Announcing Effect.AI’s Fully-Featured and Blockchain-Powered AI Development Network. Public Token Sale this March.
Effect.AI is an Amsterdam based company that is working on a blockchain-powered, decentralized platform for Artificial Intelligence development and AI related services. Public Token Sale coming in March.
With a projected size of 15.7 trillion dollars as early as 2030, the Artificial Intelligence market is on track to become one of the largest and most important markets in the world. From transportation to commerce and communication, the development of new and more powerful types of Artificial Intelligence is likely to have a large impact on nearly every aspect of the human experience as we go forward. This is good. What’s bad is that, right now, there are only a few players (whose names you are likely already familiar with) who are in a position to develop the AI algorithms necessary to power these developments. What’s needed is a viable alternative that allows both larger and smaller entities not only to contribute to the creation of AI, but also to benefit from and actually use these algorithms. That’s where Effect.AI comes in.
Who is Effect.AI?
Effect.AI, operating out of central Amsterdam, is a Dutch software company that was founded in 2015. However, the majority of the team has been working together for a longer period of time at Itsavirus, a company that has nearly a decade worth of experience developing complex technical solutions for large international companies such as Heineken and Shell. After blockchain technologies and cryptocurrencies started picking up steam with the successful launch of Bitcoin (the first widely adopted cryptocurrency), the core Itsavirus team decided to branch off to create Effect.AI. This new 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 to deliver a platform that is more democratic, accessible and easy to use than what is currently available. Due to the size and scope of this operation, Effect.AI plans to achieve these goals by dividing the project in three phases.
A Solution in Three Phases
Instead of just putting the word ‘blockchain’ somewhere in the company description and calling it a day, blockchain technology is crucial to Effect.AI’s plans for providing a decentralized solution for AI development. Because blockchain technology can also be applied to areas other than cryptocurrency, there is now (at long last) a way to solve the cost issue involved with the creation of the data sets needed to feed algorithms and the power needed to actually run them. Once the following three phases have been completed, aspiring AI developers and customers will have access to a decentralized AI marketplace and development platform called ‘The Effect Network.’ These are the phases as they are explained on the Effect.AI website:
- Phase 1: Effect Mechanical Turk
The first phase of The Effect Network will be an interactive marketplace for tasks that require human intelligence. A 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. When a worker completes a task, they are paid with a network NEP-5 token called EFX. - Phase 2: Effect AI Marketplace
The Effect AI Marketplace is a decentralized platform where people can offer and buy AI services. This phase is a natural progression of the network. It will be an open marketplace for offering AI algorithms as a service. This marketplace or exchange is where AI developers, with a functional algorithm, can sell, rent or give out its service for a simple and easy payment in the form of the EFX utility token. Each Algorithm will have its own wallet to allow for easy acceptance of transactions. Also within this marketplace, algorithms will have the ability to communicate and collaborate with other algorithms and purchase services from each other. - Phase 3: Effect Decentralized AI
The last phase provides a decentralized, distributed computational platform that will run popular deep learning frameworks. The Effect Decentralized AI engine is based on popular deep-learning networks like Caffe, MXNet and Tensor flow. It should provide a means of distributing the computational power needed to run the algorithms globally. This can be achieved through partnerships or by creating a custom Effect.AI framework.
As is evident from its appearance in the three phases, the final part of the equation comes in the form of the EFX token. This is a utility token that 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. For more context and background information, please read the Effect.AI lightpaper on our website.
Public EFX Token Sale
If you’re interested in Effect.AI’s plans for AI development, you can sign up for the Public EFX Token Sale that’s planned for the end of March. More details on the sale (and how to sign up) should follow shortly. In the meantime, you can visit the www.effect.ai website, follow the team right here on Medium or on Telegram, Facebook, Twitter and Github:
