effect.ai

EFFECT.AI FAQ

If there’s anything you would like to know about the project

Project Questions

  • What's the Galaxy Pool and its liquidity function all about?

    The Galaxy Pool will allow any user to easily sell or acquire EFX tokens. This ensures that using the Effect Network will be possible even when liquidity is low (when purchasing or selling EFX on external markets is not yet possible). To ensure that the Galaxy Pool is not abused by traders, buying and selling tokens is restricted to people that use services on the network. This also makes it easier to maintain a stable exchange rate for EFX and to provide a certain degree of stability when it comes to EFX earnings.

  • How close are you to an alpha?

    The team is currently finalizing a prototype release. The Effect Force prototype will be followed by the Alpha release shortly thereafter. We aim to release the Beta on NEO by the end of Q2 this year.

  • What is your primary motivation for building on the NEO blockchain?

    We considered a number of different blockchains, but in the end we chose the NEO blockchain. What attracted us to NEO, among other reasons, are their high transactions per second (thanks to the dBFT consensus algorithm), their great and open community and the fact transactions are still free on the NEO blockchain.

  • Does Effect.AI have plans to develop its own blockchain or will it stick to NEO blockchain indefinitely?

    We are very confident in - and impressed by the growing NEO ecosystem. It aligns perfectly with our needs and requirements. There are no plans to separate from the NEO platform for the foreseeable future.

  • What kind of support are you getting from NEO?

    NEO is supporting all projects built on their platform through their marketing and development efforts. Along with the help of the NEO community we have all the support we need. In addition, there are the technical advantages that come with building on the NEO blockchain to consider.

  • What's the incentive for a company to choose the Effect Force over Amazon?

    Requests from AI developers will be free of charge in the platform's early stages. This will enable Requesters to pay Workers considerably more for their labor. Furthermore, in the future, the price that's associated with listing tasks will always be less than on traditional services since Effect.AI will not charge a 40% markup.

  • What are some practical examples of things that can be accomplished on The Effect Network?

    1. Say I need to classify road signs in images. This is a crucial task when it comes to self-driving cars for instance. AI algorithms first need high quality data that is properly labeled to learn how to recognize each road sign. This is Phase 1 in the Effect Network: a large workforce of humans can classify the road signs in an image data set.

    2. After a sufficient amount of data has been fed to the algorithm, I have an AI that can successfully classify road signs in images and I want to put it to use. In the second phase of the project (Effect Smart Market), this algorithm can be listed on a marketplace where users and other applications can easily find it and compensate the developer for its use. Every someone uses the algorithm I have listed, I will earn some EFX.

    3. To provide users access to the algorithm it has to run on a computer somewhere. Right now, this is still being done using centralized means of processing. The more the algorithm is used, the more power it consumes. In the third phase, Effect Power, this computational cost will be distributed over a global network.

  • I can't find examples of other decentralized marketplaces. Can you explain to me how you will make this work?

    It's a relatively new concept made possible by the emergence of blockchain technology. In a nutshell: the Effect Smart Market will provide an exchange where users can list the algorithms they trained and allow applications to connect to existing algorithms. The Effect Network provides a pay-per-use system for the fees that can be easily implemented. Each algorithm comes with a wallet and an identifier so they can be easily searched and paid for.

  • What do you see as your primary advantage over your competitors?

    When it comes to our competitors in the traditional space we feel that creating a decentralized platform that rewards workers fairly offers a fairly sizable advantage. Our other blockchain powered competitors, focus primarily on a Mechanical Turk solution. For Effect.AI, that's phase 1 and merely the beginning of something that is larger in scope. All competition is welcome, however, since this contributes to the growth of an ecosystem we believe in.

  • Do you have applicants waiting in the wings to contribute to the starting Effect Force workforce?

    At this moment it is not yet possible to apply as a Worker for Effect Force. However, we're confident there is more than enough interest to guarantee availability of a viable workforce once the platform is ready to be released. Announcements on how to sign up to be a worker will be made once we're closer to launch.

  • Aren't functional AI algorithms going to replace the Mechanical Turk eventually?

    It's likely that the advancement of AI technology will increase at such a rate that Mechanical Turk will be obsolete just a few years from now. Algorithms will be perfectly capable of completing those tasks without requiring human aid. At that point, our second and third phases will take precedence.

  • What are your views on scalability as the platform grows?

    Scalability remains a hot topic in the blockchain world. NEO announced their plans for supporting 200.000 TPS on chain by 2020. This aligns very well with our requirements for scalability.

  • Are you planning to have your code audited by an independent cybersecurity company?

    We will let Red4Sec audit all of our code before it's released to the public. Our smart contracts have already been audited by Red4Sec.

  • Are you working on any partnerships?

    We have had several potential partners reach out who are interested in using Effect.AI's platform. We have also reached out ourselves to a number of high profile partners. The list is already substantial and the response has been encouraging. We will release a full list of Effect Force partnerships leading up to the Alpha launch.

  • What do I need to do if I'm interested in Effect.AI?

    Joining our Telegram channel is a great idea if you want to be kept in the loop. Our Telegram users always get informed before anyone else. This also means that, once the registration for the Whitelist opens, our Telegram users get a head-start. Signing up for the Whitelist gives you a shot at the KYC process and a chance to join the Effect.AI Public Token Sale that's planned for March 2018 (exact date TBA).

Tokensale Questions

  • When is the token sale?

    In March 2018, exact date TBA.

  • When will the whitelist open?

    Whitelist will open on February 28th 09:00 AM CET.

  • What is the total supply of tokens

    The total supply is 650.000.000 EFX

  • What is your hard cap?

    Our Hard Cap is €14,820,000

  • What is the estimated token price?

    The estimated token price at the time of the token sale is: €0.057/$0.07USD

  • What currencies are you accepting?

    We accept only NEO and GAS since The Effect Network is built on the NEO blockchain and will be powered by the EFX token that conforms to the NEP-5 protocol.

  • Can you store your tokens in NEO wallet?

    You will need a NEO wallet with NEP-5 compatibility. Don’t use an exchange wallet!

  • What exchanges will EFX be listed on?

    EFX is a utility token. With the demand and popularity of A.I blockchain projects and NEO tokens, we expect that several exchanges will want to list EFX.

  • Are US citizens allowed to participate in the Effect.AI Public Token Sale?

    Unfortunately, US citizens are not allowed to participate in the Public Token Sale. However, being a worker on Effect Force is open to everyone.

  • Will there be a private/presale?

    In order to achieve a wide distribution of tokens, we will have a Public Token Sale only. Private sales are restricted to carefully selected partners.

  • What level of KYC is going to be required?

    An extensive KYC process will be required to join the whitelist as we want to keep it fair/legal and keep the big whales out.

  • What happens to the portion of tokens that are scheduled for a token burn?

    EFX tokens that are not needed for funding will be added to the Galaxy Pool to be used as incentives for users and developers.

EFFECT.AI Telegram

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