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Dear Community,
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Effective today, we are reducing emissions by 90% subnet 1 and 3 until further notice.
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Why?
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The most important quality of decentralization at Bittensor has always been open ownership. Unlike networks that build off large and closed raises made inaccessible to most, we chose to launch early and build in the open - so that everyone could participate. I strongly believe that this was a necessary choice to ensure Bittensor stayed truly aligned in an important way; by building an openly owned AI system.
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The consequences of this choice has been varied. On the one hand, we have succeeded at distributing TAO throughout an incredibly broad group of people, and collectively learned how to drive this megastructure computational network in the real world - I am proud to be here with you.
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However, on the other hand, building in the open has left us increasingly exposed to exploitative attacks that take advantage of our openness. Unlike most traditional blockchain projects, with fixed mechanisms like Bitcoin, Bittensor is an incredibly adaptive technology and as a consequence, building in the open, i.e. keeping emission rates steady with 99% uptime across the network, while simultaneously carrying out active development on the underlying protocol - with incredibly complex things like subnetworks, delegation and multi modalities etc - has caused us to suffer in other ways.
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As of this writing, we can finally confirm that a sustained and organized circumnavigation on the reward model on subnet 1 has brought 75%+ of active nodes under a single group, there is also an ongoing DDOSS attack on subnet 1 against this same group. We know from many in this community that this has created increasingly high boundaries for entry into the network. At this point we believe reducing emissions is necessary to protect the network and more importantly the core mission of openness we began on.
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Why this is a good thing:
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We understand that by altering the core rate of inflation on Bittensor below its maximum rate will disrupt the exact moments when halvings are set to occur. However, this will not disrupt the 21 million cap. Instead, reducing the block emission rate - while maintenance and certainty are brought back into this network - will add longterm value into Bittensor. With more control over emission rates, we as a community and a project can direct its flow more precisely, to ensure that each TAO emitted maximizes value creation network-wide.

We understand that, aside from the people taking advantage of our vulnerabilities, this will affect the validators most at this time. We want to acknowledge that, and ensure you we will be carrying out these changes as swiftly as possible, in order to return emissions to the standard rate. That being said, we need to be able to reduce network emissions when huge changes have occurred, and when we have been made aware that the network has become vulnerable to attack, to ensure that our ecosystem stays aligned and protected.
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How will these changes be made in the future?

With additional time to develop the mechanism, Opentensor and our open source collaborators will have more space to introduce decentralized decision-making into the protocol directly. Because of the importance of emission rates for all of us, our first goal with the DAO will be ensuring that changes to emission rates will be decided by delegates and TAO holders.

As ever, thank you to everyone working tirelessly to bring Decentralized Open AI to the world.
Blue skies ahead,
Const.

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