EFFECT.AI — WHEN AI AND BLOCKCHAIN COMES TOGETHER

A WORD ABOUT AI

A world famous company, IBM developed a chess playing computer which was named as Deep Blue System and it won the first game against the chess champion Garry Kasparov. This was a news all around the word but later it was forgotten by people as there were not much companies tend to invest on AI and the future was not clear and huge cost and lack of computational power.

In the modern day, things have changed. AI has become one of the most interested areas of investment and shown huge growth within a decade. AI has become a criteria to sort companies and their product among competitors. Still the applications of AI has limited to narrow areas like, face recognition in smart devices, auto-driving vehicles, voice assistance systems, eye recognition etc. There is still space and demand for comprehensive AI controlled system which integrates all the things together to make human’s life easy.

The statics shows the interest on the area by the industry and it is still growing while we are talking. If you are attached to a funded research in University, you will get the chance to study, learn and develop systems with AI. Unfortunately, very small amount gets that kind of opportunity and rest of the AI industry is controlled by multinational industrial leaders leaving no space for open-source and community awareness using propriety methods minimizing the agility.

QUICK BACKGROUND TO CRYPTO

Almost all the people around the world are looking for a secondary income source as the modern day life has become more complex than ever before hence demands higher cost of living. You too have tried at least couple of ways including investment on cryptocurrency based projects and might get through or given up.

For the rest of this article I assume that you know the basics of blockchain and currencies and its jargon. I am truly sorry if you do not know and you are a newbie to the field because that is a far more complex to talk in one article like this. There are plenty of articles, forums and videos out there to study about blochchain and take some time to go through those. I will give some guide on those. It will not be difficult to find good materials on, Steemit, Medium, Youtube, LinkedIn, etc. and lot of people discuss the basics of Bitcoin, Etherium, Ripple coin, NEO, Lite etc. which have built a successful story behind them and enabled thousands of investors around the world to make their wallets thick. During your journey, you will learn not only about blockchain and crypto currencies, but also about ICO, KYC, Bounty, Airdrop, Trading, Bullish Markets, Bearish Markets and lost more.

One the Master of crypto world, the Bitcoin made its way to moon, numerous amount of coins started emerging within a short period of time and some of them did not stop until they landed on Moon. To be honest, while some got succeeded other projects got failed. The world of crypto is also like gold mining, you have to hit the correct spot. Those who started digging the correct site became milliners and those who did not their prior analysis and placed their shovel on hard rock will end up losing their last penny.

Even though I have been in the field for some time, I too have to research for good projects and avoid scammers. This brand new project: Effect.ai was caught to my radar during the research and the project could win my faith towards it without any second thought. The beginning of the project goes back to some time and has passed a lot of milestones to reach the succeeded status of today. I will walk you through their project and present you their strengths and weakness enabling you to take your decision to invest.

WHAT IS EFFECT.AI

Now you know the problems in the current AI industry and it requires immediate game changer. Effect.ai has developed comprehensive product idea which is a decentralized and private ecosystem know as The Effect Network. This solution will be a perfect alternative to services like Amazon Mechanical Turk, OneSpace, Fivver and many more. The market leaders in the area has built a virtual monopoly and imposed unbearable fees and policies on the users. The Effect Network completely works on smart contracts on NEO blockchain which was a successor in the blockchain technology. supply and demand will be directly connected by this system without an intermediate party with following features,

Accessibility
Accuracy
Performance
Interoperability

HOW THE EFFECT NETWORK WORKS

Effect.ai has planned their ecosystem with main 3 phases. I have only listed the names of those 3 phases to avoid the article getting longer, you can get deeper understanding by the whitepaper

Effect Mechanical Turk
Effect Smart Market
Effect Power

TOKEN INFORMATION AND ICO

Start Date: March 24th, 11 a.m. CET

End Date: 18 days after start date

Soft Cap: € 4,280,000

Hard Cap: € 14,820,000

Bonus Stage 1: 10%(Fair Share Distribution) completed

Bonus Stage 2: 10%For the first 2% of tokens

Minimum Contribution: € 50

Max Contribution Stage 2: € 25,000

Accepted Currencies: NEO, GAS

Maximum Supply: 650,000,000 tokens

TOKEN DISTRIBUTION AND ALLOCATION

token dis.JPG

As the pie chart shows, 40% of the total token supply is used for public sales. Another 20% is locked by a smart contract for 18 months will be released when particular requirements are met. 16% is reserved for platform incentives.

Important fact I noticed is, only 15% of the supply is reserved for the team which indicates that the team has no intention of collecting their share, sell it and walk away. They have to work even after the token listing to increase their gain so that all the stakeholders will be benefited. Another chunk of 7% is reserved for Partnerships and advisers. The team has declared a higher percentage for community supporters by allocating 2% where most of projects’ share for bounty is only 1% or even less.

FUND DISTRIBUTION

fund dis.JPG

Most of the projects I have studied had only a couple of areas of funding like, system maintenance, legal aspects, future expansion and that is it. The Effect.ai team has a broader view on their future and how to allocate the funds in order to maximize the outcomes. They have minimized the cost of operation, maintenance and admin works and targeted more on future by research, development and security.

THE TEAM — TRUE POWER BEHIND THE PROJECT

Using of latest cutting edge technology will not lead a project to its success and history will prove the fact. Technology, tools and materials are important but the most important component is always the human resource which beats all other. Experts from various fields add more value to a project than anything else.

Board of Advisers

The board of advisers are experts of their areas and contributing to the project at their best. The team lead by CEO, Mr. Chris Dawe has been doing a great job to keep the project on the top in the competitive market. They are consists of dedicated and motivated individuals from each area making a perfect match.

Project Team

ROADMAP AND PROJECT TIMELINE

Although we see the success of the project at now, it has a long history and lot of hard work. The roadmap shows the high level picture on how they have made the journey so far and their future milestone to achieve. It is a sign having a nice and clear project roadmap of a good and well planned project.

OVERALL REVIEW AND CONCLUSION

Effect.ai has ranked among top ICOs on major rating and bench marking sites and has 25, 000 + members in their Telegram group, almost 10, 000 followers in Twitter page, 10, 000 + followers in Facebook page and many more on Steemit, Medium, Reddit and LinkedIn communities. There is doubt that the project is famous among the community which makes the demand will be high and price of a token will be rocketed. Considering the project idea, area of interests, partnerships, board of advisers, the team, scope, current progress, future plans, popularity, I do not think someone will hav any reason to deny The Effect Network.

While I am publishing this post, the stage 1 of token sale is completed and stage 2 is live. If anyone is interested in ICO, you should hurry.