Effect.ai: Making Artificial Intelligence Available

 

Effect.ai platform is a decentralized network for creating, training and distributing AI algorithms that can be deployed in literally any sphere and business. It is designed to link the demand and supply for AI and boost the efficiency of task solving. The product is fully developed and waits to be launched after the token sale that starts on 15th of March 2018. The algorithm has already been used on a website, the prototype of the platform is developed. When the crowd-funding goal is reached, the Effect team will start implementing its three phases of development.

The Idea Behind Effect.ai

Despite the growing demand for artificial intelligence and smart algorithms, making it to the market of AI solutions is still challenging, and large corporations work on their algorithms behind closed doors making AI inaccessible. With Effect platform, developers and potential buyers of AI solutions will be able to find each other and contribute to the growth and training of AI algorithms and technologies. What makes this platform special is the fact it’s decentralized, which means it will be easier to reach interoperability between AIs since datasets are distributed globally. Placing AI on the blockchain and setting up new communication standards, Effect creates favorable conditions for interaction between AI software and applications. With such approach, the combination of multiple AI algorithms allows reaching technical advancements no other single AI platform can offer.  

As for the audience of Effect, there is a good fit out there for almost any size and type business. Users can register on the platform as “Requesters” (customers) who create tasks for AI, and “Workers” (developers, or AI providers) perform them. First ones can demand algorithms to reach some certain goals (image recognition, audio transcribing, etc), while the second ones may perform the tasks in exchange for EFX (internal tokens). Some tasks can be fully or partially performed by AI itself.   

  Technical Aspects

Creators of Effect propose working with blockchain protocol to ensure transparency and no-ownership to decentralize the market of artificial intelligence and make entry easier. Besides, that contributes to market growth and helps to reduce the cost of development. Blockchain technology is realized in the frames of NEO platform that serves to digitize assets by using smart contracts that make these assets self-managed. Therefore, optimal distribution of finances is reached. NEO introduces a smart contract ecosystem like Ethereum and has its own tokens called “NEP5”. EFX utility token is also a part of this protocol – it’s used within platform’s environment.    

 

    Stages of Realization

  Development roadmap of Effect consists of three main stages:    

• Mechanical      Turk. On this stage, a workforce on demand will be exploited: people can      request and perform tasks that develop or teach AI algorithms.
• Smart Market      is a decentralized exchange platform where participants can offer and      purchase AI algorithms. That allows participants to help each other to      improve AI algorithms.
• Effect Power      is the last stage, at which the computational power will be distributed to      fuel deep learning frameworks and various AI algorithms. That reduces the      cost of running AI and makes AI around the world work flawlessly.

More details on the principle of work of every stage and platform are given in the whitepaper.    

  About Effect Team

Effect is a Netherlandish-based project that is being developed by specialists and advisors from all over the world. Aside from software developers and AI specialists, it’s supported by leading experts of blockchain and AI technologies, such as globally acknowledged Tony Tran, Sally Eaves, Charlie Shrem and Steven Deurloo. Team’s main goal is the creation of a united decentralized platform that forms the foundation for positive changes in the sphere of AI development making technologies available.     

  About ICO

Since Effect is a relatively new project, pre-ICO wasn’t organized. Token sale starts on March 15, 2018, and will last 18 days. Team’s fundraising goal is $18,100,000 USD (€14,820,000) – an attainable milestone, considering the hype around this project and aims purchased. Effect plans to sale up to 650,000,000 of NEO tokens. Both NEO and GAS currencies are accepted.    

It should be noted that minimal personal cap is pretty low (€50), which can potentially attract a lot of investors. The maximum personal cap is €25,000 – deep-pocketed investors may find this sum low. Effect offers a 10% discount for the first 5,200,000 tokens sold (about 2% of token sale).     

 Token distribution   

Tokens will be distributed in the following way:     

• 40% is for      public token sale.
• 20% will be      spent on future funding after being locked under      contract for 18 months. When the milestones are reached, tokens will be      released for the following stages of project development.
• 15% goes to      Effect.io team.
• 7% is meant      for partners and advisors.
• 16% will be      used as platform incentives in Galaxy Pool.
• 2% will be      used in the bounty program.

The vast majority of tokens for project funding will be spent on development of technologies and M-Turk platform, as well as advancing functions of the blockchain, smart contracts, hardware and security, and marketing.      

Bounty program has already started and will last until 20th of April 2018. Bounty funds are distributed in the following way: 10% for joining, 40% for social media (with 2x Steemit and Reddit stakes), 15% for signature, 20% for translation, and 15% for creative tasks.     

  Bottom line

Effect.ai is a promising project that has already attracted the attention of thousands of people from all over the world. Judging by demo video from Reddit, the team has thought over many details, and there’s evidence that the platform can become an efficient tool for AI training staying available for personal users. Although it is appealing to potential investors, the maximum cap is relatively low, and it’s pretty hard to calculate the exact surplus.      

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