Protocol: github.com/urfoundation/sn
Network: ur.xyz
Applications: ur.io
Letter to Tokenholders
To tokenholders of UR (SN25),
It gives me great pleasure to announce that UR will launch mainnet this week, with the next quarter focused on refining incentives and expanding usage of our protocol to replace the old internet as we know it. Our ambition is to make privacy a seamless function of the internet, available without requiring technical expertise or an unacceptable sacrifice in performance. Brien and I feel immense responsibility to deliver and commercialise frontier privacy technology, and we will not be able to achieve this without the people of Bittensor.
Privacy has gone from the least fashionable corner of crypto to its best performing one in under twelve months, led by ZEC, XMR and various confidential AI and compute names. The thesis is actually very simple, and I like what A16z said in their privacy thesis: “privacy will be the most important moat in crypto… Once a user commits to a private network, leaving it leaks the metadata that made them identifiable in the first place, so privacy produces lock-in”. As we scale up mainnet and launch new products on UR, the journey to onboard 1bn people has just begun.
Design of SN25
Our entire objective for the subnet has been to carve out our supply side bandwidth network that we have built over the last ~2 years into a marketplace accessible to developers. Core to this idea is our Network Operators, a scalable franchise model in which each operator can permissionlessly leverage UR (SN25) as a public commodity, creating an ecosystem of entrepreneurs who contribute to the network’s reach and utilisation. As we launch mainnet, here are some priorities:
- Calibrate emissions during launch: We will initially burn 90% of miner emissions while testing the incentive mechanism and assessing network performance. This is intended to support alpha retention while we determine the reward allocation required to attract and retain productive supply.
- Expand supply and improve service quality: Our internal target is to grow the miner base approximately tenfold, from around ~100k today to 1mm. Through Bittensor incentives, we aim to broaden geographic coverage and attract providers with higher-quality bandwidth, improving connection reliability, speed and availability for users.
- Validate the subnet through an initial fee-free period: ur.xyz will operate without fees for the first one to two months, allowing us to test the subnet under real usage, evaluate miner and validator performance, and refine the incentive mechanism before introducing fees.
In Jan 2026, Iran turned off access to the internet for its people. For those affected, reaching the internet meant retaining contact with family, accessing information and continuing their work. During that Jan period, we went from 100k lifetime sign ups to ~350k, and have recently hit 1mm downloads in September; Behind those numbers are real lives impacted by the technology Brien has created. Interestingly, that growth also exposed the demands placed on our own infrastructure. One Saturday morning, we discovered that the load on our servers had tripped the power in a data-centre cabinet: Users were depending on us, and our capacity had been pushed beyond its limits. The experience reinforced a practical obligation: we must build for the conditions in which our service is needed most.
Which brings me back to Bittensor: expanding the network’s geographic reach and attracting dependable bandwidth providers are essential to serving users under pressure. As we extend UR into private identity and agent communications, we will carry forward the same standard: infrastructure earns trust by remaining useful and true to privacy value when people need it the most.
Project Meridian
Following the mainnet launch, our core product development focus will shift to our second Network Operator, Project Meridian, extending UR’s infrastructure to serve AI agents and the businesses deploying them. Our thesis is that, as agents take on more work, they will need secure and reliable ways to communicate, exchange code and connect to services. We intend to build products that meet those needs while bringing additional demand to the SN25.