Effect.AI (EFX)

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Official site (website): https://effect.ai Official Twitter account: https://twitter.com/effectaix Official Telegram channel (group): https://t.me/effectai Reddit: https://www.reddit.com/r/effectai/ Official Facebook account (fb): https://www.facebook.com/effectai Discussion forum: https://bitcointalk.org/index.php?topic=2737469.0 Official LinkedIn account: https://www.linkedin.com/company/effectai/ Medium (blog, article, news): https://medium.com/@effectai Github: https://github.com/effectai PDF document file: https://effect.ai/download/effect_whitepaper.pdf Alexa website traffic ranking: https://www.alexa.com/siteinfo/effect.ai

Truth and facts[edit]

  • Effect.AI is a decentralized network and platform for artificial intelligence, using blockchain technology powered by NEO.
  • The Effect.AI network is designed to provide an alternative to services like Amazon's Mechanical Turk, Fivver, OneSpace and guru.
  • The Effect network will operate fully on smart contracts that are deployed on the neo blockchain.
  • The Effect network is the name of the projects open decentralized network which provides services in the AI markets.
  • The network requires no fees, has a low barrier to entry and is split up into three distinct phases.

Official

  • Slogan: Decentralized Network for Artificial Intelligence.
  • Effect.AI (EFX) is based in Netherlands.

Token

  • The official ticker symbol for Effect.AI token: EFX
  • Token type: NEP-5

ICO

  • ICO starts from Mar 2018 (exact date TBA) to 18 days after start date.
  • Soft cap: € 4,280,000 Euro.
  • Hard cap: € 14,820,000 Euro.
  • Discount: 10% for the first 5,200,000 tokens (2% of total token sale).
  • Minimum invest: € 50 Euro.
  • Maximum invest: € 25,000 Euro.
  • Accepted currencies: NEO, ETH
  • Maximum numbers of tokens generated for ICO: 650,000,000 EFX (40% of total EFX supply).

Video Playlist[edit]

ICO Review: Effect.AI (EFX) - Decentralized Network for Artificial Intelligence

00:00 Hi there, this is Victoria from crush crypto dot com.
00:02 In this video, I would be talking about Effect.AI, a decentralized network for artificial intelligence.
00:08 As always we're not paid or mandated to do any of our reviews, this is just a personal opinion and analysis and not investment advice.
00:15 The global artificial intelligence market is growing at an increasing rates, with a projected size of fifteen point seven trillion dollars as early as 2013.
00:24 Between transportation, Commerce and communication, AI is likely to have a substantial impact on humanity as time goes on.
00:33 However only a few companies such as Google, Facebook and Amazon are positioned to develop these algorithms right now.
00:39 This chart shows the top acquirers of AI starters between 2012 to mid-july, all of them are major enterprises.
00:46 The entry barrier for the AI market is very high due to intensive data processing diverging tasks and computational costs.
00:55 This is why it is currently dominated by large corporations.
00:58 Effects on AI proposes a private decentralize ecosystem for AI development and AI related services.
01:03 The Effect.AI network is designed to provide an alternative to services like Amazon's Mechanical Turk, Fivver, OneSpace and guru.
01:10 The Effect network will operate fully on smart contracts that are deployed on the neo blockchain.
01:17 The goal will be to provide most if not all, of the services necessary for healthy and accessible AI markets.
01:24 The Effect network is the name of the projects open decentralized network which provides services in the AI markets.
01:31 The network requires no fees, has a low barrier to entry and is split up into three distinct phases.
01:36 The effect Mechanical Turk or MTurk for short, is a private decentralized marketplace for work that requires human intelligence.
01:43 It is based on centralized business models such as Amazon's MTurk, Fiverr one space and guru.com, but the key difference is that Effect MTurk is peer to peer.
01:52 The Effect smart market will be a decentralized market place where algorithms can exchange their services with users and with each other.
01:59 App owners can register their AI product and specify the price or usage fee and these apps are available for everyone on the smart markets.
02:07 Up until phase 3, the algorithms still run on central servers.
02:12 The final Network phase of the Effect Network will put these algorithms on the blockchain so they will be running on a global scale via the Neo blockchain.
02:19 This table from their light paper compares the effect MTurk with Amazon's centralized MTurk.
02:24 The Effect on AI team proposes to create a network that differentiates itself by being secure and private, very low cost and extends globally.
02:33 This slide summarizes the project's historical milestones and future development roadmap.
02:39 The Effect on AI algorithm project began in the second quarter of 2016 and the first implementation of their algorithm on the website occurred in the second quarter of that year.
02:48 After this implementation, the idea was born to put Effect.AI on a blockchain.
02:52 From there, the company was officially founded in the third quarter of 2017.
02:56 Phase one of the project officially began in the fourth quarter.
03:01 The full release of Effect is set for the third quarter of this year while phases two and three are currently set to come out sometime in 2019.
03:08 Effect.AI will be raising funds for their project by issuing EFX tokens.
03:14 The hardcap is 14.8 two million euros and implies a maximum market cap of 37 million euros on a fully diluted basis.
03:20 There is no presale while the public crowd sale will be launched sometime in March.
03:26 The exact dates for the whitelist registration and the ICO has not been announced yet, so please stay tuned for updates.
03:33 This chart shows how the total supply of 615 million tokens will be distributed.
03:38 20% of the tokens will be reserved for future funding and will be locked by a smart contract for 18 months.
03:42 If predetermined milestones are met, these tokens will be released for a second round of funding for the later phases of the project, otherwise the tokens will be burned.
03:52 And this chart shows the intended use of their proceeds.
03:54 43% will be used for blockchain and platform development including security and hardware.
04:00 50% will be used to cover business expenses including employee and partnership acquisition, marketing overhead and so on.
04:07 The remainder will be used for blockchain AI and IOT research.
04:10 For the most up-to-date information on the Effect.AI ICO, please check their website and join their telegram group.
04:17 The EFX token will be launched on the neo blockchain adhering to the NEP-5 token standard.
04:24 It will be the medium for payments between workers and requesters on the Effect Network.
04:28 The team's priority is to maintain liquidity for EFX tokens especially during the early stages where no major exchanges have listed the token.
04:36 Workers should always be able to sell their EFX rewards for native tokens and requesters and network users should always be able to buy EFX.
04:43 To help with this, the Effect network will maintain a central pool of tokens called the Galaxy pool to provide liquidity, encourage adoption and stabilize network fees.
04:52 The Galaxy pool ensures stable exchange rates for platform users and is not suitable for day traders.
04:58 It has a mechanism to prevent price manipulation.
05:00 As EFX tokens are used as a currency on the Effect network, the more activity the network has, the more valuable the tokens should be.
05:08 Effect.AI currently has a team of at least eight people and they are based out of the Netherlands.
05:14 The biographies for the CEO and key team members are summarized on this slide.
05:18 Please note that the Effect.AI advisor list has not been released to the public yet.
05:23 Some opportunities we wanted to highlights.
05:26 First, a lot of human intelligence tasks can be performed by people without specialized skills.
05:32 This means that the unbanked anywhere in the world could potentially work on the Effect network and get paid.
05:37 According to the team's own projections, brokers on the Effect network can earn around $9 per hour on average compared to only earning $2 per hour on current centralized platforms such as Amazon's amateur.
05:47 The project is quite ambitious but follows a logical process where they gradually put their algorithms on the blockchain.
05:54 The transition from phase 1 to 3 makes sense and each phase built on top of the previous one.
06:00 EFX token should have plenty of usage even when only phase 1 is launched, which is currently scheduled for the third quarter of this year.
06:07 As I mentioned earlier, 20% of the total token supply is locked up for 18 months, either for future token sale or the tokens will be burned.
06:14 This shows that the team has incentives to make progress and keep the token price high and they have a long term commitment to the project.
06:22 And some of our concerns.
06:22 The team members do not appear to have a lot of working experience particularly in the area of artificial intelligence.
06:29 It is unclear whether they can handle such a tech intensive project and deliver on their targets.
06:35 The team has not yet disclosed who their advisors are, which is very uncommon, especially considering we are about a month away from their public sale.
06:43 The project also has not yet release an alpha or MVP, which essentially makes this just a whitepaper project.
06:49 And finally, the AI market is expected to be a very lucrative opportunity and large corporations such as Google, Apple, Microsoft, Intel and Facebook have already been investing in this space for a number of years.
07:01 There are also a few blockchain startups start looking to tap into the AI market.
07:04 This chart from Effect.AI compares their project with Jen's singularity net and deep brain chain.
07:09 If there is interest, we may do a more in-depth review in comparison of various AI projects later on.
07:15 Overall from an investment perspective, we have a neutral view on this ICO for flipping.
07:20 The idea is quite good and the hard cap is relatively low.
07:24 However, the team will not be actively reaching out to exchanges for the listing of EFX tokens.
07:28 Considering that the EFX token is a NEP-5 token, which very few exchanges lists, they may have a hard time generating liquidity at the beginning.
07:36 For long term holding, we have a positive view.
07:39 The project has a lot of potential even with just the first phase completed.
07:43 By eliminating the middleman, workers can earn substantially more and receive their payments instantly with the use of cryptocurrency.
07:50 If they are successful, this project can provide a lot of real-world benefits which we very much support.
07:56 Please note our view is based on the assumption that they're able to develop a working product.
08:00 So our view may change depending on the team's development progress.
08:03 Thank you very much for watching our video on Effect.AI.
08:06 If you have any questions or thoughts, please leave us a comment below.
08:10 For our latest reviews and market updates, please subscribe to our YouTube channel or follow us on Twitter and Facebook.
08:16 See you next time and keep on crushing your crypto game.

Exchanges[edit]

  • List of exchanges, trading platform and marketplaces to trade, buy and sell Effect.AI (EFX).

Wallets[edit]

  • List of supported wallets for Effect.AI (EFX).

Effect Network[edit]

  • Official page on Effect network: https://effect.ai/network
  • Effect.AI project introduces an open, decentralized network that provides services in the Artificial Intelligence market. This project is called The Effect Network.
  • The 3 phases of The Effect Network require no fees, have a low barrier of entry and provide fast growth to its users. It runs seamlessly on the NEO blockchain and is fueled by a network NEP-5 token. The effect of this network will define the future relationship between humanity and AI.
  • Phase 1: Effect Mechanical Turk - Effect Mechanical Turk is a workforce on demand that allows anyone in the world to request or perform tasks that teach and develop AI algorithms.
  • Phase 2: Effect Smart Market - The Effect Smart Market is a decentralized exchange where people can offer and buy AI/ML services and algorithms.
  • Phase 3: Effect Power - In the last phase we distribute the computational power needed to run deep learning frameworks and other AI algorithms.

Token allocation[edit]

Area Percentage Details
Public Token Sale 40% ICO
Future Funding 20% In Sep 2019. 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.
Platform Incentives 16% Galaxy pool
Effect.AI Team 15%
Partnerships and Advisors 7%
Bounty 2%

Fund distribution[edit]

Area Percentage Category
Technology development and Effect M-Turk platform 20% Blockchain and Platform
Advanced Functionality of Blockchain & Smart contacts 13% Blockchain and Platform
Security and Hardware 10% Blockchain and Platform
Blockchain 3% Research
AI 2% Research
IOT 2% Research
Requesters & Workers Acquisition 18% Business
Marketing 15% Business
Operations, Overhead, Legal, Administration 9% Business
Partnership & Talent Acquisition 8% Business

Roadmap[edit]

  • List of development timeline, roadmap, events and milestones on Effect.AI (EFX).

Team members[edit]

  • List of team members in Effect.AI (EFX).
Official list of team members
Name Position Details
Chris Dawe.jpg
Chris Dawe
CEO, Co-founder

Official LinkedIn account: https://www.linkedin.com/in/chris-r-dawe-b79217151/

  • Chris Dawe is the CEO and co-founder of Effect.AI (EFX) cryptocurrency project.
  • From Amsterdam Area, Netherlands.
  • Graduated from University of Toronto in Business, Management, Marketing, and Related Support Services (2001 – 2006).
Jesse Eisses Blockchain Lead
Laurens Verspeek Development Lead
Nick Vogel Design & Interaction Lead
Jeffrey Hamer Developer
Nico Curylo Developer
Polina Boykova Community Manager
Jaqueline Gross Administration

Advisors[edit]

  • List of advisors for Effect.AI (EFX).

Partners[edit]

  • List of partners, supporters and investors for Effect.AI (EFX).

About us[edit]

  • Effect.AI is a Decentralized Network for Artificial Intelligence. In just the past year we have seen major advancements of AI and machine learning algorithms. It’s clear that AI will play a major role in the future of humanity. However, the current advancement of AI development falls into a very small handful of corporations. Corporations such as Google, Amazon and Facebook have pushed AI advancement behind closed doors. The Effect.AI project proposes to help even the playing field by decentralizing the main access to AI data streams and have an open network for all AI services.

Company[edit]

  • Headquater address: Amsterdam, Noord Holland.
  • Year founded: 2016

White papers[edit]

Bounty programs[edit]

Frequently asked questions[edit]

Reviews[edit]

References[edit]