Effect.AI price is $0.02717940
As of today, the price of Effect.AI (EFX) is $ 0.02717940 USD. It's worth noting that the value of cryptocurrencies fluctuates frequently, so the price may have changed slightly by the time you read this article.
Effect.AI, abbreviated as EFX, is a decentralized network designed to provide services for Artificial Intelligence development. The primary objective of Effect.AI is to create a platform where anyone, regardless of their location, can develop, operate, and utilize AI services. This is meant to provide an alternative to the centralized and expensive nature of AI development. The EFX token is the primary medium of exchange within the Effect.AI ecosystem, used to access AI services and to reward active participants in the network.
Effect.AI was developed by a group of tech enthusiasts who are passionate about the potential of artificial intelligence. While there isn't a specific "founder" such as in the case of Bitcoin's Satoshi Nakamoto, the project is supported by a diverse team from various backgrounds, all of whom contribute towards fulfilling Effect.AI's mission of making AI development accessible to everyone.
Effect.AI operates by utilizing blockchain technology to create a decentralized network for AI development. This network is divided into three main phases: The Effect Force, Effect Smart Market, and Effect Network.
The Effect Force is a global workforce that creates structured data for AI development. The Effect Smart Market is a decentralized marketplace where people can buy and sell AI and machine learning services. Lastly, the Effect Network is where custom decentralized AI applications can be built and operated. The EFX token serves as the currency for all transactions within the network, providing an efficient means of exchange and incentivizing participation.
What makes Effect.AI unique is its effort to decentralize and democratize AI development. By creating a platform that anyone, regardless of their geographical location or economic status, can participate in, Effect.AI is trying to break the current model of AI development where big tech companies hold a monopoly. Furthermore, through the use of the EFX token, Effect.AI also ensures that all participants in their network are adequately compensated for their contributions.
The circulating supply of Effect.AI (EFX) tokens is 252.2M, and the total supply is 650.0M. This information is crucial as it can impact the price and market capitalization of the EFX token.
Effect.AI (EFX) tokens are available for purchase on various cryptocurrency exchanges. Currently, these include KuCoin. As always, it's essential to use trusted platforms when purchasing cryptocurrencies to ensure security.
Just like any other blockchain-based system, security is embedded in the design of Effect.AI. The use of blockchain technology ensures all transactions within the network are transparent and immutable. Furthermore, users' data within the Effect.AI ecosystem is protected, ensuring that only authorized individuals or entities have access to it. However, when storing EFX tokens, it's crucial for individual users to employ the best practices in crypto security – like using hardware wallets, regularly updating software, and keeping recovery phrases secure.
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