What is Effect.AI?

Effect.AI is an open, decentralized network that allows people access to artificial intelligence services and is also referred to as the effect network. According to the ICO’s whitepaper the market for artificial intelligence is growing at a very fast pace and can potentially play a key role in the future of other markets such as phones, cars, and commerce. The issue is that access to AI services is almost entirely limited to large corporations such as Google and Amazon.

The platform aims to develop a private ecosystem that is decentralized and offers access to AI development and services. It will function on the NEO blockchain and operate through smart contracts. There will be no commissions required and the services will be split up into three different phases: mechanical turk, smart market, and effect network.

According to the ICO’s roadmap, the idea for Effect.AI was developed in 2024 and the company itself was not founded until 2024. The whitepaper was released in late 2024, with the public token sale being scheduled for March of 2024. The platform will be fully released by the end of 2024.

How Does Effect.AI Work?

As we stated, there are three phases of service that Effect.AI will provide to users. The first phase is Effect Mechanical Turk, a decentralized marketplace that offers work to be performed that requires human intelligence. It will be similar to other platforms such as Amazon Mechanical Turk, Guru.com, or Fiverr, but Effect will be peer-to-peer and no commission being taken out of rewards offered.

The next phase is called Effect Smart Market and it will be a decentralized marketplace that allows algorithms to provide their services to users and each other. Apps can be registered within the market and designate a fee for their use and will then be made available to everyone within the market. If a user wants to use one of the apps they just need to send funds to the owner who will provide them with a token that authorizes them to engage with the AI.

Finally, there will be Effect Power which places the algorithms onto the blockchain, allowing them to run globally.

Features and Benefits of Effect.AI

Through the platform there will be a decentralized exchange that maintains a large pool of tokens that serve to provide liquidity to the platform, prevent volatility in the network fees, and encourage users to adopt the Effect Network. It is called the Galaxy Pool and it benefits users by always maintaining stable exchange rates.

Effect Mechanical Turk offers a variety of benefits to users and those looking to earn money. Because it is going to be decentralized and there is no commission taken, workers can earn significantly more money than they would through alternate platforms like Amazon Mechanical Turk. The anticipated hourly rate for work through Effect is $9.40, compared to just $2.13 average of Amazon. Furthermore, funds will be made available instantly, and access to the work opportunities will be made available to every country.

Potentially the platform can create and offer millions of job opportunities globally that don’t require specialized skills.

The Effect.AI Token Sale

The Effect.AI token sale is slated to begin sometime in March, though the exact date has yet to be decided, and it will run for 18 days. There are no geographical limitations as to who is allowed to participate in the sale. The tokens are referred to as AIX and will be distributed as part of the NEO Blockchain. In total 650,000,000 tokens will be created and 40% of them will be made available as part of the sale.

The ICO’s goal for fundraising is $18.1 million or 14,820,000 euros, and it does not appear that there is any sort of presale planned currently. The sale will accept ETH and NEO and will offer a bonus of 10% for the first 5,200,000 tokens that are sold.
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The minimum contribution amount is set at 50 euros and the maximum is 25,000 euros.

Through the website there is a breakdown of both the distribution of the tokens and planned allocation of the funds that are being raised. As mentioned, 40% of the tokens will be included in the public sale, 20% will go to future funding, 16% to platform incentives, 15% to the team, 7% to partnerships and advisors, and the last 2% will be part of a bounty.
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20% of the funds will go to technology development, 18% to worker acquisition, 15% for marketing, 13% for advanced functionality, 10% to security and hardware, 9% for operations, 8% to partnerships, and the last 7% to research.

Who’s Behind Effect.AI?

The co-founder and CEO of Effect.AI is Chris Dawe. He was educated at the University of Toronto in Business, Management, Marketing, and Related Support Services. The lead of blockchain development is Jesse Eisses who has worked as a developer for multiple other companies and has a Master’s in Artificial Intelligence from the University of Amsterdam.

Laurens Verspeek is the other co-founder as well as the development lead for the company. He served as the lead developer for Itsavirus previously and holds a Master’s in Computer Science from the University of Amsterdam. The design and interaction lead is Nick Vogel who also worked for Itsavirus as lead designer and co-founded the jewelry business Cococci. Other positions identified include developers, community manager, and administration. Most of the team is based out of the Netherlands.
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In total there are eight positions that are identified, and links provided to the individual’s LinkedIn page. Strangely, there is no mention of an advisory board of any kind which may be a cause for concern given the relative youth of the Effect.AI team.

Conclusion

The ambition of a project the size of Effect.AI is impressive and appealing.
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Through their platform it seems as of they are truly attempting to offer a solution to an inequality issue such as the availability of AI and trying to create job opportunities available to everyone the world over. Although the project is big in its ambition, it does seem to be logically sound for the most part. The plan to gradually grow the company through the three different phases seems practical and well-though out.

That said, there are a few concerns that we have regarding the ICO. The primary concern is the youth of the team behind Effect.AI and that there is currently no advisory board associated with the company. Youth is not always a negative and can actually often be a strength for an ICO, but experience is just as important and without a strong board of advisors for support, Effect.
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AI could face an uphill battle.

Still, the youth of the team should not overshadow the long-term potential of the ICO.