EFFECT.AI: AI DEVELOPMENT AND SERVICES, NOW ON THE BLOCKCHAIN
Artificial intelligence, much like blockchain technology, is already transforming the world of work as we know it. And no, I’m not talking about Terminator-esque robots travelling into the past to end humanity. In fact, the implications are far more exciting.
From transportation to commerce to communication, AI is likely to have widespread implications on nearly every aspect of the economy in the new digital economy that is not so far away. This translates into a high growth rate with growth figures estimated to reach a staggering height of about 16 trillion dollars.
All this seems great, but there are a few niggling issues associated with AI development that cannot be ignored. At present, there are only a few players who are in a position to develop the AI algorithms necessary to power these developments. An alternative solution that allows both larger and smaller entities to benefit from AI is critical.
Enter Effect.AI
Effect.AI, founded in 2015, is a Dutch software company based in Amsterdam with the goal of provide a solution to this problem. The team behind it has has nearly a decade worth of experience developing complex technical solutions for large international companies. Today, they’re are using blockchain technologies and cryptocurrencies to create Effect.AI.
What is their goal?
The company’s main objective is to build a decentralized platform that will stimulate AI development and the creation of various AI services.
The idea is simple: to deliver a platform that is more democratic, accessible and easy to use than what already exists.
They plan to do this over three phases of development:
Phase 1: Effect Mechanical Turk
The first phase of The Effect Network will be an interactive marketplace for tasks performed by humans. At present, Mechanical Turks by large organisations such as Amazon don’t not provide fair compensation to workers. And moreover, they are centralized systems. Effect.AI’s Decentralized Mechanical Turk (M-Turk) allows anyone in the world to perform a wide range of tasks and receive fair payment. It will give AI developers and businesses access to a large workforce of human intelligence to train AI algorithms. Workers in Effect.AI’s utility token, EFX.
Phase 2: Effect AI Marketplace
The second phase will be an extension of the first phase and pave the way to take the network to the next level of development. The goal here would be to launch an open marketplace for offering AI algorithms as a service. Developers can choose to either sell, rent or lease out services and receive payment in the form of EFX tokens. And that’s not all, algorithms will also have the purchase services from each other. Truly fascinating time are ahead of us.
Phase 3: Effect Decentralized AI
This brings us to the final phase of the project: a decentralized, distributed computational platform that will run popular deep learning frameworks. Computational power is the need of the hour, and expensive. The Effect Decentralized AI engine should provide a means of distributing the computational power needed to run the algorithms globally. This would make it readily accessible as well as help reduce costs associated with it.
All this culminates in the release of their utility token: EFX. This token will allow for easy payment on the platform. EFX will operate fully on smart contracts deployed on the NEO blockchain. Effect.AI aims to launch a complete solution for blockchain powered AI development. You can find out more by reading the lightpaper which is available on their website (https://effect.ai/download/effect_lightpaper.pdf)
Public EFX Token Sale
The Effect.AI public sale is planned for late March 2018. More details can be found out here: https://effect.ai/tokensale
There is also an exciting Bounty program that which is currently underway if you’re interested in earning some EFX tokens. Do follow them on Medium or on Telegram, Facebook, Twitter and Github to show your support.
And don’t forget to leave an upvote if you found this post helpful. Cheers.
Useful links:
T.me/effectai
Facebook.com/effectai
Twitter.com/effectaix
Github.com/effectai