EFFECT.AI ICO – Bring the Future of AI to Everyone

Hi Everyone,

This is Himash. Today I am going to do ICO evaluation for an Amazing Project and Upcoming ICO named Effect.AI which is based on Artificial Intelligence and Blockchain Technology.

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The Artificial Intelligence market is on track to become one of the largest and most important markets in the world. Ubiquitous mobile supercomputing, intelligent robots, self-driving cars, neuro-technological brain enhancements, and genetic editing are just examples of major developments in this revolution.

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Effect.Ai has prepared the most innovative and creative idea about AI ecosystem on blockchain. So, Let’s get right into the project and ICO details:

What is Effect.AI?

Effect.AI, an Amsterdam-based company founded in 2015, is developing a decentralized platform for artificial intelligence (AI) development and AI related services. Effect.AI is an open, decentralized network that allows people access to artificial intelligence services and is also referred to as the effect network. The Effect Network ensure that the platform will be open, easy to use and scalable. It requires no commissions, has a low barrier to entry, and provides fast growth for its users.

It will function on the NEO blockchain and operate through smart contracts.

Effect.AI aims to accomplish this mission by deploying the project on three platforms that run on the NEO blockchain and are fueled by a network token called EFX.

Let’s go step by step phase:-

Effect.ai team, source: effect.ai

The first platform is a marketplace for tasks that require human intelli- gence. It allows anyone in the world to perform tasks for a fair payment and gives businesses access to a large workforce of human intelligence. The first phase is Effect Mechanical Turk, a decentralized marketplace that offers work to be performed that requires human intelligence. It will be similar to other platforms such as Amazon Mechanical Turk, Guru.com, or Fiverr, but Effect will be peer-to-peer and no commission being taken out of rewards offered. Amazon is currently transacting around 500k tasks each day. Amazon is charging around 20% on transaction volume.

The second platform is a decentralized registry of AI services described by a rich ontology. On this platform any algorithm can be accessed as a service in a unified manner and has a convenient way to receive payment. This is called Effect Smart Market and it will be a decentralized marketplace that allows algorithms to provide their services to users and each other. Apps can be registered within the market and designate a fee for their use and will then be made available to everyone within the market. If a user wants to use one of the apps they just need to send funds to the owner who will provide them with a token that authorizes them to engage with the AI.

The first two phases of the Network include decentralized data gathering and use of AI algorithms. The last platform provides a decentralized, distributed computational platform that can run popular deep learning frameworks. The effect of this network will define the future relationship between humans and AI. In the final phase of the network, the actual computation will be distributed so that the algorithms run globally without a single point of failure. The AI engine will be based on popular deep learning networks like Caffe, MXNet, and Tensor flow.

The Team Behind Effect.ai

Effect.ai team, source: effect.ai

The team behind Effect.AI, who prior had worked at Itsavirus, has nearly a decade of experience developing complex technical solutions for large international corporations. Such examples include Heineken and Shell.

The team has been working hard on the project for the last 8 months. The team currently consists of 15 full-time developers. At first glance, many of the project executive members met while working at Itsavirus.

The project’s CEO is Chris Dawe, a graduate of the University of Toronto with a background in digital marketing and entrepreneurship. He led a project manager position in itsavirus.

Effect.AI is looking to raise 14.8 Million EURO (~18 Million USD) via a very fair public sale in March 2018.

Effect.AI will allocate tokens in the following manner:

– 40% (260,000,000) for the public token sale,
– 20% (130,000,000) for future funding [locked by a smart contract for 18-months],
– 16% (104,000,000) for platform incentives [galaxy pool],
– 15% (97,500,000) for the Effect.AI team,
– 7% (45,500,000) for partnerships and advisors, and
– 2$ (13,000,000) for bounties.

More information about Effect.AI can be found on their website, or on their Telegram, Facebook, Twitter, Reddit, Medium, LinkedIn, Bitcoin Talk, or Github accounts.

References:-

Effect.AI "Whitepaper"
Dhar, V. (2016). “The Future of Artificial Intelligence”. Big Data
Cryptopotato - "Effect.AI ICO Evaluation"
Vasin, P. “BlackCoin’s Proof-of-Stake Protocol v2”
Neonewstoday - "Effect.AI artificial intelligence network to launch on NEO"
Icobench - "Effect.AI Decentralized Network for AI"

To participate: https://steemit.com/cryptocurrency/@originalworks/4m2myp-300-steem-40-bonuses-sponsored-writing-contest-effect-ai

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