Effect Network: Powering AI and Human Collaboration in Web3 Ecosystems

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Short summary:

Effect Network, led by AI enthusiast CEO Jesse Eisses, aims to overcome data collection challenges by leveraging blockchain and AI. The platform offers AI developers a global talent pool and tools for task automation, supporting complex tasks with a human review stage. As a DAO, it uses blockchain for community-driven decisions and operations, while its EFX token operates in its ecosystem. The Effect Network embraces EOS technology and the possibility of expanding to other blockchains. Jesse sees EFX as a future Web3 provider of human intelligence. An upcoming hackathon in late August/early September and further discussions on the project's progress are anticipated.

Full summary:

🧑‍🎓 Education

Effect Network's CEO Jesse Eisses hails from Amsterdam with a degree in artificial intelligence. During his university days, he nurtured an interest in AI, cryptocurrencies, and trained with large data sets and computer vision models.

💡 Innovation

Eisses envisioned utilizing blockchain and AI to overcome data collection hurdles he experienced in university. His goal was to develop an accessible, user-friendly platform, improving on limitations of existing ones like Amazon Mechanical Turk.

🚀 Company

Effect Network offers AI builders access to a global talent pool to build algorithms and include human intelligence in AI apps. The company plans to incorporate algorithms into its system, providing APIs and SDKs for integration.

💼 Services

Effect Network shifted its focus from a translation service called "Effect Translate" to 'micro tasks.' These simpler tasks are easier to automate compared to professional translation that demands higher creativity and skill levels.

🤖 AI Automation

The discussion covers AI's role in automating tasks like audio transcription, image annotation, and conversation enhancement. The Effect Network tool provides predefined information to support machine learning processes.

📚 Specialized Chatbot

The dialogue expands on customizing base language models like chatbots for specific domains (such as EdenOnEOS). Tailoring is done by feeding the chatbot with human interactions through the Effect Network, enhancing bot responses to the topic.

🔧 AI and Task Automation

The conversation explores task automation using AI for more complex tasks such as web search and publishing. It acknowledges AI drawbacks like misinformation and faulty reasoning, and how Effect Network addresses these by including a human review stage before task completion.

🌐 The EffectDao Network

The Effect Network is a decentralized autonomous organization (DAO). It uses blockchain technology for decentralized, community-driven decisions and operations. It enables the community, not just a core team, to update smart contracts, thus enhancing the DAO's power.

💡 DAO Experimentation

The DAO is in an experimental phase due to legal concerns. Its growth has been gradual to manage potential legal risks, starting with limited responsibility which progressively expands. While still an experiment, the DAO's successful growth hasn't yet attracted significant regulatory attention.

💼 EFX Token

EFX, the Effect Network's token, functions alongside EOS tokens in their ecosystem. EFX is used as currency in their data marketplace. Payments for services are held in escrow in a smart contract until work completion, with a 10% fee transferred to the DAO treasury.

💱 Token Swapping

To use EFX services, users need EFX tokens. Patrick suggests allowing direct EOS payments automatically swapped into EFX. A liquidity pool for EOS and EFX tokens is available on DeFi Box for token swapping. Jesse acknowledged the suggestion as a great idea.

💻 Platform Specialties

Effect Network provides a "human in the loop" service for AI developers, offering training data and human validation. Quick response times and a committed worker community fuel the service's success.

🌐 Onboarding and Scaling

EOS onboarding has improved, allowing Effect Network to scale quickly when needed. Support exists for the Anchor Wallet and Binance Smart Chain Wallet. Transaction fees are handled in-house, reducing friction for users and providing a beginner-friendly option.

💼 Blockchain Extension

The Effect Network team is open to extending to other blockchains, emphasizing the importance of community in Web3 companies. They're interested in deeper integrations beyond just accepting different tokens, reaching out to various chain communities.

🔧 Technology

Jesse lauds EOS, which they switched to five years ago, for its resilience and technical prowess. EOS has consistently provided account abstraction, multi-signature wallets, high performance, and almost free transactions.

👥 The EOS Community

Jesse has mixed feelings about the EOS community, recalling its rise and decline due to issues with Block.one. Despite occasional feelings of underappreciation, they stuck with EOS because of its robust technology, and look forward to the future with EOS's ongoing innovations.

💼 Binance Smart Chain and EOSEVM

To onboard more workers rapidly, they bridged their token to the Binance Smart Chain. While quick starts were enabled with MetaMask, they still prompted users to establish an EOS account for advanced features. They plan to delve more into EOS EVM in their development roadmap.

🌐 The EFX Community

A significant community on Discord, along with the official Effect Network website, offers various user modules. The platform allows individuals to perform data annotations, facilitated by metamask integration or an EOS account. For developers, comprehensive SDK documentation is available.

🏆 Hackathon Event

An upcoming hackathon planned for late August or early September encourages development on the Effect Network platform with potential collaborations. The event will offer SDK use and prizes, following a previous successful hackathon. Partnerships with more EOS projects are currently being sought.

💻 Technology

Python's importance in the Effect Network is stressed due to its role in machine learning, deep learning frameworks, and large language models. The network allows task posting via smart contracts and task performer identification. Despite lacking direct on-chain API endpoints, inline actions can be sent from smart contracts, and table data read easily.

📊 Listing on EOSDEN

Effect Network is listed as an open-source project on eosde.net, facilitating community understanding and interaction. As an "affiliate", Effect Network gains community feedback via ratings and reviews.

🌐 Vision

Effect Network sees its role in the Web3 ecosystem as a provider of human intelligence. Jesse envisions a future platform for human and machine interaction, decentralizing and making this process more accessible. This model could potentially supersede traditional systems like Fiverr or Upwork.

🚀 Conclusion

The conversation concludes with a cheer for the Effect Network. Patrick promises a follow-up discussion and expresses gratitude towards Jesse.

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