Effect.ai is a decentralized network for artificial intelligence, powered by NEO. Find out how it works today in our review.
What Is EFFECT.ai?
Effect.ai, or The Effect Network, is an open, decentralized network that provides services in the artificial intelligence market.
The platform is built on the NEO blockchain and is fueled by NEP-5 tokens.
The three phases of The Effect Network have no fees, have a low barrier to entry, and offer fast growth to users. The phases include a Mechanical Turk platform, a decentralized AI marketplace, and a distributed network of computational power available on-demand.
The token sale for the platform’s native AIX tokens begins in March 2018.
How The EFFECT NEO Decentralized AI Network Works
The main goal of The Effect Network is to democratize the world of AI development. Like similar companies, The Effect Network sees a big problem with today’s AI and machine learning industries: development is centralized among a few global corporations. Academic achievements are available to the public, but most AI algorithms are developed behind the closed doors of large corporations.
The Effect Network aims to solve that problem by building a private, decentralized ecosystem. That ecosystem operates fully on smart contracts deployed on the NEO blockchain.
The Effect Network will be deployed across three phases, including:
Phase 1) Effect Mechanical Turk
Effect Mechanical Turk is a workforce on-demand. Anyone can request or perform tasks through the platform, including tasks that teach and develop AI algorithms. It’s based on centralized platforms like the Amazon Mechanical Turk, Fiverr, OneSpace, or Guru.com. “Requesters” place Human Intelligence Tasks, or HITs, on the marketplace. When a user completes a task, they’re paid in Effect.ai tokens called AIX. Tasks are completed with smart contracts on the blockchain.
Phase 2) Effect Smart Market
The Effect Smart Market is a decentralized AI marketplace where people can offer and buy AI or machine learning services and algorithms. An application owner, for example, can register his or her AI product and specify the price or usage fee for consumers. The AI product is now available for anyone on the exchange through smart contracts – assuming they can pay the price.
Phase 3) Effect Power
The Effect Power phase distributes the computational power needed to run deep learning frameworks and other AI algorithms.
Across these phases, The Effect Network replaces several existing services in the current centralized AI market. Today’s market is dominated by large corporations like Facebook, Google, and Amazon.
What Problems Does The EFFECT Network Seek To Solve?
Today’s AI development is led by a few centralized corporations – like Facebook, Google, and Amazon. These mega-corporations develop advanced AI algorithms in closed environments. There’s limited interaction between different agents in the marketplace.
Some of the specific problems identified in the whitepaper include:
Data Processing Requires Large Amounts Of Data And Resources:
Intelligent applications perform tasks that traditionally require human feedback. These tasks involve processing unstructured data, then finding patterns that can provide useful output. These applications are trained on large datasets with annotations. Obtaining an annotated dataset is non-trivial and requires a lot of time and money. In today’s ecosystem, smaller providers simply cannot access this amount of data, which is why development remains centralized in large corporations.
High Computational Costs:
Developing and training a complex AI algorithm is a computationally intensive task. It requires enormous technical infrastructure capable of processing terabytes of data and performing batched processing on multiple GPUs.
“Diverging tasks” refers to the fact that complex AI systems require knowledge from around the world – more data than any one company can collect. For example, a driving car needs to learn to recognize international road signs that you won’t see on the streets of San Francisco.
High Fees On Existing Mechanical Turk Platforms:
Effect.ai aims to complete with Amazon’s Mechanical Turk platform, which is a global workforce available on-demand. While Amazon charges fees of 20% to 40%, Effect.ai will charge a fee of less than 1.3% from requesters. Workers on Amazon’s Mechanical Turk make an average of $3.11 per hour, while Effect.ai believes they can offer an average hourly rate of $7.40 per hour.
Who’s Behind The EFFECT Network?
The Effect Network is led by Chris Dawe (CEO), Jesse Eisses (Blockchain Lead), Laurens Verspeek (Development Lead), and Nick Vogel (Design & Interaction Lead).
Dawes is an expert in operational and business system management and has 18 years of experience as a project manager and entrepreneur.
The EFFECT.ai AIX Token Sale
The Effect.ai token sale for AIX tokens will begin in March 2018 (an exact date has not yet been announced). The token sale will last for 18 days.
The sale has a soft cap of 4.28 million EUR and a hard cap of 14.82 million EUR.
Effect.ai is accepting NEO and ETH for its token sale. A maximum of 650 million tokens will be generated, with 40% of those tokens allocated to the token sale.
The remaining tokens are reserved for future funding (locked until September 2019), platform incentives and the Galaxy Pool (16%), the Effect.ai team (15%), partnerships and advisors (7%), and bounties (2%).
Effect.ai, or The Effect Network, is a decentralized AI exchange that aims to democratize the global AI industry, taking control and centralization away from mega corporations like Facebook, Google, and Amazon.
The platform will roll out in three phases. Effect.ai will launch its Effect Mechanical Turk to complete with Amazon Mechanical Turk, for example, for the first phase. Following phases will include the Effect Smart Market, a decentralized marketplace for AI and machine learning services, and Effect Power, which is a distributed network of computing power available on-demand.
To learn more about The Effect Network and its upcoming March 2018 token sale for AIX tokens, visit online today at Effect.ai.