What Is The Effect.ai Network?
The Effect.ai Network is a private and decentralized platform for artificial intelligence (AI) development and AI related services. It’s developed on the NEO blockchain and is fueled by a network NEP-5 token called EFX. The Effect.ai team will deploy this project on the NEO blockchain in 3 phases, powered by the system token called the EFX.
The AI industry is dealing with lots of critical issues, which creates a huge entry barrier for people with not enough funding leaving the game with only giant corporations. The Effect.ai Network aims to solves all of them, bringing a network that has:
- Affordable and accessible materials and computing resources (“materials” here is the datasets need for bots training).
- An encouraging platform for AI community to interact, exchange and grow together.
- And of course, a strong, secure and private network where people don’t need to worry about any attack, data leaks or relevant incidents.
Since it’s a great project with tons of things to implement, the team deploy it in 3 phases to ensure the feasibility.
● Phase 1: Effect Mechanical Turk is a marketplace on blockchain having a on-demand workforce that allows any AI developer to request tasks needed for algorithms training to be done. The workers get paid in EFX token, which they can later on exchange for native cryptocurrencies like NEO, GAS, BTC,…
● Phase 2: The Effect Smart Market is a decentralized exchange where functional AI algorithms can interact with each other and can be sold or rent for money.
● Phase 3: Effect Power is the last phase where the computational power needed to run deep learning frameworks and other AI algorithms is distributed on the global scale via NEO blockchain.
How The Effect.ai Network Works
Since the project consists of 3 phases, I’ll explain how it works in each phase:
Phase 1: Effect Mechanical Turk
There are 3 subjects in this market:
● The tasks: technically called Human Intelligence Tasks (HITs). Those can be image classification, Audio Transcription or Data labeling. They are described and compiled through smart contracts on the blockchain
● The Requesters: are the ones posting those tasks. They need to load the dataset they want to use to train for their bots on the platform and create task for them as well as set the reward for it. The tasks would be secure and private, since Requesters can chose the criteria for the people they allow to take this task based on location, age, gender, etc. and only those chosen to work on the tasks can access to them. After the tasks have been completed, the Requesters retrieve the result and use it as their wish.
● The Workers: are the ones who find those tasks, complete them and get paid. They can easily search on The Effect M-Turk platform for task and choose the one you like. Once tasks are completed, the tied reward would be transferred directly to you on blockchain without any intermediate party.
It’s like the the business model of the Amazon Mechanical Turk. You can learn more about it here.
Phase 2: The Effect Smart Market
There would be a data interchange format for AI owners to register their products on the exchange by defining a public endpoint for the application in order for their bots to be tradable and ready to interact with other AI on the market. It’s like a gate where anyone wanting access to work with your bots has to buy a ticket — an authorization token — by transferring to you the required fund set by you.
Phase 3: Effect Power
In the phase, as mentioned, all the actual computing resources will be distributed so that the AI algorithms can run globally without any breakpoint. How? Since the majority of machine learning algorithms have rigid structure and operate on sets of weights and they are quite unchallenging to distribute, the Effect Network will leverage that fact.
Their decentralized compute engine is based on common Deep Learning (DL) networks like Caffe, MXNetor Tensor flow in which the network structure can be defined as a declarative graph and weights are stored as matrices of real numbers. These matrices would be distributed over a decentralized file system and processed at different compute nodes on the network.
Thanks to partnerships with a leading decentralized supercomputer project like Golem, it would be achievable (or else they would create the framework themselves).
The Effect.ai Network Token Sale
- Token symbol: EFX
- Blockchain: NEO
- Token sale date: March 24th 11am CET
- Token end date: 18 days after start date
- Token supply: 650,000,000 tokens
- Token sale target: Soft cap: €4.28 million / Hard cap: €14.820 million
- Accepted currencies: NEO and GAS
- Investment criteria: Minimum: €50 / maximum: €25,000
- Bonus: 10% (For the first 2% of tokens)
Who’s Behind The Effect.ai Network?
- The Advisors
- The Executive Board
- The Developer
- The Staff
The Effect.ai Network Conclusion
As for me, this is a longterm project, since both AI and blockchain require quite a long time ahead to implement and actually touch in our daily surroundings. Therefore, if you are looking for a chance to x3 or x5 your account, I highly recommend you should consider carefully before investing in this one. Yet if you are patient enough and finding some low volatility investments that could paid off in the future, well my friend, The Effect.ai is the one.
But wait! Disclaimer: This information is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice or carry out your own due diligence before taking, or refraining from, any action on the basis of the content on my article/blog.
Detailed information can be found here
Website: https://effect.ai/
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2737469.0
Whitepaper: https://effect.ai/download/effect_lightpaper.pdf
Author’s info
Bitcointalk username: dadumtuss123
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1236193
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