The EFFECT Network – a NEO-powered platform for AI products

• by Riely Cooper
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• March 29, 2018
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• Cryptocurrency News

The Artificial Intelligence (AI) industry is highly promising and has a lot of potential, but few companies can enter the market due to the fact that developing an AI product requires training it on huge datasets which, currently, are owned only by the biggest corporations. Therefore, startups either struggle to acquire the necessary amounts of data, end up having to pay a premium buck for it, or altogether left out of the league.

A number of blockchain projects are working hard in this sphere to change the status quo of the industry. Effect.ai is one of them and they are working on what they call, The Effect Network. The team believes “the effect of this network will define the future relationship between humanity and AI.”

The main goal of The Effect Network is to democratize the world of AI development in which currently, most AI algorithms are developed behind the closed doors of large corporations.

The Effect platform

Effect.ai, or The Effect Network, is an Amsterdam-based company building a blockchain-powered platform that AI developers and businesses will be able to use for development of Artificial Intelligence related products and services.

Effect’s ecosystem operates fully on smart contracts, is a part of the NEO network, and is fueled by a network’s own NEP-5 token, the AIX. Users must have a Neo wallet and Neo coins to buy in.

Progress and roadmap

The team has successfully finished the token sale and reached 74% of its goal raising some 13.5 million US dollars.

Currently, the Affect.ai’s platform is in its early stages of development. It will be deployed gradually and will have three tiers.

Tier 1, Effect M-Turk, will be an interactive marketplace that AI developers and businesses will be able to use to train AI algorithms. Here, the Effect’s team aims to complete with Amazon’s Mechanical Turk platform. Tier 2, Effect Smart Market, will be a decentralized platform where users can offer, rent, and buy AI and machine learning (ML) services in an open market. Tier 3, Effect Power, will be a decentralized computational platform that will be running popular deep learning frameworks.

To learn more about The Effect Network and its roadmap for 2018 and beyond, visit their website at Effect.ai.