ICYMI: Major NEO Dapp Effect.AI Plans to Migrate to EOS (EOS)
Effect.AI (EFX), a startup developing a decentralized network for artificial intelligence and AI related services on the blockchain, recently revealed that it is planning to migrate from NEO (NEO) to EOS (EOS).
Rumor finally confirmed! We’re excited to announce that https://t.co/Zp35M5kT00 will build The Effect Network on EOS; a necessary step in our quest for Decentralized Artificial Intelligence. Read more: https://t.co/eOhFHNdOxS#EFX #EOS #EOSIO #EOSVC @block_one_ @Liquid_dApps
— Effect.AI (@effectaix) February 21, 2019
In an announcement made last week, Effect.AI explained it has made the decision to leave NEO due to it not being up to speed with what the team is hoping to build with its AI network. The team specifically mentions NEO’s free transaction system as being a major cause due to its tendency to be overwhelmed by malicious spam attacks.
“As the building and development of these blockchain protocols and systems are still in their infancy and growing pains will surely continue in the years to come, we found that the technology and the direction of NEO was not going to match the ambitions of this team and project,” said the Effect.AI team. “Over the last few months our core members explored many blockchain projects that have arose over the years in order to find a more suitable alternative.”
Effect.AI further revealed that it considered moves to Ethereum (ETH), Komodo (KMD), Tezos (XTZ), and a handful of others before finally settling on EOS as the home for its development. Given that The Effect Network was one of the more high-profile dapp projects on the NEO network, the move is fairly significant.
This news comes as NEO is currently preparing to launch NEO 3.0, a new version of the project’s protocol designed to address key technical areas to support it at scale. However, the impending update was seemingly not enough to keep the Effect.AI team hanging around.
EOS and NEO are currently ranked 4th and 16th, respectively, in the AltDex 100 Index (ALT100), a benchmark index for the 100-largest coins and tokens not including stablecoins.
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