Native, in partnership with Nexus Mutual, has arranged $25 million in blockchain-based on-chain coverage to protect Bittensor participants with TAO holdings. Rizzo Validator, the first Bittensor contributor to secure such coverage, is enhancing security and trust within the rapidly growing ecosystem.
LONDON, Feb. 28, 2025 /PRNewswire-PRWeb/ --
- Strategic partnership with Native and Team Rizzo delivers institutional-grade protection for Bittensor stakers.
- The $25 million coverage limit sets a new benchmark for smart contract protection on the Bittensor network.
Nominators on the Bittensor Network, the open source decentralised AI protocol, will now receive free access to industry-leading smart contract coverage. The coverage, delivered in partnership with Native and Team Rizzo, sets a new benchmark for smart contract protection by introducing a $25 million limit and will be available to Rizzo Validator Delegates.
The new solution has been developed by Native, a London-based digital asset insurance broker. Having launched last year with the backing of Nexus Mutual, the world's largest decentralised insurance alternative, Native is the first digital assets insurance broker to bridge regulated insurance with on-chain coverage.
Bittensor nominators staking within the Rizzo Validator can benefit from comprehensive coverage against staking smart contract hacks, including code bugs and exploits used in malicious attacks where bad actors steal or take control of user's staked TAO. Delegates staking TAO through the Rizzo Validator will be able to access this protection through Native's syndicate on Nexus Mutual's proven smart contract infrastructure. In order to gain access to this policy, they must simply register their wallet on the Rizzo.Network website.
"Team Rizzo has played the long game to become one of - if not the most - consistent and performant validators on Bittensor," says Jake Steeves, Founder of Bittensor. "They add value, not just to stakers, but the subnets they validate in."
Frank Rizzo, Team Rizzo Co-Founder, adds: "There are still fresh wounds from many of the unfortunate hacks and exploits that we saw in the previous crypto cycle as well as the current one. Team Rizzo aims to protect its delegates staking TAO from any such incident. Our goal is to create an environment where all participants across the Bittensor network can engage with confidence, and know their assets are secured and protected."
Beginning with $25 million in coverage, The Rizzo team is preparing to scale in tandem with the growth of their validator and subnets, adding further layers of protection as the cover matures. Nexus Mutual maintains a fully transparent, on-chain platform, where all coverage capacity and claims are available for public scrutiny. Nexus Mutual has a strong and longstanding history of paying claims through some of the largest events in DeFi.
"As blockchain-based industries evolve and mature, so must the mechanisms we use to protect participants," says Dan Ross, Co-Founder and Chief Technology Officer of Native. "This partnership demonstrates how on-chain cover can deliver robust protection for complex Web3 systems at scale. By setting a new benchmark for industry protection, we're laying the foundation for a more trustworthy digital asset ecosystem that can support long-term growth and mass adoption."
About Rizzo Network
- Team Rizzo is a dynamic group of AI engineers, skilled developers, and business professionals, thriving within the Bittensor Network. They operate the Rizzo Validator, ensuring seamless network performance, while simultaneously leading Subnet 20 (BitAgent) and Subnet 45 (SWE), makers of Gen42 and MSPTech AI-powered software. With their bold innovation and technical brilliance, they're pushing the limits of decentralized AI.
Website - Rizzo.Network | Twitter - @TeamRizzoAI
About Bittensor
- Bittensor is the world's largest decentralized, blockchain-based protocol fostering collaborative AI development. Its native token, TAO rewards contributors and powers transactions and governance. Founded in 2021 by Jacob Steeves and Ala Shaabana, Bittensor advances a trustless AI marketplace via its Yuma Consensus mechanism.
About Native
- Native is the first global insurance broker bridging traditional markets with on-chain capital for the crypto and blockchain industry. Founded by pioneering insurance experts, Native combines decades of experience in both digital assets and global insurance markets to solve complex risk challenges. With access to Lloyd's of London, Native protects innovative protocols and platforms with a unique blend of consulting, traditional insurance placement, and alternative risk transfer solutions.
Media Contact
Frank Rizzo, Rizzo Network, 1 5054562224, [email protected], https://rizzo.network
SOURCE Rizzo Network
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