EFFECT NETWORK, BRINGING AI TO THE COMMON MAN

emmy92 (42)in #blockchain • 6 years ago (edited)

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INTRODUCING EFFECT NETWORK

It's no longer news that AI is becoming part and parcel of us, name them; fingerprints, face and voice recognitions in smartphones, self-driving cars etc but it's worth alarming that this knowledge is limited to a certain few. Come to think of it, something that is making headway in medicine, engineering etc, but yet we know almost nothing of it, ever wondered how? Well, the answer is simple, those who knows, runs it behind closed doors thus hoarding the knowledge. But that's about to change, because a project is about to take care of that, a project so unique in all ways, a project like no other, called Effect Network (or Effect AI).

WHAT IS EFFECT NETWORK AND IT'S OBJECTIVES

Like I said earlier, it is no longer news that AI is growing at a high rate, but it is worth knowing that the knowledge of this AI is being run by big corporations behind closed doors.
Effect AI is platform which brings solution to the existing problems of the current AI marketplace, Effect AI tends to solve this by bringing a completely new alternative platform which will be decentralized, transparent, easily accessible, can be worked on without incurring cost, and at the long run expanding its community.
Effect Network aims to achieve its Goals by dividing the project and deploying it in three phases:
A. Phase 1, Effect Mechanical Turk or M-Turk (EMT):
This phase makes use of human intelligence and as such, access will be granted to anyone in the world to connect to, work, learn and earn.
B. Phase 2, Effect Smart Market (ESM);
This phase deals with exchange of services between AI algorithms. The important features of this phase is the;
a. Application Registry; where available applications are been noted and,
b. Endpoint: where there is communication between the ESM and HTTP protocol.
C. Phase 3, Effect Power;
In this phase with respect to the first and second phase where there is data gathering with algorithm still running on centralized servers, this phase deals with the distribution of the actual computation thus making algorithm to run globally.

THE REAL PROBLEM

For a project to be great, it must solve a unique problem. And as such, Effect Network is not an exemption.
From research, the Artificial Intelligence market is on the verge of becoming one of the largest and most important markets in the world and is expected to reach 15.7 trillion dollars as early as 2030.
Effect AI will be solving problems such as;
a. Data Processing: this is where AI are trained to perform human tasks, but due to its expensive nature, time-consuming, it looks like it is only meant for the big cooperations.
b. Diverging Tasks: for a human to drive perfectly, he must be taken to the road to understand better, applying that to this stage, for AI products to work more perfectly, it has to be subjected to a condition like the real world. Now, building algorithm to take care of this has always been the issue, it looks complex, out of the world etc. Therefore, it tends to discourage individuals venturing into AI related businesses.
c. Computational Costs: in this stage, you can likened it to "a Carmel passing through the eye of the needle". That is, this stage is very expensive, as this is the stage where the technical infrastructure, the computing cost and tasks, programming of AI algorithm etc all falls into.

SOLUTIONS OFFERED BY EFFECT NETWORK

First, Effect AI is on the verge of proposing a system which will train and run algorithms in a distributed fashion.
Effect AI aims to solve the existing Problems with the current AI by using a tool called Effect M-Turk, which will help the users to train thier AI algorithm, thus making it more accessible.
Effect AI aims to make the AI marketplace more accurate, and this is achieved with thier extra-ordinary ESM, which makes it possible for individual applications and user to locate each other and thus ensuring a smooth transaction.
Effect AI users will be given the opportunity to either create a data set or utilize the ESM. And lastly, Effect AI aims to create a blockchain and a standard that algorithm will comply with thus making it possible to be worked on.

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THE EFFECT AI TOKEN (EFX) AND THE TOKEN SALE

The Effect token EFX will be a utility token, which will be deployed on NEO blockchain.
NEO it’s a smart contracts ecosystem, similar to Ethereum. In addtion to that, NEP5 tokens are tokens that run on the NEO blockchain. NEP5 describes the protocol that these tokens conform to. That being said, Effect.AI EFX utility token will conform to this protocol as well.
It is worthy to note that Effect AI token sale was a resounding success, even with the downturn in the market. This is a clear indication of a great project backed by a great team. The images below explains more about the token sale.

Effect AI was successfully funded with over € 11 million raised, people from over 120 countries took part in the Token Sale with 18.107 participants successfully applied for the Whitelist.

THE NEXT STEP: With this outstanding success, Effect AI can proceed in accordance with its roadmap, which is the Creation of Supernova or Galaxy Pool Creation. This is a feature which will enable users to easily buy or sell EFX token. It assures liquidity, stable exchange rates and a solid platform. The team are already finalizing on the Alpha prototype and will be released soon.

CONCLUSION

Effect AI has not come to take our jobs as most people might believe, rather to make it more abundant, to equip and get us ready for the future, because there is no going back on AI.
The main aim of Effect AI is to create an open, easily accessible and affordable AI algorithm Platform. Individuals will have the outstanding opportunity to create or work on AI platform without cost associated been a hindrance.
Effect AI has come to give everyone a fair chance to know more about the knowledge of AI.

MEET THE TEAM