Artificial intelligence blockchain project, Effect.AI, has announced that it will be closing its token sale in 48 hours. The token sale was initially scheduled to run for a month but was shortened to a week when the whitelist was oversubscribed. It has now been cut back to just four days.
The main sale began on the 24th March, with investments limited to $1,200 per participant for the first 24 hours. After that, the maximum investment for each participant was lifted to $25,000.
The team has now announced that, whilst the sale will close on Wednesday, the limit for each investor has been lifted to $75,000. The hard-cap was initially set at $18 million, of which over $12.4 has already been raised. Presumably, with the increased limit the ICO could raise more than $18 million.
AI Marketplace on the NEO Blockchain
Effect.AI is building a marketplace for artificial intelligence solutions. The team sees the network evolving through three distinct phases. In the initial phase, it will compete directly with services like Amazon Mechanical Turk, Fiverr and OneSpace.
At this point, it will be more of a marketplace for human intelligence than AI. However, in phases 2 and 3, the plan is for it to evolve into a fully decentralised marketplace for AI algorithms.
The network is being built on the NEO blockchain, so investors can contribute with NEO or GAS. The network itself will be fuelled by native NEP5 compliant EFX tokens.
Effect.AI, whose team is based in Amsterdam, has some big name advisors including Charlie Shrem and Tony Trem onboard. The fact that the project has hit its hard cap in a few days appears particularly notable give that citizens of China, the US, South Korea and Singapore are all barred from participating.