Compute Horde

SN12 (Compute Horde) emerges as a high-conviction infrastructure play within the Bittensor ecosystem, characterized by exceptional technical execution and clear product-market fit. The project scores highly in Team and Governance (8.5) and Market Use Case (8.5), driven by the professional 'Backend Developers Ltd' team and the critical utility of providing trusted, decentralized GPU compute for AI validators. Active Development (8/10) is robust, professional, and consistent, distinguishing it from hobbyist efforts. However, the score is dragged down by Community Support (4.5), reflecting its nature as a niche, technical B2B layer rather than a retail-facing product with viral potential. While Tokenomics (7.8) are sound and meritocratic under the dynamic TAO framework, they rely heavily on the continued success of the parent Bittensor network. Security (7.5) is handled competently through operational incentives and slashing mechanisms, though the lack of a formal third-party audit remains a point of note. Overall, SN12 represents a 'picks and shovels' investment in the decentralized AI sector, prioritizing functional utility and engineering discipline over marketing hype.