Artificial Intellegence Supercharged with the power of the Blockchain - EFFECT.AI
A few years ago the concept of Artificial intelligence used to be solely confined to the borders of science fiction movies. The Matrix and Terminator Skynet set the tone with recent movies like Transcendence and Ex Machina drawing inspiration from current AI initiatives to produce a more grounded but still a fictional story.
If we take a step back from the movies and speculation the current AI market is growing at increasing rate with the projected size of US$15.7 Trillion by the year 2030. AI has already been applied to markets like transport, telecommunication and advertising and these projects are rather rudimentary and only scratching the surface potential of the technology.
Development of AI
The real issue is not the progress we are making in AI but rather the centralised nature of which its currently being developed in. The largest AI projects are all being monopolized by the big tech companies such as Google, Amazon and Facebook while smaller projects are owned by VCs. Who currently are and will likely in the future reap all the monetary benefits of this revolutionary technology unless we can provide a decentralised competition.
Why AI should be decentralised
Creating such a powerful and disruptive technology isn't easy and requires plenty of capital which is why these household names are at the forefront of the market. However, having 1 or 2 companies having the ability to harness AI could lead to massive complications in the future, such as job loss and economic unrest as shareholders in these companies continue to draw the wealth from the market.
To quote one of the most popular memes in the cryptocurrency space:
"The world is no more like it used to be no no no" - Carlos Matos, Bitconnect.
What is Effect AI & How will it work?
EFFECT AI is a decentralised Artificial intelligence platform that is powered by NEO and with the intention of becoming not just an AI but a full-service AI platform that allows users to use, buy, sell and trade AI based services on an open network, to create an AI economy of scale.
Effect AI plans to achieve this with a 3 step roadmap
Stage 1 - EFFECT Mechanical Turk
The initial start-up period of The Effect Network will be an interactive commercial centre for tasks that require human intelligence.
The mechanical turk enables anybody on the planet to perform tasks and assignments and get payment in return. It will give AI designers and organizations access to a large workforce of human insight and skills to help prepare AI algorithms.
Once the specialist completes a task, they are paid with a system NEP-5 token.
Stage 2 - EFFECT Smart Market
The Effect AI Smart Market is a decentralized stage where individuals can offer and purchase AI services. This phase will allow a marketplace of AI service providers to offer their services to sell or rent and receive payment in return, with payment done in EFX tokens
Stage 3 - EFFECT Power
The final stage gives rise to a decentralized and distributed platform that will run deep learning frameworks to allow AI to improve at scale.
The Effect AI's deep learning machine is based on popular learning systems like Caffe, MXNet and Tensor stream. Since these Deep learning machines will need large reserves of computing power Effect.AI will be partnering with projects like Golem and leverage their decentralised supercomputer network.
An introduction to EFFECT.AI
How does the EFFECT AI (EFX) Token work?
The EFX token will live on the NEO blockchain and uses the NEP-5 token standard. It will be used for the instalments of Smart contracts for labourers and requesters on The Effect AI Network.
Effect.AI's first objective for the EFX token is to keep up liquidity for the tokens, especially in the beginning as there will be no significant trades have recorded using the token.
EFX tokens will be used for the following to kick-start trade:
- Technical specialists can offer EFX tokens as a reward for local tokens
- Users requesting services, as well as system clients, can purchase EFX tokens to pay for services if and when they require it
Galaxy Pool
The Effect Network will keep a focal pool of tokens to give liquidity, support reception, and balance out the system the charges. This pool will be known as the Galaxy Pool which is a blend of EFX and local tokens. The Galaxy Pool guarantees stable trade rates for stage clients.
As EFX tokens popularity increases they can be utilized as a money on The Effect Network, the greater action the system has, the more important EFX tokens will end up being.
Who is behind EFFECT AI?
Chris Dawe, CEO – "Before establishing Effect.AI, he was a task supervisor for Itsavirus, based out of the Amsterdam Area."
Jesse Eisses, CTO – "Jesse is one of the lead designers for Effect.AI, concentrating on the blockchain side."
Laurens Verspeek, Chief Architect – "Laurens beforehand functioned as a web engineer for Itsavirus, where he inevitably turned into a lead designer"
Nick Vogel, CCO – "Nick helped to establish a custom gems story called Cococci in 2013, at that point filled in as a media fashioner and lead originator for Itsavirus before turning into the plan and collaboration lead for Effect.AI."
For more on the team and additional team members check out their official site here
Where I see the future of AI
Decentralising AI and lowering the barrier to AI as EFFECT.AI plans to do will only serve to supercharge development in this space and allow smaller players to innovate faster with a limited amount of resources which will only lead to greater breakthroughs more often as more minds are added to the improvement of AI.
This could also see AI applied to more industries much sooner than predicted and create wealth opportunities and optimisation that we never thought would be possible.
Don't just take my word for it
I encourage you to do your own research on the topic, especially if you plan on investing an any ICO. As a potential investor, you need to practice due diligence and do not overextend yourself by investing more than you can afford to lose. Effect AI is no different. Please manage your risk and take advantage of the opportunity with responsible investing.
Tokens go on sale on the 24th March 2018
More Information & Resources:
Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.
This post was written as a submission for Writing Contest: EFFECT.AI
effect.ai2018
Hi again
I decided to check your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
Please continue up with creating interesting content - it may be hard at the beginning to build reach and solid followers base.
Steemits needs solid content builders so just dont ever give up! :)
Cheers, Piotr
Thansn Piotr I’m only going for the last 4-5 weeks consistently and I’ve been enjoying it and still learning how to use the platform effectively! Thanks for the support means a lot and I will continue to create content on steemit I said I’d give it a year and see where it takes me
hi buddy
thank you for your reply. I appreciate. I will continue following you and checking your content.
I noticed that you have very little steem power. Didnt you consider investing a little bit and buying steem?
Im myself quite new in steemit community but I already realized that powering up is very important. Without initial investment it will be very hard for you to build reach here and be noticed.
Also it's worth to have a look at those 2 usefull tools: https://steemstats.com/ and http://steemvoter.com
Perhaps you know both of them already :)
Cheers, Piotr
Hi Piotr
Thanks for the tips, i'll definitely check it out. I wasn't really keen on investing in steem because of 1. I wanted to see how far one can get without investing and 2. I am waiting to see where the bottom of this bear run is before I begin investing any money back into crypto
I havn't used those tools before but i"ll check them out. Really appreciate the tips
Thx for your comment and keep in touch mate
Submitted.
Corrections have been made
Great piece of work.
I've heard about effect.ie and I would also love to hear what do you think about DBC (Deepbrain Chain) and Singularity. How those two look comparing to effect.ie in your opinion?
Im personally quite bullish on DBC (mostly because DBC is related to NEO) and I hope to hear what do you think about this coin.
I will be following you closely.
One more time: great piece of work
I think all decentralized AI projects are a big gamble at this point! Even though centralized companies have been at it longer there haven’t been major break throughts so it’s going to take time!
That’s why I’m on the side of caution with these projects because they need to survive for years before the produce any real value! Decentralized AI projects are high risk because they in two speculative fields AI and blockchain so there’s a balancing act in keeping both sections of the project viabale DBC looks like a front runner for me but I’d also keep my eyes on ITC as a dark horse in this space
Why would you think that this is big gamble? Dont you see future for AI and blockchain?
From my understanding DBC + Singularity are quite advanced on this field and effect.ie seem to be the most ambitious but ... do they even have a whitepaper already?
Anyway I strongly believe that AI is going to be growing and pretty much Im mostly investing in this industry and my goal is to pick potential leader. i must admit it's not easy task.
thank you mate for your great comment
I still think we're quite away from a real wealth generating AI and Machine learning concept and there are literally 1000s of AI companies all over the world trying to be the first to make that big breakthrough. I'm more of a conservative investor and I like to see a company try their hand at a niche, so value and that you can apply it to a broader scale. I'm not a fan of the we want to do everything mantra
Thank you again for another comment. I remember you considered AI a big gamble. Cheers