I was taught in my nursery and primary school that the world would soon become a global village. I witnessed the advent of computers and machines, not forgetting what captivates me the most, which is the Artificial Intelligence(AI). The AI is presently utilized in every possible sphere of our life’s as humans, ranging from science to technology and even agriculture. All this is to ensure efficiency as well as increase output.
But now, Artificial Intelligence is being utilized in the financial or business sector. In the past five years, there has been a rapid growth in the number of practical AI applications. This has resulted in the birth of billion-dollar-economy around smart applications. Large corporations, like Facebook, Google, and Amazon are the pioneers of the AI development. “AI could contribute up to $15.7 trillion to the global economy by 2030” PwC. 2017
The reason these billion dollar companies adopted this idea is the fact that it creates a healthy and accessible market.
However, several problems associated with the Artificial Intelligence(AI) market has been highlighted. They include:
Data processing
Diverging tasks
Computational costs.
This leads us to the project known as The Effect Network powered by Neo. The Effect Network is a decentralized Network for Artificial Intelligence, that provides fast growth to its users. It requires no commissions and has a low barrier entry, eliminates the problems stated above and allows for a much higher degree of interaction between agents. So many tech terms now, I know the nerds would not mind, but for the rest of us, I’ll try to make it as easy to understand as I possibly can.
THE EFFECT NETWORK
The Effect Network as stated above helps solve numerous problems as well as ensuring there’s no such thing as a middleman. It will operate on smart contracts deployed on the Neo blockchain.
Neo is a smart ecosystem, that uses the blockchain technology and digital identity to digitize assets as well as the use of contracts for digital assets to be self managed. NEP5 tokens are used on the blockchain.
Four major things will be established via the Effect Network. They are;
Performance: Users can easily buy existing datasets or create theirs.
Accuracy: Users can access themselves easily to buy or sell information.
Accessibility: It simply allows for easy access by users who have no source to large datasets, thereby easily linking supply to demand.
Interoperability: powerful and emergent intelligence.
The network will evolve in three phases so as to reach the target. They are
EFFECT Mechanical Turk
EFFECT Smart Market
EFFECT Power
We will look at each of them individually.
- EFFECT Mechanical Turk: This is a private decentralized market that requires humans to carry out tasks. It is a peer to peer market, therefore supply and demand are easily linked and this ensures efficiency.
The tasks are referred to as “HUMAN INTELLIGENCE TASKS” or HIT for short. Persons that require human assistance or intelligence that computers are not able to carry out create these HITs. (computers are not so omniscience after all).
The provider of the Human Intelligence Tasks are known as Requesters.
The persons that carryout these tasks are known as Workers. When a user completes a tasks, he or she is rewarded or paid in tokens known as EFX.
Let us imagine a situation where Mr. Henshaw needs the help of another person to do something he currently can’t carry out for one reason or another. He simply creates a task, describing the nature of the job. Mr Taofik is a user on the blockchain. He meets the criteria and therefore carries out the task. When the task is completed and submitted by Mr Taofik, Mr Henshaw, satisfied pays him with EFX tokens.
Peradventure Mr Taofik could not complete or carry out the tasks, BOTS ensure that the tasks ae completed regardless. This then leads to phase two.
- EFFECT Smart Market: This is a decentralized market that connects demand with supply. Registered users connect with one another here. Smart contracts ensure and improve availability of the services that are requested or provided by agents. Two important factors of the smart market are
(i) Registry and interoperability is simply the register of the available applications. It describes the application, technical variables of the input and output.
(ii) Access to services with Endpoints; which would be made available by the users and managed through the endpoints.
- EFFECT Power: Here, the actual computation will be distributed so that the algorithms run globally without a single point of failure that is, efficiency
Workers can buy and sell their EFX. Requesters and users can buy EFX if they wish.
PROS OF THE EFFECT.AI
As it turns out, there was a massive layout in the company where Mr Taofik works. Unfortunately, he was a part of it and so, lost his job. However, unlike most of his colleagues that were bothered and anxious about their financial security, Mr Taofik was not bothered. WHY?
Simply because of the Effect.AI… he carries out task for several Requesters. And gets richly rewarded. This is one of the many benefits of the Effect.AI
Mr Taofik however, is a very nice person, so he introduces most of his colleagues to the system, and they have been ‘’living happily everafter”.
As earlier stated, computers, and the AI in essence is not omniscience. It still requires some form of human intelligence to ensure that it carries out the right task assigned to it. So therefore, this can create job opportunities as companies and firms would employ humans, to ensure that the AI does what it was asked to do, so that it recognizes what it is supposed to do over time. Tasks are therefore created, humans verify the jobs by the AI and it becomes better at the job.
Also, demographic studies can be carried out by the company. This would require the company to create tasks so as to sort of cross examine the AI’s work so as to check for bugs and errors and mistakes. In school, I have been asked to complete some forms that are more or less demographic studies to gauge my reaction and that of thousands of other students towards the school policy, for example. Unfortunately, I was never paid. But with the Effect Force, we could actually get paid for carrying out this simple task.
Actually, with all the fuss about the AI, the human intelligence is the driving force in the ecosystem or blockchain. As earlier highlighted, it has become easier for demand to meet supply. Tasks are priced fairly and competitively. Individuals get rewarded instantly and fairly. This makes it attractive for users. And as it turns out, the colleagues of Mr Taofik that were retained became interested, after discovering that he was doing very well and actually living better. They signed up, creating an avenue for them to earn something extra.
With the Effect.AI, everybody is a winner. Mr Taofik is a testimony!
Further information can be gotten via:
Original works via this link to access the competition : https://steemit.com/crypto/@originalworks/230-steem-40-bonuses-sponsored-writing-contest-effect-ai
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