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The Effect Network – the future relationship between humanity and AI

The Effect Network will define the future relationship between humanity and AI The past five years have seen rapid growth in the number Artificial Intelligence (AI) algorithms with practical applications. Smart services, like self-driving cars, face- and voice recognition in mobile phones and image translation are getting a central place in everyday life. This sudden rise can be explained by advances in machine learning and the ready availability of cloud computing. These advancements have made possible large scale adoption by the industry and the birth of a billion-dollar smart application economy.Because of the size of this undertaking, The Effect Network will be deployed in three consecutive phases, allowing healthy progression of development and adoption. The phases cover independent market sections, but are interconnected in their network model. All of the phases are fueled by the EFX utility token.

EFFECT Mechanical Turk

Effect Mechanical Turk is a private, decentralized, marketplace for work that (for now) requires human intelligence. It is based on centralized business models like Amazon Mechanical Turk, Fiverr, OneSpace and Guru.com. It’s a worldwide workforce on demand. A key difference with these centralized models is that the Effect Mechanical Turk is peer to peer, meaning supply and demand are connect directly and more efficiently. The crowd sourcing technology enables requesters to create tasks to be completed by workers in exchange for compensation. The job offers are called Human Intelligence Tasks or HIT’s for short. The provider of the HIT’s are called Requesters. These HIT’s are created by anyone who needs the power of human intelligence to perform tasks that computers are currently unable to do. On The Effect Mechanical Turk, when a user completes a task they are paid with the Effect.AI token called EFX. These tasks are described and compiled through smart contracts on the blockchain.

EFFECT Smart Market

The Effect.AI Smart Market is a decentralized marketplace where AI algorithms can exchange their services. Following their data interchange format (and by specifying a usage fee for consumers) an application owner can register on the exchange by specifying a public endpoint for his or her application. This application can now be invoked through smart contracts on the blockchain. The caller of the contract will have to transfer the required funds to the owner of the contract to get an authorization token that allows him or her to interact with the application.

Effect Token Distribution Details

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 (2% of token sale)
Minimum Contribution: € 50
Maximum Contribution: € 25,000
Accepted Currencies: NEO, GAS
Maximum Supply: 650,000,000 tokens
Token Sale Percentage: 40%

For more information, visit the Website or read the Whitepaper.

 

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