New Effect.AI (EFX) Announcement: Once NEO Blockchain-Based dApp Is Moving To EOS For Speed
NEO had been the talk of the town with its innovation last year. That might sound like a long time ago now especially as their success has seen a constant and steady decline. The latest casualty is Effect.AI (EFX), a network that is looking to develop algorithms that will be used in artificial intelligence (AI).
A recent post by the EFX team, which is clearly the proverbial nail in the coffin, stated,
“We are pleased to announce that this April The Effect Network will be migrating to the EOS Blockchain, a leading blockchain platform. This will provide us with what we feel are the best tools and platform to build, deploy, and run The Effect Network.”
The complaints from most projects seem to be along similar lines of technological shortcomings. And they were laid bare by Jesse Eisses, CTO of Effect.AI when he discussed how even though NEO’s free transaction system was their main draw, the unending malicious spam attacks when coupled with their blockchains limited throughput ability and issues with smart contract compilers, were really a deal breaker.
Expanding on this, he went on to explain why NEO felt like an ideal option back in 2017. Their feeless transactions and smart contracts in various programming languages made it seem like an ideal candidate for quick expansion.
Yet, poor security meant that feeless transactions crashed and burned as an idea. The rather slow rate of transactions also failed to do NEO any favors. Their handling (or rather the lack of it) at launch meant EFX transactions ground to a snail's pace. To top it all off was the announcement that NEO was exploring the idea of a reboot, which would need services to be migrated over.
Based off these factors, the higher-ups at Effect.AI decided to begin looking at other options. Consequently, EFX tokens are expected to migrate to EOS by April this year.
Talking about the switch the co-founder and chief architect of Effect.AI , Laurens Verspeek, explained how all this came about. It all started when they were invited to the platform’s London hackathon, to mentor and meet the community. That along with its technical prowess aided in the decision making.
He goes on to say:
“We found that EOS encompassed features essential to build a good foundation for the future of our development efforts. Simply put: EOS is scalable, easy to iterate upon, fast, technologically advanced, secure, has high TPS, and has a great community and ecosystem.”
An excited CEO of EFX, Chris Dawe spoke about how this was all transitory.
“Effect.AI is blockchain agnostic and we will always continue to look for technology that is most suited to the robust nature of this network.”
He opines that the projects in the blockchain space need to work at all aspects on a technological, mass adoption, and community level.
Today there are many platforms catering to Dapps, yet it is only a matter of time when the best one wins out. The fight to remain relevant and offer better scalability has been an industry-wide challenge. However, the key is always good communication. One hopes that the overall health of this sector remains unaffected by these fleeting phases.