How To Buy Effect.AI (EFX) | Best Crypto Exchange To Buy EFX 2020

The Artificial Intelligence industry is in a quandary right now. AI computing hardware is hellishly expensive to acquire and run. At the moment the cloud computing space is monopolised by a few big players such as Amazon Mechanical Turk. What will be the solution today for this problem with AI technology?

What is Effect.AI?

Image from Effect.ai

Efect.AI is an open, democratic & decentralized network for Artificial Intelligence (AI). The Effect.AI team has spent the last decade building artificial intelligence to serve many clients worldwide, including young innovative startups and large global enterprises from a wide range of industries. Unlike many blockchain tokens out there today, the Effect.AI serves a vital purpose in this AI ecosystem.

What’s the main problem that the project solves?

Despite the advantages AI brings there are a number of problems that have to be dealt with, especially regarding the research and development of AI technology. Specializing in structuring data in areas like Natural Language Processing, Machine Learning Training Data, Deploying AI Services, Translations, and many more. The goal of Effect.AI is to make AI development accessible and affordable to everyone. This is done by the creation of The Effect Network.

The Effect Network is an inclusive network that incentivizes participation and collaboration in AI development around the world. It is an open protocol that is built on blockchain technology. The Network consists of AI related dApps that are connected to the same Smart Contract stack. The Smart Contracts that make up The Effect Network include the EFX token, a staking and governance model and several user directories. The network will be deployed in consecutive phases, allowing adaptation and development of the network to grow together. The phases cover independent market sections but are interconnected in the platform’s network model and are all fueled by the same token; the EFX token.

• Effect Force
Effect Force is a decentralized micro tasking marketplace for high quality, human-annotated training data for machine learning and artificial intelligence.
• Effect Smart Market
The Effect Smart Market is the first decentralized marketplace for AI powered apps. For Computational Resources. Organizations use EFX in exchange for computational power to run their Deep Learning Frameworks with Effect Power.
• Effect Power
Effect Power is a source of distributed computational power that can be used to run AI algorithms. Effect Power is structured as an open market place where users rent out spare CPU/GPU cycles to a global computing pool. Developers can tap into this to run their algorithms.
Source: Effect.ai FAQs

Developers can tap into the resources available through these dApps, such as a global directory of workers, AI services, and compute resources.

What are the main use cases of EFX?

EFX is the cryptographic token that fuels The Effect Network. It offers developers and organizations a reliable option to build, monetize and power AI solutions. EFX can be earned through several ways offered by the platform or bought and can be used in a decentralized ecosystem of AI related services. You can learn more about its use cases and features from here.

Where can I buy EFX?

There are many exchanges that claim the title of “best” exchange. While this may all seem simple enough, however, in choosing the best crypto exchange to invest in, you’ll have to pay attention to a myriad of considerations like fees, reputation, security, verification processes, and geographical restrictions an exchange platform has to offer.

To better understand most of the exchanges, as well as some of them that are working actively towards this goal, first, we need to understand some several factors that these crypto exchanges are currently working on:

  • Security: Safety should always come first. A good exchange will place great emphasis on the security of their users’ accounts, personal information, and the system in general. The majority of the assets should be stored offline in a cold storage system. Also be on the lookout for additional security features such as Two-factor authentication, withdrawal confirmations, etc.
  • Reputation: A well established, long-standing exchange is a much safer option.
  • 24/7 Support: The support should be responsive, friendly, professional, and ideally reachable through several different channels. A call center is a big plus as it’s comforting to know you have the option to speak to someone in person.
  • Payment methods: Take into consideration which payment methods are available — do they support credit card purchases, p2p fiat trades, and other methods of payment.
  • Fees: Fees can vary substantially between different exchanges. The fee schedule has to be provided on the site.
  • Interface: The site should be easy to navigate, even for crypto beginners.
  • Geographical restrictions: Some exchanges are locally restricted and their service might not be available in your area.
  • Uptime: Avoid exchanges with lots of downtimes.
  • Verification: Even though some users find verification and KYC procedures a hassle, you should look at it from another perspective. They are done with the best intention to protect the exchange from money laundering and all sorts of scams.

Taking everything into consideration, KuCoin is one of the many cryptocurrency exchanges who explored the concept of what the future of cryptocurrency trading looks like. It is also a reputable exchange that adds high-quality projects, hence, where you can buy EFX.

Image from KuCoin

KuCoin has a highly trained research department that looks for top-quality projects throughout the crypto industry. The exchange has over 6 million registered users across 207 countries and regions around the world with 450+ trading pairs to date. KuCoin provides a highly secure and easy-to-use platform for users to engage in cryptocurrency trades and transactions efficiently and safely.

KuCoin also launched a series of other products in the past year designed to further help out crypto users, including futures markets, public chain, one-stop exchange solution, creating a platform for how your crypto can yield interest, as well as some upgrades to the main exchange to uphold its principle of security and transparency. KuCoin since its inception has insisted on taking the tech as its backbone to build a better trader relationship while constantly pushing for the sustainable development of the digital currency trading ecosystem as the ultimate goal.

The Best Crypto Exchange To Buy EFX 2020

There are several exchanges, in fact, catering to different requirements and varying in terms of safety and security, convenience, accessibility, and so on. But unlike most of them, KuCoin is unique in its approach. From their timely upgrades, reports, and recently introduced products & features like KuChain, Margin, KuCoin Futures, Soft Staking, and Pool-X is what I think helping them build a better ecosystem for us, traders. Significantly, the structure of Kucoin is utterly fascinating, which shows they are more interested in long term growth. I’d say with their competitive services and reputable brand, KuCoin is already one of the leading cryptocurrency exchanges today.

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Writer | Cultural Activist | Violinist

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Anthony Lynch

Anthony Lynch

Writer | Cultural Activist | Violinist

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