Effect Network - Where AI meets the Blockchain
Blockchain technology and Artificial Intelligence are considered as two of the most disruptive segments in modern computer science. Significant advances have been made in both of these fields and it has been proven beyond doubt that the convergence of these two can bring radical changes in each and every industry. One of the fundamental concepts of Artificial Intelligence is Machine Learning or ML. Machine learning essentially enables computer systems to learn things. One of the key ingredients of this process is Supervised learning where ML models are trained using large datasets. Acquiring such large datasets can be a cumbersome task as it involves working on raw, unorganized data. Further, the process of training can be a computationally intensive task that requires huge amount processing power. This is where a decentralized data marketplace-cum-distributed computing ecosystem can come in useful and Effect Network is exactly that - A blockchain based decentralized system that works as an Artificial Intelligence marketplace as well as a distributed computational platform.
Built on the NEO ecosystem, Effect Network will leverage NEO blockchain's high TPS to build a top quality AI marketplace which will initially focus on tasks that require human intelligence. This they refer to as a Decentralized Mechanical Turk (M-Turk) that will empower individuals all around the world to do simple tasks in exchange for rewards in the native network token. The tasks include Image Classification, Audio Transcription, Data Labelling etc that are required by Machine learning/AI developers and businesses. They will assume the role of "Effect Requesters" that post work on the Effect Mechanical Turk platform to be done by the "Workers".
At a later stage, the Effect Network will incorporate an Effect AI Smart Market that will enable the seamless exchange of AI Algorithms. The marketplace transactions will be powered by Effect tokens and the developers will be able to sell or rent their algorithms in exchange for tokens. Finally, owing to the huge computation requirements of AI/Machine learning systems, the Effect Network will evolve itself into becoming a decentralized, distributed computational platform that will run popular deep learning frameworks. This decentralized compute engine will be based on popular deep-learning networks like Berkeley Vision's Caffe, Apache Foundation's MXNet and Google's Tensor flow.
Consider a simple use case to understand the marketplace in action. Let's say, an automobile manufacturer who's making driverless cars and need a system whereby there is a to classify road signs in images. Their AI algorithms require high-quality data that needs to be properly labeled to learn how to recognize each road sign. Here the Effect Network marketplace can come in and supply a large workforce of humans that can classify the road signs within an image data set.
The marketplace will be powered by the Effect token (EFX). The Effect Network will set up a decentralized exchange with a pool of tokens known as the Galaxy Pool that will be restricted to the main stakeholders within the system; those who use services on the network. This will mean that Effect Network network will be active, even when token liquidity is low. The Effect Mechanical Turk Beta is set for launch in Q2 of 2018.
EFX Token Sale & Team
The native NEP-5 token called EFX tokens are available through a Public Sale the details of which are given below;
Start Date:March 2018 (exact date TBD)
End Date: 18 days after the start date
Maximum Supply:650,000,000 tokens
Soft Cap: € 4,280,000
Hard Cap: € 14,820,000
Minimum Contribution:€ 50
Maximum Contribution:€ 25,000
Accepted Currencies: NEO, GAS
EFX Price : €0.057 / $0.07
The Amsterdam-based Effect Network team is led by Chris Dawe (CEO). The team is advised by notable crypto technologists such as Charlie Shrem, Tony Tran, Sally Eaves etc.
More
To learn more about the project & to get involved in the ICO visit the Effect.AI website
White Paper —https://github.com/effectai/Whitepaper
Telegram —https://telegram.me/effectai
Effect AI on Steemit — @effectai
Disclaimer: I am not a financial advisor. This post intended as a product review and not an investment advice
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