# Learn Bittensor > Curious about Bittensor? We break down everything into simple, bite-sized guides anyone can follow. Explore subnets, TAO, mining, and more. Every Concept, grouped by Topic, links to its Markdown. All of them in full: https://learnbittensor.org/concepts.md ## Blockchain and Wallets Fundamental concepts of the Bittensor blockchain. Learn about the components that form the underlying layer of the protocol. - [Peer-to-Peer](https://learnbittensor.org/concepts/blockchain-basics/peer-to-peer.md): A decentralized network model where each participant (peer) acts as both a client and a server. This setup allows for direct resource sharing without a central authority. - [Block](https://learnbittensor.org/concepts/blockchain-basics/block.md): The basic unit of time on the Bittensor blockchain. A new block is produced approximately every 12 seconds, and each block can contain transactions and emit new TAO. - [SS58-Address](https://learnbittensor.org/concepts/blockchain-basics/ss58-address.md): A compact representation of public keys used as wallet addresses for secure TAO transfers in the Bittensor network. - [Seed Phrase](https://learnbittensor.org/concepts/blockchain-basics/seed-phrase.md): A 12-word phrase that is the master key to access and recover Bittensor wallets. - [Proxy Accounts](https://learnbittensor.org/concepts/blockchain-basics/proxy-accounts.md): A "feature" that allows one account to perform specific actions on behalf of another account. This lets you keep your TAO and ALPHA in a secure offline account while using a more accessible account for daily use. - [Coldkey/Hotkey](https://learnbittensor.org/concepts/blockchain-basics/coldkey-and-hotkey.md): A dual-key system that secures TAO tokens and enables network participation. - [Child Hotkey](https://learnbittensor.org/concepts/blockchain-basics/child-hotkey.md): A feature that lets validators use multiple hotkeys to manage their stake across different subnets safely. ## Subnets and Roles The roles in Bittensor. Learn about validators, miners, subnet owners, and others who are part of the network. - [Subnet Owner](https://learnbittensor.org/concepts/protocol-participants/subnet-owner.md): An individual or team that creates and manages a specialized task group (called "subnet") within Bittensor, defining the incentive mechanism and earning 18% of the subnet's ALPHA emissions. - [Miner](https://learnbittensor.org/concepts/protocol-participants/miner.md): A subnet participant who performs the work defined by the subnet's incentive mechanism. - [Validator](https://learnbittensor.org/concepts/protocol-participants/validator.md): A subnet participant who evaluates miner work and submits scores (weights) to the blockchain. Validators earn ALPHA dividends in return, and can accept delegated stake from nominators to increase their influence. - [Nominator](https://learnbittensor.org/concepts/protocol-participants/nominator.md): A TAO or ALPHA holder who stakes with a validator to earn a share of that validator's dividends, without validating themselves. ## Tokenomics and Staking Economic principles and mechanisms for both TAO and ALPHA tokens. Learn how the token economics creates incentives. - [TAO](https://learnbittensor.org/concepts/tokenomics/tao.md): The native token of the Bittensor blockchain. TAO is used for staking, paying transaction fees, and gets emitted into subnet pools to provide liquidity. All subnet tokens (ALPHA) are priced relative to TAO. - [Emissions](https://learnbittensor.org/concepts/tokenomics/emissions.md): Newly created ALPHA tokens distributed to incentivize subnet participants and TAO emitted to subnets based primarily on their EMA price. Emissions solve the fundamental problem of making the desired work financially profitable in a protocol like Bittensor. - [TAO Halving](https://learnbittensor.org/concepts/tokenomics/tao-halving.md): A reduction in the TAO emission rate that occurs when specific supply thresholds are reached. Each halving cuts the per-block TAO emission in half, slowing the rate at which new TAO enters circulation. - [Recycling](https://learnbittensor.org/concepts/tokenomics/recycling.md): The process of removing TAO from the total issuance count, effectively returning it to the unissued supply. Recycled TAO can be emitted again in future blocks. - [Staking/Delegation](https://learnbittensor.org/concepts/tokenomics/staking-and-delegation.md): The process of placing TAO or ALPHA with a validator to earn a share of their dividends. - [Root Claim](https://learnbittensor.org/concepts/tokenomics/root-claim.md): Root Claim is a feature that lets you decide how to receive dividends when you stake on the root subnet. Your validator earns ALPHA from all the subnets it validates, and you receive a proportional share of those dividends. Root Claim allows you to decide whether you keep those ALPHA in their original form or automatically convert them to TAO. - [Conviction](https://learnbittensor.org/concepts/tokenomics/conviction.md): A time-weighted measure of stake commitment to a subnet. Stakers build conviction by locking ALPHA over time, and the staker with the highest conviction can become the new owner of that subnet. - [Miner Burn](https://learnbittensor.org/concepts/tokenomics/miner-burn.md): Miner Burn measures how much of a subnet's miner emissions are withheld from miners instead of being paid out to them. ## Dynamic TAO Mechanisms introduced with the economic decentralization of subnets. Learn how the DTAO market decides the emissions, and how subnets changed. - [Subnet Pool](https://learnbittensor.org/concepts/dynamic-tao/subnet-pool.md): A mechanism that manages the exchange between TAO and subnet tokens. Each subnet has its own pool that determines token prices and handles staking operations. - [EMA Price](https://learnbittensor.org/concepts/dynamic-tao/ema-price.md): A smoothed price value that prevents sudden market volatility. EMA price creates stability by gradually adjusting to price changes rather than reacting instantly. - [Root Proportion](https://learnbittensor.org/concepts/dynamic-tao/root-proportion.md): Root Proportion determines how validator rewards are distributed between TAO staked to root and ALPHA staked to a subnet. - [Subnet Deregistration](https://learnbittensor.org/concepts/dynamic-tao/subnet-deregistration.md): A proposed reintroduction of subnet removal mechanisms for Dynamic TAO, designed to free up TAO emissions and protocol resources. - [Chain Buys](https://learnbittensor.org/concepts/dynamic-tao/chain-buys.md): ALPHA bought by the protocol itself, paid for with TAO emissions that could not be injected into a subnet's pool. When a block's TAO emission cannot all be injected at the current ALPHA price, the chain spends the leftover buying ALPHA and supporting the price. ## DeFi and Smart Contracts Mechanisms that enable decentralized finance ("DeFi") in Bittensor. Learn how EVM smart contracts and Uniswap V3 liquidity features create programmable financial markets on the protocol. - [Concentrated Liquidity](https://learnbittensor.org/concepts/de-fi/concentrated-liquidity.md): A feature that allows users to provide liquidity in TAO and ALPHA tokens to specific price ranges in subnet pools, earning fees from trades. ## Weights and Incentives How participants are evaluated and rewarded by distribution of incentives. Understand the mechanisms that decide who earns what. - [Weights](https://learnbittensor.org/concepts/scoring-rewards/weights.md): Scores that validators assign to miners, representing how well each miner performed. The blockchain uses these weights to determine how ALPHA emissions get distributed within a subnet. - [Incentive Mechanism](https://learnbittensor.org/concepts/scoring-rewards/incentive-mechanism.md): The rules that define what work a subnet's miners must do, how validators score that work, and how ALPHA emissions get distributed based on performance. Each subnet's incentive mechanism is designed by its subnet owner. - [Yuma Consensus](https://learnbittensor.org/concepts/scoring-rewards/yuma-consensus.md): The algorithm that the blockchain runs to turn validator weights into a fair emission distribution. Yuma Consensus determines how much each miner and validator earns by finding what the majority of validators agree on. - [Weight Copying](https://learnbittensor.org/concepts/scoring-rewards/weight-copying.md): A method where validators copy scores from others instead of checking miners' work themselves. - [Commit Reveal](https://learnbittensor.org/concepts/scoring-rewards/commit-reveal.md): A mechanism that prevents validators from copying each other's weights by keeping them hidden until the blockchain automatically reveals them. - [Liquid Alpha](https://learnbittensor.org/concepts/scoring-rewards/liquid-alpha.md): A system that dynamically adjusts how quickly bonds between validators and miners change. It uses per-miner alpha values based on consensus to reward validators who evaluate independently and make copying less profitable.