About the coin

Effect AI, originally known as Effect Network, is an open-source data network that focuses on training transparent AI models. Founded in 2017, the platform allows users to participate in the collection and enrichment of datasets, providing them with instant payment for their contributions. This initiative aims to democratize access to AI technology and create a decentralized ecosystem for AI development.

Main features

Effect AI has outlined ambitious plans for 2024, which include significant enhancements to its task creation mechanism for on-chain microtasks. These improvements are designed to simplify the process for individuals and businesses to engage with the platform, making it more accessible and user-friendly. The Effect DAO, a decentralized autonomous organization, plays a crucial role in the platform's governance, introducing the Effect Staking Protocol 2.0. This protocol allows EFX token holders to stake their tokens, improving their rank within the DAO and offering benefits such as voting rights, fee rewards, and enhanced privileges on the decentralized application (dApp).

How it works

The platform operates by allowing users to contribute to the enrichment of datasets, which are essential for training AI models. Participants receive instant payment for their contributions, incentivizing active engagement and collaboration. The Effect Staking Protocol 2.0 further enhances user involvement by enabling token holders to stake their EFX tokens, thereby gaining influence within the DAO. This staking mechanism not only provides financial rewards but also empowers users with voting rights and other privileges, fostering a community-driven approach to AI development.