Our 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.
EFFECT Network introduces an open, decentralized network that provides services in the Artificial Intelligence market.
The 3 phases of The Effect Network require no fees, have a low barrier of entry and provide growth to its users. It runs on the NEO blockchain and is fueled by a network NEP-5 token:
Effect Mechanical Turk is a workforce on demand that allows to request or perform tasks that teach and develop AI algorithms.
The Effect Smart Market is a decentralized exchange where people can offer and buy AI/ML services and algorithms.
In the last phase the computational power is distributed needed to run deep learning frameworks and other AI algorithms.
Phase 1 - EFFECT Mechanical Turk
Phase 2 - EFFECT Smart Market
Q3 2017 - Q1 2018
Phase 3 - EFFECT Power
Q4 - 2019
Attention. There is a risk that unverified members are not actually members of the team
$13 591 090
Opportunities:A lot of Human Intelligence Tasks can be performed by people without specialized skills. Therefore, even the unbanked in any countries can work on The Effect Network whereas they cannot become a worker on other centralized platforms because they don’t have a way to receive compensation.According to the team’s projection, workers on The Effect Network can earn $9/hour on average while they can only earn $2/hour on current centralized platforms.The project is ambitious but is a logical progress. The transition from phase 1 to 3 makes sense and each phase builds on top of the previous one. EFX tokens should have plenty of usage even when only phase 1 is launched.
Concerns:The team is on the younger side and most members have relatively little working experience. It is unclear whether they can handle the development intensive project.The team has not disclosed any advisor which is very uncommon.The project has not released an Alpha/MVP yet, which makes it a white paper project.
Conclusion:Overall, we are neutral about the ICO’s short-term potential but like its long-term potential. Our thoughts of the tokens for short term and long term are as follows:For short-term holding:Neutral. The idea is great and the hard cap is low. However, the team will not actively reach out to exchange for the listing of EFX tokens. Considering that EFX is a NEP-5 token which very few exchanges list, it might have a hard time generating liquidity initially.For long-term holding:Good. The project has a lot of potential even with just the first phase completed. By eliminating the middleman, workers can earn substantially more and receive payments instantly with the use of cryptocurrency. If successful, this project can provide lots of real-world benefits which we very much support.
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