How to use the Effect Network and EffectDAO to access funding, build, or improve datasets and train AI models for your AI applications

Artificial intelligence (AI) is one of the most promising and disruptive technologies of our time. It is transforming various industries and sectors, such as healthcare, finance, entertainment, and more. However, building AI applications is not an easy task. It requires access to high-quality data, computing power, talent, and funding. These resources are often scarce, expensive, or centralized in the hands of a few players.

That’s where the Effect Network comes in. The Effect Network is a decentralized platform that connects AI developers and creators across the globe. It allows anyone to create, share, and monetize AI services and solutions in a transparent, fair, and efficient way. The Effect Network leverages the power of blockchain technology, smart contracts, and governance to ensure trust, security, and accountability among its participants.

The Effect Network is backed by the EffectDAO, a decentralized autonomous organization (DAO) that governs the platform and its ecosystem. The EffectDAO is composed of members who stake Effect Governance Tokens (NFX) and EFX to gain voting rights and influence over the platform’s development and direction. The EffectDAO also funds proposals to improve the platform or create new AI applications and datasets.

Effect Network uses the EOS blockchain to enable fast, scalable, and low-cost transactions on the platform. EOS is a blockchain protocol that supports smart contracts and decentralized applications (DApps) with high performance and flexibility. If you are interested in building AI applications or joining the Effect Network community, you might wonder how you can use the platform to build or improve datasets and train AI models for your projects.

Here are some things you can do with the Effect Network:

• To build or improve datasets for your AI projects, you can use Effect Force to outsource data-related tasks to a large and diverse pool of human workers who can provide high-quality data that meets your specifications.
• You can use Effect Force to enhance and augment your existing data with additional features or dimensions. For example, you can use Effect Force to collect images of different objects, annotate them with labels or bounding boxes, validate their accuracy or relevance, enhance them with pre-calculated amounts or aggregate information, or multiply them with different transformations or augmentations.
• You can use Effect Force’s pool of expert humans to perform image recognition, natural language processing, speech synthesis, and sentiment analysis that can help you train your AI models.

How to Join the EffectDAO and Request Funding for Your AI Application Development

When you join the EffectDAO, you become a guardian of the Effect Network. Guardians participate in governance, propose new projects, and can even receive funding for AI application development. Here are four steps to follow if you’re seeking funding for AI development:

1. Stake EFX and NFX tokens
   The first step to joining EffectDAO is to stake EFX and NFX tokens. EFX is the utility token of the Effect Network that is used to pay for AI services and applications. NFX is the governance token of the EffectDAO that is used to vote on proposals and receive rewards. You can stake EFX and NFX tokens on the Effect Dashboard, which is the main interface for interacting with the Effect Network and the EffectDAO. (For more information about staking, read this page.) You’ll need to stake at least 500 EFX and 1 NFX token to become a guardian of the EffectDAO.
2. Sign the constitution
   The second step in joining the EffectDAO is to sign the constitution. The constitution is a document that outlines the terms and conditions of being a DAO member, as well as our core tenants and objectives in governing the Effect Network. On the DAO dashboard, after you’ve connected your wallet and staked EFX and NFX, you’ll click the “Become a member” button and read the constitution thoroughly. After reading it, you need to sign it with your EOS account and confirm it with your wallet.
3. Create and submit a proposal
   The third step is to create and submit a proposal for funding. Proposals are a way for guardians to suggest new ideas, projects, and improvements for the Effect Network and its ecosystem, or to ask for funding. On the DAO dashboard, navigate to the “Proposals” section and click on the “New Proposal” button. To create a proposal, you will need to give it a title and fill in the description field. You should be very detailed in your proposal to increase the chances of successful approval. Here’s a list of items that will help get your idea across successfully to the other members of the DAO:

• Problem statement: What is the problem that you want to solve with your AI application?
• Solution: How does your AI application solve the problem? What are the features and benefits of your solution? Also, most importantly, what/how will you use the Effect Network to accomplish this?
• Budget: How much funding do you need for your AI application development? How will you use the funds?
• Timeline: How long will it take to develop and launch your AI application? What are the milestones and deliverables?
• Qualifications: Why are you qualified to develop and execute your AI application? What is your background and experience?

You can also attach any relevant files or links to support your proposal. Once you are done with your proposal, you need to submit it by clicking on the “Save proposal” button. Note: It costs 100 EFX to create a proposal. Now that your proposal is saved, you can either edit it further or, if you’re ready, assign it to the next cycle. DAO cycles are two weeks in length.

4. Wait for approval
The final step in receiving possible funding from EffectDAO is to wait for approval. Your proposal will be reviewed by other members of the DAO, who will then vote on it. The voting period for each cycle is 14 days. If your proposal is approved, it will be accepted and funded by the DAO treasury. If not, it will be rejected, and you will not receive any funding. You can track the status and progress of your proposal on the EffectDAO dashboard. Pro-tip: Get involved in discussions about your proposal with other DAO guardians, either in the Discord server, or the DAO Telegram, and catch a DAO voice call that’s hosted in the Discord server every two weeks.

Takeaways

Joining EffectDAO and requesting funding for your AI application development is a great way to become part of a vibrant and innovative community that is shaping the future of AI. By following these four simple steps, you can stake your tokens, sign the constitution, submit your proposal, and wait for approval. You can also participate in governance, vote on other proposals, and receive rewards for your contributions.

If you are interested in joining EffectDAO and developing your own AI application, don’t hesitate to visit the Effect Dashboard and start staking your tokens today. You can also learn more about the Effect Network and its ecosystem by reading our blog posts, joining our Discord server, or following us on Twitter.

Thank you for reading this article, and we hope to see you soon in the EffectDAO!