Covenant

Bittensor

Alpha

2026

Four months after giving up the CEO title at the Opentensor Foundation in what observers called a "Satoshi moment," Bittensor co-founder Jacob Steeves, known online as <a href="https://x.com/const_reborn" rel="noopener noreferrer nofollow">@const_reborn</a>, is saying openly what critics have long alleged: core direction still runs through him. In a new essay, Steeves acknowledges that the AI network is not fully decentralized where it matters most, and argues that is a deliberate choice rather than a failure.
<h2 id="the-case-for-centralized-speed">The Case for Centralized Speed</h2>
Steeves frames the current structure as a practical necessity. <a href="https://www.cryptotimes.io/2026/06/22/bittensor-isnt-fully-decentralized-yet-co-founder-explains-why/" rel="noopener noreferrer nofollow">According to Crypto Times</a>, the project intentionally maintains a controlled leadership structure so it can move quickly and keep pace with rapid AI development. His argument draws a direct comparison to Bitcoin: where Bitcoin needed to be fully decentralized from day one to resist financial control, AI is still in early stages and has not yet faced the same regulatory pressure, so Bittensor can grow first and decentralize later.
His plan is not a single switch-flip but a phased approach targeting roughly 18 months, <a href="https://cryptobriefing.com/bittensor-decentralization-roadmap-18-months/" rel="noopener noreferrer nofollow">with a completion date around December 2027</a>. The roadmap calls for raising validator competition, implementing bidirectional liquidity pools, and introducing a conviction-based voting mechanism for Alpha token holders, a system that weights votes based on how long a holder commits their tokens. Steeves also points to what he considers irreversible foundations: no pre-mine, no presale, no founder allocation, five years of live operation, and 128 active subnets across the network.
<h2 id="governance-under-pressure">Governance Under Pressure</h2>
Steeves resigned as CEO of the Opentensor Foundation in February 2026, months before publishing this roadmap. At the time, he indicated the primary shift would be legal and structural rather than operational, noting that day-to-day development would continue as before. Critics were quick to note the gap between the symbolic gesture and operational reality.
That criticism reached a breaking point on April 10, 2026. <a href="https://www.theblock.co/post/396959/covenant-ai-exits-bittensor-tao" rel="noopener noreferrer nofollow">The Block reported</a> that Covenant AI, a major subnet developer on Bittensor, announced it was leaving the network entirely. Founder Sam Dare accused Steeves of operating what he called "decentralization theatre," alleging that Steeves "maintains effective control over the triumvirate, resists any meaningful transfer of authority, and deploys changes unilaterally whenever he chooses, without process and without consensus." Covenant AI also sold approximately 37,000 <a href="https://x.com/search?q=%24TAO&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$TAO</a> tokens valued at over $10 million during the exit. $TAO dropped roughly 15 to 27% in the immediate aftermath, one of its worst single-day moves.
On the same day, a newly launched site called Tao Papers published what it described as on-chain forensics from multiple whistleblowers, claiming that of 41 Bittensor network upgrades between 2023 and 2026, 38 were proposed and deployed from infrastructure controlled by Steeves. Steeves disputed the allegations, arguing his actions fell within normal network participation and were visible on-chain.
The new essay and roadmap are, in part, a direct response to that episode. Whether a phased plan steered by the same individual constitutes a credible path to decentralization is now the central question for $TAO holders and builders considering the network.
Sources: <a href="https://www.theblock.co/post/396959/covenant-ai-exits-bittensor-tao" rel="noopener noreferrer nofollow">The Block: Covenant AI exits Bittensor, TAO drops 15%</a> <a href="https://www.cryptotimes.io/2026/06/22/bittensor-isnt-fully-decentralized-yet-co-founder-explains-why/" rel="noopener noreferrer nofollow">Crypto Times: Bittensor isn't fully decentralized yet, co-founder explains why</a> <a href="https://cryptobriefing.com/bittensor-decentralization-roadmap-18-months/" rel="noopener noreferrer nofollow">Crypto Briefing: Bittensor founder targets full decentralization within 18 months</a>

Bittensor's Const stepped down as CEO. He still runs the place, and says so.

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