All right! The Effect.AI token EFX is well settled on the EOS blockchain and it seems the first fruits are to be picked: the entire updated version of the Force is now going to be running on the EOS mainnet on July 10th. For those who don’t know about the Force can click here or read my blog on it here. In short: Effect Force is the connection between Data Science teams “Requestors” and Data Annotators called “Workers” — the link between those who want their AI algorithms trained and the ones who train the algorithms. Effect.AI is committed to providing a fair wage for Workers through the Effect Force platform. Though anyone will be able to join the Force as a Worker, the Effect.AI team is also working with the United Nations to build physical locations in developing countries to give better access and training to Effect Force Workers. At the moment the first Hub is established in Georgia and many other locations will be built in several developing countries in the coming months and years. The HUB in Georgia is thriving (they were on the National television the other day) and a full update on this venture will be released soon. It is rumored that Chris, the CEO of Effect.AI will be spending some time at the Georgian HUB next month to put the finishing touches on this very first HUB. I will add a link when it is released. Very interested in this personally.
The Force is meant to open for everyone to do these micro-tasks that are necessary for AI development. Workers can level up in a gamified way to prove they have the right qualification to do tasks that require a certain skill set (With every qualification a worker gains access to higher paid tasks… And gets a badge!). There was recently a sneak peek video released of the platform by the team which you should check out here. Don’t forget; the launch of the Force is set for the 10th of July. The new improved platform will include:
- Open Worker registrations (anyone can join)
- Leaderboards (bring on the competition)
- 40 collectible badges
- Several qualifying and trial tasks.
- 5 New Requestors… Maybe more
- And a bunch of small system upgrades
Another thing that came with the migration to EOS, is the staking of the Effect.AI token EFX. The EFX token is the way a requestor and a worker transact. Staking was introduced to allow for new features to be unlocked that would be separate from the EFX token. Staking EFX gives two main advantages:
- It reduces circulation supply
- It gives holders of utility token (EFX) the future governance token (NFX)
The idea is that the project continuously grows towards decentralization. Even to the point where core team members can step away from the daily operations and it wouldn’t affect the project in any way. The business model allows this, as, after the launch, the initial team could focus on the consultancy of Requestors as well as charging a fee for creating instructions and task templates. For this level of decentralization, the will build out a DAC (Decentralized Autonomous Community). The Effect-DAC will empower NFX holders to vote on what they feel is important to the overall Network. TL;DR Get NFX while you can. The token itself isn’t tradable, yet, but as it is essential for the DAC, it might gain some significant value as we see The Effect Network grow into an important part of the Artificial Intelligence landscape.
Switcheo has continued providing trading for EFX while the team transitioned from one blockchain to another (NEO to EOS). This is a great help in supporting the project and it is great to see the progress of this DEX (decentralized exchange) and support of Effect.AI.
For those who don’t know, a decentralized exchange respects traders datasets for trading and therefore the tokens never leave the traders’ possession, in contrast to centralized exchanges. To quote Andreas M. Antonopoulos: “Not your keys. Not your coins.” This effectively means if you can’t provide the right documentation, you can’t prove ownership. Your rights to own your assets are void since the claim of ownership is not accepted.
In my experience (and that experience equals most people don’t care about googling), people just want to invest their money in the fastest way, without any encumbrance. Few care about the difference of seed mnemonics or signing up for Binance — they are stuck in the comfort zone of opening a bank account and being safe.
On a side note of accounts and such. Scatter works really well for EOS related sign-ins (and thus for Effect.AI products), but there’s a minor bug: if you import your account (and thus wallet)/keys), you need to use the seed of JSON file and fill in your password. Then close the program and enter your password. If you don’t it keeps saying you entered a bad password.
Recently, Chris had a very extensive AMA done in the official Telegram Channel t.me/effectai and good points were reason from the community and answered by Chris in a very professional and transparent way. Things have not been easy last year in the crypto space with a nuclear crypto winter (BTC lifts or drags down prices in a brutal way), so it’s good to see Effect.AI is amongst the projects that not only survived but kept on building and are ready to show the world what they have been doing.
One thing Chris’ had teased, is an upcoming product release called “Project X” which at the moment I know nothing about. I have no doubt it will bring something great to the project. My personal guess is that it will have something to do with the EOS blockchain. Perhaps something to do with the new social media platform VOICE that EOS will release later this year. My guess is as good as anyone’s though.
If you, or anyone you know, is interested in training AI / ML algorithms through the effect.ai platform, Effect Force, feel free to leave a comment and I will get you in contact with Chris or a team member that can help.
I am expecting a June update very soon and will update the blog when/if it is released.
Thanks for reading!
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Update on the state of affairs of Effect.ai and the Force was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.