Effect Network | LTO - Boosting Trust Using Decentralized Identities

One of the founding principles of the decentralized tech space is ensuring transactions are completed in a trustless manner at all times. Effect Network is looking to build on this principle by ensuring trust is maintained at all times between users and workers. This is in line with its vision of what Future-of-Work should look like.

To do this, Effect Network (EFX) has entered into a strategic partnership with decentralized identity solution platform LTO Network. The partnership will promote trust between users and workers on the Effect Network’s ecosystem.

Effect Network, according to an LTO official blog post, will incorporate LTO’s decentralized identities solution to its Effect Force ecosystem. This is expected to take place when Effect Force officially goes live. Together, both platforms will boost users’ privacy.

Details of the Partnership

Announced on April 1, 2021, the partnership will help introduce a GDPR-compliant blockchain-based identities solution to Effect Network. The solution will furthermore be equipped with a reliable user interface for Effect Force. This means that the new partnership will be linked directly to Effect Network’s Effect Force platform.

LTO, in the official blog post, disclosed that the entire community was delighted by the partnership. Adding that Effect was building an important solution that they were glad to be a part of.

The platform, for one, is the first-ever decentralized platform for the future-of-work. This means that it was proposing a solution that will make it possible for anyone to earn digital currencies (crypto) anywhere or anytime. Therefore, providing enterprises with access to a global-sized workforce, irrespective of location.

Effect Network makes use of both artificial intelligence (AI) and blockchain technology to make its future-of-work vision a reality.

What is Effect Force?

Effect Force is a blockchain microtasking platform open to anyone, irrespective of their geographical location. The platform is designed to allow anyone to offer several tasks and also receive fair payments for their work. Effect Force readily provides enterprises, businesses, and developers with access to a large pool of workers. The platform allows anyone in the world to perform a wide range of tasks and receive fair payment for their work. The platform currently boasts of more than 10,000 people earning reasonable pay for completed tasks. Members of the workforce are paid with Effect native tokens, EFX, once assigned projects are completed.

The partnership with LTO will now make it possible for both workers and users to identify themselves using LTO’s DID solution. The identities will be verified and also made available across several public chains, enterprises, and businesses.

Speaking on the partnership, LTO CEO Rick Schmitz believes the partnership will reveal the true potential of the LTO platform to the world. He added that it will also help strengthen its technical aspect, especially with regards to blockchain and AI.

Schmitz also disclosed that the partnership will help “create more business opportunities and possibilities” for both networks.

Chris Dawe, CEO of Effect Network, also commended LTO Network. He said that the partnership will take the Effect ecosystem to “even higher highs.”

Interestingly, Effect Network recently announced a move from the EOS blockchain to Binance Smart Chain (BSC).

EFX price

At the time of publication, EFX was trading at $0.108311, with a market cap of $22,384,462 and a 24-hour trading volume of $253,443.

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