The Effect.ai

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Discover The Effect.ai's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is The Effect.ai?

Effect.ai (EFX) is a cryptocurrency that powers a decentralized network for artificial intelligence (AI) services. It operates on the NEO blockchain and is used to facilitate transactions and interactions within the network. The network consists of three phases: Effect Force, a platform for human intelligence tasks; Effect Smart Market, a marketplace for AI services; and Effect Power, a decentralized computing platform. EFX tokens can be earned or bought and are used to fuel the ecosystem, enabling developers and organizations to build, monetize, and power AI solutions.

How is The Effect.ai used?

The Effect AI (EFX) token is the cryptographic token that fuels the Effect AI ecosystem. It offers developers and organizations a reliable option to build, monetize, and power AI solutions. EFX can be earned or bought and used in a decentralized ecosystem of AI-related services.

Key Uses of EFX
  • Payment for Tasks: In the Effect Force phase, workers complete microtasks and receive EFX as payment.
  • AI Services: EFX is used to purchase AI services on the Effect AI Smart Market, where developers can sell, rent, or distribute their AI algorithms.
  • Decentralized Computing: In the final phase, EFX is used to facilitate decentralized and distributed computing for AI development.
Ecosystem Overview
  • Effect Force: An interactive market for tasks requiring human intelligence, where workers are paid in EFX.
  • Effect AI Smart Market: A decentralized platform for buying and selling AI services using EFX.
  • Effect Power: A decentralized computing platform for AI development, also powered by EFX.
Community and Governance
  • Decentralized Autonomous Organization (DAO): The Effect AI ecosystem is maintained and governed by a DAO, ensuring community involvement and decentralized decision-making.
Additional Information
  • Blockchain Platforms: Effect AI operates on both the Binance Smart Chain (BSC) and EOS platforms.
  • Token Statistics: The total supply of EFX is 650 million, with a circulating supply of 252 million.

Overall, the EFX token plays a central role in facilitating the various AI-related services and transactions within the Effect AI ecosystem.

How do I store The Effect.ai?

To store your Effect.ai (EFX) tokens, you can use a reliable cryptocurrency wallet that supports the EFX token. Here are the steps to follow:

  1. Choose a Wallet: Select a trusted wallet that supports EFX. You can use a multi-asset wallet like Atomic Wallet, which supports over 1000 coins and tokens, including EFX.

  2. Download and Install: Download the wallet from the official website or app store. Ensure you are downloading the official version to avoid any potential scams.

  3. Set Up the Wallet: Register and set up the wallet by following the instructions provided. This typically involves creating a password, generating a seed phrase, and setting up two-factor authentication.

  1. Get Your Wallet Address: Once the wallet is set up, you will receive a unique wallet address. This address is where you will store your EFX tokens.

  2. Transfer EFX to Your Wallet: After purchasing EFX, transfer the tokens to your wallet address. Make sure to use the correct network (e.g., BSC or EOS) and follow the wallet's instructions for transferring funds.

  3. Secure Your Wallet: Always keep your seed phrase and wallet password safe to prevent unauthorized access to your funds.

By following these steps, you can securely store your Effect.ai (EFX) tokens in a trusted wallet.

How to buy The Effect.ai?

To buy Effect.ai (EFX) tokens, follow these steps:

  1. Create an Account on an Exchange:

    • Choose a reputable exchange that supports EFX trading, such as PancakeSwap (v2), Pancakeswap V3 (BSC), or Orion (BSC).
    • Create an account on the exchange's website or mobile app by providing necessary information, including your email address and a secure password.
    • Complete any required identity verification steps.
  2. Choose a Funding Method:

    • Exchanges offer various payment methods, including:
      • Credit or debit card transactions.
      • Bank deposits using SWIFT.
      • Peer-to-peer (P2P) trading.
      • Third-party payment channels.
  3. Buy EFX:

  • Navigate to the Buy & Sell section of the exchange platform.
  • Select the cryptocurrency you want to buy, which is Effect.ai (EFX).
  • Choose your preferred order type:
    • Market order: Buy EFX at the current market rate.
    • Stop order: Buy EFX at a specified price.
    • Limit order: Buy EFX at a particular price or better.
    • TWAP order: Breaks down large orders into smaller segments over a chosen timeframe.
  1. Transfer EFX to Your Wallet:
    • Once you've purchased EFX, you can hold it in your exchange account or transfer it to a personal cryptocurrency wallet, such as Metamask Wallet, which supports multiple assets and blockchains.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to choose the most suitable one for your needs.

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History of The Effect.ai

Effect.ai (EFX) is a cryptocurrency that operates on the Binance Smart Chain (BSC) and EOS platforms. It was founded in 2017 as a decentralized network for artificial intelligence (AI) services. The project is controlled by the EffectDAO and focuses on creating a platform for the future of work, where users can complete microtasks on the blockchain and earn EFX tokens.

The Effect Network has three phases:

  1. Effect Force: This is an interactive market for tasks that require human intelligence. It allows anyone to perform a wide range of tasks and receive fair payment in EFX tokens.
  2. Effect Smart Market: This phase is a decentralized platform where people can offer and purchase AI services. It allows AI developers to sell, rent, or distribute their services using EFX tokens.
  3. Effect Power: The final phase provides a decentralized and distributed computing platform for running in-depth learning environments. It aims to distribute the computing power of AI without a single point of weakness.

The EFX token, which operates on the NEO blockchain, is used across all three phases of the network. It is a NEP-5 token that can be used for transactions and payments within the network.

Effect.ai has seen significant price fluctuations over time, with an all-time high of $0.1815 and an all-time low of $0.000751. The current market capitalization is around $2.8 million, with a circulating supply of 252 million EFX tokens.

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How The Effect.ai works

The Effect.ai (EFX) is a decentralized network that focuses on artificial intelligence (AI) services. It operates on the NEO blockchain and is powered by the NEP-5 token called EFX. The network is designed to provide a platform for AI development, where users can contribute and participate in various AI-related tasks and services.

Key Components
  1. Effect Force: This is the first phase of the network, which is an interactive market for tasks that require human intelligence. Users can complete tasks and receive fair payment in EFX tokens. This phase allows AI developers and enterprises to access a large amount of human intelligence to form AI algorithms.

  2. Effect Smart Market: This phase is a decentralized platform where users can offer and purchase AI services. AI developers can sell, rent, or distribute their services for EFX tokens. Each algorithm has its own portfolio, enabling easy transaction acceptance. The market also allows algorithms to communicate and collaborate with other algorithms and purchase services from each other.

  3. Effect Power: The final phase provides a decentralized and distributed computing platform that runs popular deep learning environments. This phase aims to distribute the computing power of all artificial intelligence, ensuring there is no single point of weakness. This can be achieved through partnerships with other projects or by creating the necessary framework.

EFX Token

The EFX token is the digital currency that fuels the Effect AI ecosystem. It can be earned or bought and is used in all three phases of the network. The token offers developers and organizations a reliable option to build, monetize, and power AI solutions. EFX can be used for transactions, application operations, and other services within the network.

Ecosystem

The Effect AI ecosystem is a collection of applications running on the network. It is maintained and governed by a Decentralized Autonomous Organization (DAO), which ensures that the network is decentralized and community-driven. The ecosystem includes a marketplace where innovative applications are created and powered by Effect AI, showcasing the potential and versatility of the development community.

Buying and Using EFX

To buy EFX, users need to create an account on a cryptocurrency exchange, choose a funding method, and then purchase the token. Once bought, EFX can be transferred to a personal wallet for storage and further use. The token can be used within the Effect AI ecosystem for various AI-related services and transactions.

Overall, the Effect.ai (EFX) network is designed to create a decentralized platform for AI development, where users can contribute, participate, and benefit from AI services. The EFX token is the key to accessing and utilizing these services within the network.

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The Effect.ai's strengths

The Effect.ai (EFX) token has several strengths that contribute to its potential and value in the cryptocurrency market:

  1. Decentralized AI Ecosystem: Effect.ai is a decentralized network for AI-related services, providing a platform for developers and organizations to build, monetize, and power AI solutions. This ecosystem is maintained and governed by a Decentralized Autonomous Organization (DAO), ensuring community involvement and decision-making.

  2. Three-Phase Development: The network is deployed in three consecutive phases, allowing for a healthy progression of development and adoption. This structured approach ensures that each phase builds upon the previous one, creating a comprehensive AI ecosystem.

  3. Low Fees and Accessibility: Effect.ai aims to disrupt the Amazon Mechanical Turk market by utilizing smart contracts on the Neo blockchain, cutting out the middleman and reducing fees substantially. This makes it more accessible and cost-effective for users.

  1. Fair ICO Terms and Community Support: The token sale model is designed to be fair, with a significant portion of funding raised via public sale. The project has garnered significant community interest, with over 25,000 Telegram members, indicating strong support and potential for growth.

  2. Diverse Use Cases: The EFX token can be used in various applications within the Effect.ai ecosystem, including the Effect Force platform for microtasks, the Effect Smart Market for AI services, and the Effect Power platform for decentralized computing. This diversity of use cases increases the token's utility and potential value.

  3. Strong Market Presence: Effect.ai has a significant market presence, with a market capitalization and trading volume that indicate a level of liquidity and investor interest.

These strengths collectively contribute to the potential value and adoption of the EFX token, making it an attractive option for investors interested in AI-focused cryptocurrencies.

The Effect.ai's risks

The Effect.ai (EFX) token, as a cryptocurrency project, is susceptible to various financial risks associated with the integration of artificial intelligence (AI) in the financial sector. Some of these risks include:

  1. Cybersecurity Risks: AI systems, including those used in the financial sector, are vulnerable to hacking and cyber-attacks. This can lead to the theft of sensitive financial information, resulting in financial loss and damage to reputation.

  2. Bias and Discrimination: AI systems can perpetuate prejudice and discrimination if their algorithms are trained on biased data. This can lead to unfair outcomes for certain groups of people, affecting financial services and decision-making.

  3. Over-Reliance on AI: Financial institutions may become too dependent on AI, leading to a lack of critical thinking and analysis. This can result in adverse outcomes due to the limitations and potential errors of AI systems.

  1. Data Quality Issues: AI systems can be prone to significant data quality issues, particularly if they are trained on biased or flawed data. This can affect the accuracy and reliability of financial predictions and decision-making.

  2. Operational Risks: AI can improve operational efficiency, but it also introduces new operational risks, such as the potential for AI systems to malfunction or produce flawed results, which can impact financial stability.

  3. Regulatory Risks: The rapid development of AI technology may outpace regulatory frameworks, leading to potential regulatory risks and challenges for financial institutions using AI.

  1. Systemic Risks: The widespread adoption of AI in the financial sector can create systemic risks, including the potential for AI to amplify market fluctuations or create new sources of systemic risk.

These risks highlight the importance of careful consideration and risk management strategies for financial institutions and investors involved with The Effect.ai (EFX) token.

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Did The Effect.ai raise funds?

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The Effect.ai’s team

  • Chris Dawe: Co-Founder and CEO of Effect AI, responsible for leading the project's vision and development.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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