Effect Network: AI Gets Even Closer
Hi guys! Remember these science fiction films about the future shot like 10 years ago? Many of you don’t even think that thanks to modern technological achievements one can say we live in the future now. Such innovations as Internet of Things, Artificial Intelligence, Blockchain etc. become an integral part of our everyday life without us even being surprised. Artificial intelligence is being applied more and more often (for example for recognition of people on photos, in smart cars). However, this is only a new sphere where many problems still have to be solved. Different systems, even the highly intellectual ones, need human intervention and are exposed to failures. Besides, in order to ensure correct operation, artificial intelligence systems need big amounts of data. This is where decentralization can help as it provides the opportunity to obtain more data from all the participants of the system. In addition, only selected companies are engaged in the AI systems development which hampers the development in this sector. One of the team working at solving these problems is Effect.AI project team. Effect.AI aims at creating a decentralized ecosystem with the use of AI. Read ahead to find out the advantages of the Effect project, why it’s of interest for me and why I think this is a good idea for investing.
Effect.AI is the project that will make you stop thinking of the AI as of some far technology accessible only for several “big minds” in high tech laboratories. According to the team, the network being developed will provide all range of opportunities connected with AI that were never offered before. These opportunities will be implemented in stages and are divided into three interconnected phases.
Just in brief about these stages (for more detailed information, see the Whitepaper):
- Mechanical Turk – creating a working force market where anyone could request a task related to the AI and find a person to perform it. Thanks to the nature of the network these two parties could be in different corners of the world. Each interaction will be governed by a smart contract.
- Effect.AI Smart Market is a decentralized market where people can purchase AI systems/services or sell them.
During these two phases the data gathering and AI algorithms usage will be being decentralized. However, the computation itself will be distributed only during the third phase:
- Power. Every system is by default exposed to failures. One tiny mistake in computation can be a reason of huge misbalance and data losses. Thus, human intervention and feedback is needed in any case. On this stage, the demand of human intervention reduces to zero.
As you see, the idea is really comprehensive and capable to fill all the gaps in the modern AI sector.
For all the operations in the network, special EFX token will be used. In order to raise money for implementation of this huge project, the team launches a token sale on the NEO platform. For this event 40% of tokens will be allocated, the soft cap is 4,280,000 euro, hard cap is 14,820,000 euro. The contributions are accepted in NEO and Gas. See the table for details.
The reasons why I personally consider the Effect.AI to be a good idea for investing:
- As you have already understood this is a non-trivial idea. While the rest of the ICO-projects offer another exchange, or another killer of the Ethereum, or something related to gambling, Effect.AI offers something really new and interesting.
- A strong team and respected advisers whose list has been replenished in recent weeks by such famous people in the crypto industry as Charlie Schrem who is one of the first bitcoin-supporters and founder of Bitcoin BitInstant Exchange, and also Tony Tran who is a co-founder and chief technical officer of Bee Token.
- Also, the good news for those who want to invest will be the absence of a pre-sale with huge bonuses, which means that there will be equal terms for everyone (though there is a small 10% bonus for the early investors).
- The project hard cap for this kind of idea and a powerful team is only 14,820,000 euros, which indicates that the team is trying to raise funds exactly as much as necessary for development, and I think that they will collect such a cap without problems and with there will be a demand for tokens when thet access the exchanges.
- I would also like to mention significant analysts and resources which have a high opinion of this project: the project has a high rating at the most important (to my discretion) site in the world ICOdrops, the project also received a good feedback from CrushCrypto especially in terms of long term investment. Also, the Crypto Brad team reports well on this project.
Please consider this to be only my personal opinion, I'm not a financial analyst, conduct your own research.