Effect.ai Initially
The thought behind Effect.ai is to build the "Effect Network", a decentralized ecosystem for AI advancement and AI related services. This system plans to give a contrasting option to service like Amazone Mechanical Turk, IBM Watson, and Google Cloud ML.
The System will work utilizing smart contracts developed on the NEO Blockchain. It won't be like service provided by Amazon, the Effect Network takes no commissions and enormously brings down passage boundaries, which runs as one with its objective to make a completely private, decentralized and sound AI market. With a specific end goal to understand this venture and to fabricate The Effect Network, process was splitted into 3 stages
Going through the website, it’s clear that the startup is still in the early stages of ideation. There are typos here and there and inaccurate statements. That being said, the startup is clearly looking for a scalable business model that begins with the HIT (Human Intelligence Tasks) market, before expanding to a global scale.
there will be three unique phrases of the project,I will discuss below.
Phrase 1 – Effect Mechanical Turk
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The Effect Mechanical Turk (EMT) works as a decentralized other option to Amazone's MT. It's a market place for assignments(tasks) that require human knowledge, such as recognizing objects in photographs, deciphering video/sound chronicles or performing information de-duplication.
EMT will connect requesters and specialists while managing task completion through smart contracts. The System architecture is displayed below.
Utilizing the EMT, workers will be compensated using the Effect's restrictive token (called AIX in the whitepaper, EFX in the lightpaper) on a distributed premise. Suggestions are to help the token's liquidity and over all value while cutting all outsider expenses from tasks. It worth saying that such charges differ between 20% to 40% in existing HIT centrilized marketplace.
Nonetheless, one can't resist the urge to see the nonappearance of any reasonable intervention in the system. There might be an audit/rating process that reword "Honor Tokens" to great achievers. These tokens, be that as it may, can't be exchanged or sold, and expire over time.
Phase 2. Effect Smart Market
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Smart Market is decentralized platform where people can offer and purchase AI service. This phase is a natural movement of the network. It will be an open marketplace for offering AI Algorithm as a service. This marketplace or exchange is the place AI engineers (developers) with a functional Algorithm can offer, rent or give out its service for a basic and simple installment with the Effect token.
Phase 3. Effect Power
Phase 1 and 2 of The Effect Network will decentralized the information gathering and utilization of AI Products. As yet the algorithm themselves still keep running on centralised servers. In the final phase of The Effect Network the algorithms will be decentralized on the blockchain, with the goal or so that the algorithms run globally on the NEO blockchain.
Benefit conveyed through stage 2&3 of Effect A.I
With algorithms and other programming instruments, machines break down information for pattern. What's more, from these pattern, AI-upgraded arrangements can figure out how to react, draw in or process numerous standard tasks. Numerous new companies are putting resources into this field and Effect A.I will have a conspicuous place in this market. The Effect Smart Market in Phase2 and the Effect Power in Phase 3 will bring the future to us.
Features of the Effect Network
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As a decentralized mechanical turk, the Effect Network benefits the both developers(Effect requesters) and workers on the platform. Effect Requesters gain admittance to huge pool of human knowledge for training AI algorithm, while workers profit through finishing energizing tasks. A few undertakings on the Effect Network may include classifying image, translating sound or naming data. All installments are decentralized and controlled by means of smart contracts, guaranteeing that that work is paid on time and conveyed to a tasteful standard for both parties.
The Effect Network will keep up its liquidity through a decentralized trade of tokens that will likewise support selection of the platform and settle organize fess. This pool of tokens is named the Galaxy pool and comprises of EFX, NEO and GAS and perhaps different tokens in future.
The Galaxy Pool guarantees a steady swapping scale for users of the platform consistently, utilizing the Galaxy token (G-token). G-tokens are available or given on the stage, in spite of the fact that they can't be exchanged outside of the Effect Network. G-tokens are changed over into tradable tokens by spending them through an Effect service contract. This shields the Galaxy pool from value control and keeps the exchange rate stable for developers and workers.
Token Use
ICO detals
Start Date-March (exact date TBA)
End Date -18 days after start date
Soft Cap€-4,280,000
Hard Cap€- 14,820,000
Discount-10% For the first 5,200,000 tokens
Minimum invest-€ 50
Maximum invest-€ 25,000
Accepted currencies-NEO, ETH
Tokens total amont-650,000,000
Token Sale percentage-40%
The EFX token is the main mean of exchange between parties in all phases of the Effect network.
EFX AND G-EFX
One of the imperative nuts and bolts of the system, which is likewise connected with the Galaxy pool, is the innovation of the G-EFX Token alongside the EFX token.
Key to accomplishing stable exchange rates for clients of the system, constantly, is making a refinement between G-EFX tokens and EFX tokens. G-EFX tokens can be purchased, however any G-EFX purchased from the Pool can't be sold back to the Pool. A G-EFX token is cleared (changed over to a regular EFX token) by spending it through an Effect.AI Service Contract. These are the service contracts from the tasks and service registry. This shields the Galaxy Pool from outer control and keeps exchange rates stable for all agent in the network. Besides, to guarantee Requesters don't have a overflow, G-EFX will gradually terminate and come back to the Galaxy Pool after some time. The Pool repays the Requester for this by offering a good exchange rate for the tokens used to buy G-EFX.
THE ROAD MAP
Token sale terms
Hard cap: 14.8 Million Euro (~18 Million USD).
Token allocation: Finite number of tokens – 650 Million EFX. 40% distributed to public, 20% secured for potential future development, 16% smart galaxy pool, 15% team (locked for 2 years), 7% partnerships/advisory, 2% bounty program.
Crowd-sale (14.8 Million Euro): Fair share distribution, a potential max individual cap of 25,000 EURO, No lock up. 10% bonus for the first 5.2 Million EFX.
The 20% of tokens for future funding will be locked by a smart contract for 18 months. If predetermined milestones are met, these tokens will be released for a second round of funding for the later phases of the project. If predetermined milestones are not met the tokens will be burned.
CONCLUSION - Pros/Cons
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Pros
Almost all of the funding of ~18 Million USD is to be raised through means of public sale. Considering the over-whelming community intrigue, 25,000+ Telegram members to this project, the individual top is relied upon to be little (~18 M USD/Number of affirmed whitelist subscribers). The Effect.AI token deal demonstrate (Like 0xProtocol token-deal show) will make a circumstance where there will be no token holders with an expansive extent of the tokens. All the above should help the token cost to stay stable or rise once it exchange because of the following:
- Members that desire to purchase a larger amount of EFX may have the capacity to do as such by purchasing EFX once the token achieves the market.
- To start with, no whale ought to have the capacity to control the cost on the selling side by putting a lot of EFX available to be purchased.
AI algorithm market first mover
Despite the fact that the Impact Smart Market (phase 2) is to be propelled in Q1 2019, there right now aren't any major platform giving this service. Considering the continuous entrance of AI technology into our day by day life, there ought to be a requirement for a market place to connect AI algorithms with any entity that is looking to use algorithms with learning capacities in their organization. The relative first - mover preferred standpoint of the Effect Smart Market should help the task to enter the market and to draw in a user base.
Cons
Market penetration
The Effect.AI first stage is the Effect Mechanical Turk, the tasks of drawing in users to a new platform is a great challenge. Particularly when you consider that the huge organizations like Amazon, Fiverr, and others dominate those market places.
We should expect announcements of partnerships in the near future as funding is being reserved for that purpose. On the supplier’s side (Workers) - mainly third world entities like banks and governments and on the demand side (Requesters) with AI program developing companies.
Team
Core Team
Chris Dawe - Co-founder and CEO, with a diploma in marketing and international Business from Kingstone global school (Australia) and a propelled certificate of initiative and administration from Danford school (Australia), Chris is a business person with involvement in Business around the globe. Previous CEO of Choice Energy in Canada for 5 years.
Jesse Eisses - Fellow benefactor and CTO, AI project lead
Jesse owns a bachelor and Master degree in Artificial intelligence from the university of Amsterdam
All colleagues and consultants are recorded on the Effect.AI site
MORE INFORMATION :
Effect.AI Website
Effect.AI WhitePaper
Effect.AI Review/Explanation Video
Effect.AI LightPaper
Effect.AI Facebook
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Hi
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