, that lets us do like the full peak circuit generation for the milestone one challenge, which basically takes all the hard work off of us on the quantum side of this and puts it onto a group of experts who are actually essentially the name in the industry for this.
It also takes a lot of work off the validators as well in terms of like, you know, how intensive the peak circuit generation is and as you keep growing, how many more compute resources need to be involved in that. And that's, I believe that's solving a problem that we had in the last time we were doing challenges on 63.
Totally. so, I was kind of like, you know, we had a line of sight to these guys. had, you know, previously had like a number of in-person conversations and we're confident we're going to be able to close them as a partner. We're thrilled to have that behind us and, you know, to be moving forward with them. What I was a little bit surprised about was we also managed to secure, well, I'm going to say secure, but get a verbal from a crypto-based partner. that expressed interest in the factorization challenge. They've asked for an LOI, so we have that in progress. We should have that out to them this week to just make sure that we're all on the same page about what that partnership would look like. But yeah, that was kind of a surprise on the upside that people were just so bullish on that. So really cool. And the cool thing about that is if you look at what these LOIs are, this is just like a snippet from it. I probably did a crap job redacting. I probably redacted this about as good as... the Department of Justice. But people will be reversing it or something. this is the type.
you
Yeah, I was going to say those page previews on the left side, I might be able to read them.
Just blow them up. see what words fit. No, but I mean, so the types of things that these LOIs cover are things like the work that they're going to do on the technical side. So in this case, the partner is giving us an API so our validators don't have to generate these things and spend huge amounts of compute on it. They can spend compute instead on the miner's testing the miner's solutions to see if they succeed or not. They're also helping with things like the milestone design so we can precisely calibrate these things without the huge kind of science aspect of it. They have the option to do implementation review. Whether they actually take us up on that or not is up to them. But the cooler thing about it is promotion. they also agree to promote these challenges, both in their social media, but also on websites and blogs and other platforms that they have, which really just increases our reach and the... And really kind of creates credibility, I think, for the work that we're doing. And so the more partners we can have, obviously, the more platforms we get on, the more eyeballs we get.
All right, treasury wallets. Actually, any day now, this stuff's gonna be ready. So, HREF has been great trying to help out with this stuff. JB, it's been great having you chase these guys. We do wanna hold that balance of not being an excessively squeaky wheel, but do keep the pressure on. They've decided that they don't think that they're gonna use it on Subnet 89, initially. which means that we may be the first to use it. And I'm gonna actually just say we probably will be the first to use it because we are fricking ready. So the last update that we have, and I'm not gonna put a name on this one, I everybody can probably guess, because they said, don't quote me on it, was that voting power is coming to main net this week. That came out, I think, on Monday or Tuesday of this week. We haven't seen it yet.
We did ask for a level of confidence on this and they did provide us with a level of confidence estimate. We didn't want to include that again because they said don't quote me on it. But overall, you know, it should drop any day. We're just in a holding pattern waiting for it. Now when we do the release, keep in mind that there will be two phases of the release. The first phase is going to be an update to the subnet that simply redirects all these minor emissions that are being burned to the Treasury wallet. We want to fill those coffers as much as we can get those prize pools as big as we can. Like the bigger the numbers we can talk about, more the more excitement we're to be able to get out of the quantum computing community. But we're at a spot where we have the emission routing code ready to deploy. is sitting on a branch in our, in our repo. The only thing we have to do is provision the treasury wallet. Once they move treasury wallets to main net and then change the address that the subnet code routes emissions to. The validators know that we have the code. They've been briefed that the address that will be dropped in there will be a treasury address. We're ready to go as soon as they drop. we're very excited about this. Now, again, keep in mind, this will be the first phase of the deployment, which is a new piece of subnet code that simply routes minor emissions into the prize pools. That is not the complete code. The complete code is not code complete yet, as you saw from the status updates earlier. But we're making extremely good progress on that and should be, you know, we will be happy to release that shortly after the new miner emission harvesting code. Solid.
Cool. OK, so stakeholder meeting. This is a brand new thing. We have never tried this before. This is super experimental. qBitTensor Labs Live is an open meeting. We're trying to have broad transparency with anybody. Obviously, we as a team have lots of strategy meetings completely private, where we'll talk about what we want to do. We'll throw things against the wall. We'll see what sticks. We then kind of prioritize and triage and figure out what we're going to do and sort of what steps make sense to get from here to the moon. We're introducing something. This is very experimental called a stakeholder meeting. The stakeholder meeting is going to be an experiment in what I'm calling excessive transparency. And what I mean by this is we don't want, there are things we can't say on qBitTensor Labs live because they're not baked enough or you know, it will move, if we were to say it transparently, it would move the needle too much. So what we're doing is we're going to suggest that everybody who has linked their wallet through Open Quantum by midnight UTC on Saturday, which is like in the US, that's like Friday evening, you will be invited to an exclusive and private meeting regarding the next steps on 63. So we can talk about just a level of detail that's more specific than what we talk about on this public forum. We don't have any specific limits on how much you have to be holding to be invited. You just have to have your wallet linked on Open Quantum so that we can verify that you are a holder. We'll obviously be sharing more detail than we can share here, but a lot of that is going to be specifically on the strategy for rolling out 63 and taking feedback on that. So if anybody feels like... we're about to just make a major misstep or if they're super excited, we can take that feedback then. The attendees will be required to sign a soft NDA. So this is going to be essentially like a Google form with plain text, hopefully not legalese, but hopefully just very human readable things that you're agreeing to that you'll have to click through to be invited. And again, the whole aim of this is to provide a new level of transparency that really nobody has. If I would imagine that there's one of three ways that this could go, it could go terribly. We could share a bunch of information and have that totally backfire on us, in which case we probably don't keep doing this. It could go pretty well, where we could take good feedback, have a polite environment where people can express opinions, where essentially the loyal holders can almost have like the type of information that we have. mean, probably not the exact type of information we have, but like lot more information than the general public has. And they can sort of, we can use the synergy of those two things together. I think there's also, if this goes extremely well, I would say there's also a small chance that we could use this as almost more of a like governance, like a very lightweight governance thing to sort of like skip off of the holders where we even start to incentivize people where the more holdings they have, maybe the more weight their opinion has in the meeting, things like that. So we'll sort of see where it goes, but we're super excited to try it. We love to experiment, fail, and iterate. And I have a feeling this will be a good step.
Cool, events. This is kind of a fun part of this. Okay, ETH Denver, not my scene, but I did spend a bit of time at ETH Denver. What I did love was the BitTensor Brunch that was put on by BT Labs. That was solid. So this was sort of an event at a venue, a super hipster venue in kind of Lodo in Denver. There some photos from the event. You know, what were my observations of this event? One, you know, the people that were in Tau, I love the passion. You know, was sort of interested to get a read on how passionate people felt because, you know, things in the macros of crypto have been kind of squishy. You know, there's been a lot of changes in BitTensor, so things are squishy. But, you know, all the people that were in BitTensor were super bullish on it, super professional, too. You know, it's funny because you live in, like, Telegram and Discord and stuff like that, and it is not like what I would call... you know, like professional. But in real life, you know, people are like wearing, you know, nice branded gear, nice, you know, nice attire, super civilized. What I was more excited about though was like 90 % of the people that were there had never heard of, or maybe they had heard of BitTensor. They usually had heard of Tau. They didn't really know what BitTensor did. And so people could get pretty excited.
like when you would sort of describe what it is, when we talked about what 63 was and when we talked about what 48 was, and when we talked about just like, also represented those weird, represented bit tensor quite a bit. know, people would get pretty stoked about what it was. So yeah, it was a fun time. Thanks to the BT Lab guys for hosting this. That was super big of you. No joke though, after the event, I was watching like a YouTube video on like the best places in Denver to eat. And it turns out that there's like a barbecue place in the venue that's like Michelin star rated. And it looked so delicious. I had no idea when I was there. So now I got to go back. Wish I had caught that before the bit tensor brunch. All right. Next, at Eith Denver, there was actually a quantum summit. Pretty unusual. was offsite again. It was held at like an improv studio. But pretty cool. It was mostly attended by people outside of quantum, but there were a number of quantum people there too. This was a hilarious quote from this panel discussion. So Dano, who I don't know if he watches this because he's not from the BitTensor ecosystem, but he intersected with us in the quantum ecosystem a little bit. One of the things he literally said on stage was, if you want to understand post quantum cryptography, you should go talk to Bob. Now, I don't know if he meant me. or if he meant like, you know, Bob, like the generic Alice and Bob name. But he was looking me straight in the eyes when he said that. And I thought that was a hilarious shout out. But the cool thing about this is like people are blown away when they find out like the reality of what quantum computing can do. And the key takeaway in my mind was that nobody feels that Bitcoin is ready, is even close to ready. Like essentially that like not only is there like technical implementation, but there's the governance approach, and that's too bureaucratic and too slow. And then there's the end user and their wallets and how often they touch them and access them and move them and pay attention. And so there was a general consensus that some of the smaller chains, even ETH, are much better situated to be quantum ready. But there's a lot of people that feel that Bitcoin is just not going to be ready.
So yeah, super interesting and cool opportunity for the future, I think. Our quantum future. Okay, yeah. So this is a new documentary that is coming out on quantum. Super well-financed and really cool. But actually two nights ago in Boulder was the premiere. So we did get an invite to the premiere. This was kind of like a red carpet type event. Everybody has to get all dressed up and hoity-toity and pass around champagnes and stuff like that. Not our usual scene. You can see me down in the bottom, a little bit more dressed up than usual. But this was the global premiere of this movie. There were whole bunch of Nobel laureates in the room with us. We can see people here, founders of companies. There's a founder of Inflection, a founder of Vessent Technologies. We actually do have the Nobel Prize winner from 2021 in the room there. We've got all kinds of people. This guy right here is... Well, he had a couple of billion dollar exits from companies. I'm not sure if he's actually a billionaire. Dan Caruso, head of Caruso Ventures. That guy is the director of the movie. That guy is the CEO of Quantum Insider. But like all kinds of big names. The crazy thing is just how many of these people we know and how many of these people know us, like us personally, but also the brand. Super cool event. Honestly, the documentary when it comes out, you guys got to check it out. super well produced. I thought it was a little boring. like for as many like Nobel laureates as they had in the documentary, it was like 85 % true. So I was a little surprised that it wasn't more accurate, but cool stuff, super cool scene, cool to be with all of those people. One of the things that I thought was kind of fun after they did the screening, had like the people that were in the documentary.
a few of the people who were in the documentary in the room who chose to be on a panel. A lot of the guys were sort of declined. And one of the guys, Ben Bloom, who's the CEO of Atom Computing, which is literally one block away from us is where their headquarters are, but they are also in the same building as us for a little lab space, said that humans tend to create these centers of excellence in areas. And we're lucky that the best center of excellence for quantum is right here in Boulder. I couldn't agree more with what he said. The other guy, know, so other guys on the stage here, this is Dan Caruso, the guy with the billion dollar exits that I was talking about. This guy over here is the head of quantum for AWS. Also, you know, when he actually introduced me to a couple other people and when he did, he introduced me as the guy behind Open Quantum, which I thought was interesting as opposed to the guy behind Quantum Rings, which is usually where I get introduced.
UChicago, so one of the things we do, we love to give back. mean, you guys have seen that we intersect a lot with the academic community. We did do a session with the University of Chicago's Quantum Club. For people that don't know, the University of Chicago is actually a super prestigious university, lots of big quantum programs there. We gave like an hour presentation in the evening, sort of showing them all of the things that are happening with quantum in the industry, but then also just invited them into open quantum. And we gave them this live demo notebook, which you can actually follow that bit.ly yourself if you want. And that bit.ly just took them through registering for an Open Quantum user, grabbing your API keys, dropping them in, running some quantum circuits, ran them through the results and why the results were what they were. And what was really cool was a bunch of the kids at the Quantum Society That was the first time they had been on a quantum computer. these guys literally do work designing qubit technologies, like manufacturing qubits, like with diamond vacancies. it's insane. And they're like, man, cool. I ran on a real quantum computer. And it's like, my mind was just blown that it's like, they're so inaccessible that you guys haven't run on quantum computers. But then what was even cooler was, so the president of the club goes, man, I'm going to send this out to everybody in the club.
just make sure that they know and they can register. And I was like, hey, man, you should get your referral URL and send it out, because that way you can earn credits if they actually sign up. And everybody on the line was like, no way, I'm sending it out first. So everybody's grabbing the referral URLs to try to get it out so they can get the free credits before everybody else does. It was just a reminder that we sort of assume that people just are on quantum computers. But this is a very cool thing. We are. democratizing an incredible technology to people that literally couldn't use it otherwise. And it's also a reminder that this market is a network. And so if we can just get the seeds into enough places within the market and the referral program takes over, this will continue to spread like wildfire, which will be exciting.
Cool, okay, yeah, this is a nerdy one and I'm looking at the time and I'm realizing that I don't think we have too much more to go, but we've been on for a little bit, so we'll get through this. APS Global Physics Summit. So this is what they call the March meeting in the industry. It's like the big physics summit. It happens every March. It moves locations every year. And this year it happens to be in Denver, which is awesome. And Quantum Rings, it does have a booth there. We have a marketing. program that's going to be going on that drives people to get in and register for Open Quantum by giving away like Nintendo DS systems and some Beats earphones and stuff like that when you register and run circuits. There are going to be like 14,000 physicists present. Not all of those are our users, but call it like half of those are potentially our users. If we can harvest 1,000 of those users, we'll be stoked about it. But yeah, we do have some cool creative marketing stuff that our marketing team has been working on to make that easy. And super kudos to the community for calling out that APS was coming. I mean, we tend to be on this stuff, but keep calling it out. The more you guys are doing this stuff, more exciting it is for us. Breakout, we did have more. yeah, totally. Okay, so can I just say they totally took my head shot.
And what, must have fed that through Grok or something like that. Because that's not me. But I'll take it. It's close. Yeah, so one of the things, that particular headshot, which I think is actually from 2016, it's just the default headshot that I use. And anytime anybody does any AI work, they always feed that headshot in as the basis for it.
It's close, but yeah.
So I've become very accustomed to seeing weird, slightly close versions of me doing weird things, both in video and image form. But this is for good. So yeah, so this is true. We are going to be at Breakout. Actually, I'm surprised they called me quantum rings here. I would have preferred they called that qBitTensor Labs in this case, because Breakout's obviously a strict bit tensor event. But yeah, we will be doing a solid presentation there. Appreciate them giving us a shout out. And the timing should be kind of cool on that.
Community and Q &A. Okay, what do we got? Question, the last months have been a long wait for 63. Are there any examples you can provide of progress connections that were made for 63 behind the scenes? I think we did. I think we hit that. What does the quantum community say when 63 is pitched? Yeah, so I will say outside of the peaked partner who is extremely quantum, we for the most part have kept it very high level what we're doing.
You
But I will say the individual who, the CTO of this organization was super stoked, not just about the peaked challenge, but about the potential for other challenges. And so started actually going off describing a bunch of other different quantum related problems that could be really valuable. I think there's also a lot of other non-quantum problems that could fit really well into the structure of just incentivizing people to try to break something so that we can build something better. But yeah, things have been good. We're pretty confident that as long as we can keep cryptocurrency wallets and cryptocurrency itself out of the scope of the quantum people, that we can get participation in this.
And then real quick, Bob, we had a real-time question come in. And I think we kind of inferred this on the slides, but didn't really call it out explicitly. But the question is, for the stakeholders meeting, is that just for 63 holders or for 48 holders too?
Yeah.
You know, we actually didn't, we haven't declared that, but I would say either one, yeah. So the content that we have in mind is gonna be very 63 centric. But no, if you're a QBitE 48, 63, whatever you're in, let us know. I would say if you're like a 48 holder and you go to a meeting where we just talk about the cool shit we're doing on 63, you might, you know, like, you'll be biased towards switching. 48's frickin' awesome also. But yeah, you'd absolutely be welcome.
Yeah, yeah, yeah. They each have great unique value. So yeah.
That's right, totally. Yeah, so now I'm feeling, with that question though, I'm feeling like we might need to talk about 48 in that meeting too, even though we're only planning on talking about 63 right now. But yeah, 48, you're welcome. Consider that a real time decision made here. Thanks for asking it live so we could demystify it. Where did that question come in, man?
I'm not sure exactly. Yeah, yeah, yeah. Basically, it's coming through our internal channels filtered from other places.
Okay, like marketing guys are handing it to you. I actually, yeah, yeah, yeah. Cool, okay Nice wherever you guys ask the question feel free to ask more I guess Okay, so I'm gonna I'm gonna admit I'm doing my homework on the school bus today trying to read through these So I'm just gonna come in a little closer. Looks like Treasury wallets are being deployed today That would be cool according to the announcement channel and bit tensor discord. Is that from today? Is that like 815 minutes ago? Hmm
you
I don't know.
That'd be cool. If they come out today, we're ready to start collecting minor emissions. Hell yeah. I hope that is new and truthful news. I don't know what that means, but thanks, Nova, for sharing that. Next, 63 is also built to pivot to whatever is currently needed as long as there are emissions and partners. Totally. Yeah, so JB, that's 100 % right. The data structure is set up so that 63 will be a subnet with multiple challenges, and then the challenges have multiple milestones to unlock for those challenges. And it's definitely being built out with this idea of adding additional challenges and adding additional partners. One thing I forgot, actually, and I totally should have hit this on the partner's slide. But man, OK, so you wouldn't believe this. The partnership deal is essentially that these partners come on, and in exchange for their technical expertise and for their reach, we actually incentivize them to participate. And the way that we do that is whatever prize pool gets unlocked for those milestones, we actually will add an additional 20 % of that and compensate the partner of the challenge who helped design the challenge when they're unlocked. And so we actually shared that with the Quantum partner. And they said, hey, if it would be valuable, we'd be open to just holding that as crypto in the subnet instead of taking that as USD, which is totally amazing because, I mean, obviously it further reduces cell pressure, but also it's just a huge testament to even some quantum people are very open to holding in crypto if they believe in the mission. But yeah, JB totally set up for any additional challenges.
We have the two that we've been talking about that we plan to launch with. There may be a third that follows up extremely quickly afterwards. Timelines don't mean a ton for us because most valuable things have a short timeline. Yeah, I know. So one of the things that I'll own is that it does suck to wait. And people that are holding here, 63 should look as much like a stablecoin as something can look like in the Bitcensor ecosystem. But I do appreciate that it sort of sucks when you don't have something to get out there and get hyped about. So we are moving fast. When looking at it, we really have not had it shut down that long. I think we did it the first week of December. And so basically, December, January, and February, it's been down. It should be up in March. So hopefully, people will be pretty excited. That is, dude. It's more like five lifetimes in the BitTensor realm.
That's a lifetime in the bit tensor world though. you
but we're gonna do it right. All right, next up, it says, it's just because Quantum is so hated right now. I think he probably means the subnets, not the field, because the field itself is pretty exciting. No one wants to support it because everyone's lost a lot of money on it. Everyone recognizes that it's very cool, but. Yeah, but people don't want that. Yeah, so guess that's an interesting point. Actually, it's funny. These are actually colorized kind of opposite of how I would have colorized them, because usually I use red to be bad and blue to be good. But yeah, it looks like that's kind of sentiments down on quantum. I think we're going to flip that when we get 63 out. And I think that's going to be a big part of the stakeholder meeting is kind of talking about how we plan to flip that and making sure that people sort of like think that the direction that we're going is the right way to flip that sentiment. OK, 48, not getting the love it deserves. Holy smokes, I agree. Literally the only asset in the known universe that can be mined only with a QPU. I 100 % agree. I can't see the username on that, but you are speaking my language. Yeah, so also honestly, we were burning 90 % of emissions. So even the narrative that the emissions created, cell pressure, is kind of wrong on that, I think. I really think that it's more just like cell pressure from people that are trying to get out of the broader ecosystem or limit their exposure to crypto. But yeah, but the upside is that at least in the stakeholder meeting, there will be at a minimum a tie in of how the narrative on 48 gets to benefit substantially through an adjustment that we're thinking about making with the launch of 63.
We are not getting any love lately. Yeah, we'll get some more love there soon. So yeah, hold tight and we'll get you some intel on that. Q Team has been pretty good about getting on X. Thank you. That's actually not us. We hired actually, we hired like a marketing team. So there is a group of young ladies that actually like come in, pay attention to a lot of the things you guys are saying, propose the social posts for the day. we go through it, sort of adjust what they do and get them out. They have been, yeah, very solid, know, churning out good material. I totally agree with you guys. Thanks for the call out on that. Also, if there's more we can do to do better on that, let us know. Okay, I'm going to dare read the tokenomics one here. Another thing I'd add.
I've been talking to a lot of detail investors about quantum lately trying to peak some interest, but the main deterrent, which is probably holding us back by two or three multiples is the double token. Quas, I actually think I agree with you. You know, we believe in make decisions fast, move, measure, learn, adjust. That will be a key talking point in our insider's meeting. is how to manage that specifically. And we have a strategy for that that I think is gonna be explosive. So hopefully you join us. If you're not a holder, go buy, go stake an alpha and link your wallet. All right, just dying to see 63 in action again. It will be soon. All right, I think I hit them all. If I missed anybody, I'm sorry. I should have read those ahead of time. And also my aging eyes did not help me with my tiny screen here.
And that's it. So hey, as always, thanks to everybody for joining. Thanks for everybody that's been with us on this. We are very quickly approaching exciting times. I actually don't know if that message about Treasury wallets coming out today was fresh from today or if that's actually an old message that was posted and snagged. But if that's true, then we're going to start to see some exciting things happening real quick. But stay with us. We are going to do everything we can to. bring you with us as we do some amazing things here. All right, thanks everybody. We'll see you next time. Link those wallets and we'll see you even sooner.