The beneficial AI by Effect Network

The artificial intelligence market keeps growing day by day at a fast and increasing rate, with a foreseen price size of $15.7 trillion in the early days of 2030. Between communication, commerce and even transportation, AI is likely to have a large and gigantic impact on human life as a whole in time to come.
I would say that only a few companies like Facebook, Amazon, and Google are in position to build these algorithms right now.This reason is because the entry barrier is very high due to diverging tasks, data processing and even computational costs. But Blockchain startups are increasingly and surprisingly taking part in the picture right this moment. This is where EFFECT.AI comes in.

Effect.AI At a Glance:

I would say that the sole purpose and main idea behind Effect.ai is to build the "Effect Network" an ecosystem fully decentralized that aids AI developments and AI related services.This is network is designed to provide an alternative to services like Amazon Mechanical Turk, IBM Watson and even Google Cloud ML.
The Effect Network operates fully on smart contracts developed on NEO Blockchain. The goal will be to provide most, if not all of the services necessary for an accessible and healthy AI market.
This network requires no commissions, has a low barrier to entry and is split into three different phases;Mechanical Turk, Smart Market and Effect Network.

1st Phase: Mechanical Turk- Effect Mechanical Turk is a decentralized and private marketplace for work that requires human intelligence like identifying objects in photos, transcribing audio/video recordings.
EMT will bridge workers and requesters through smart contracts while regulating task completion. You can see the system below:

Workers can be compensated using the Effect's proprietary token on a peer to peer basis.

2nd Phase: Decentralized AI Exchange(Smart Market)- This can be said to be the projected market place for AI algorithms. In a nutshell, providers of service can trade their own AI for usage fees specified in the form of EFX tokens.Users can get access to the specified AI algorithm by been granted full authorization on the blockchain.

3rd Phase: Effect Network- This is the final stage or phase where the final Network Phase of the Effect Network will put these algorithms discussed earlier on a global scale blockchain via the NEO blockchain, with this there will be global scalability and points of failure will be eliminated.
The project has a lot of potentials even with just the first phase completed, by eliminating middleman, workers can earn more and receive payments instantly with the use of cryptocurrency.

The Team

Effect.AI has a team of 8 and is based out of the Netherlands.

For more information about Effect.AI see below;
EFFECT.AI Website
EFFECT.AI Whitepaper
EFFECT.AI Lightpaper
EFFECT.AI Youtube

This is a writing contest sponsored by @originalworks for Effect.ai. You can check it out here https://steemit.com/cryptocurrency/@originalworks/4m2myp-300-steem-40-bonuses-sponsored-writing-contest-effect-ai

effect.ai2018