ChatGPT is an AI chatbot system that OpenAI released in November to show off and test what a large, powerful AI system can accomplish. You can ask countless questions and often will get an answer that’s useful. With tremendous popularity on the internet, ChatGPT is being used by millions now.
According to the available stats, ChatGPT managed to gain over 100 Mn users in just a span of 2 months and became the fastest-growing app in the world. Now comes the question,
what is the blockchain angle in chatGPT? Read further to know more
Writing smart contracts
As ChatGPT is gaining popularity, people from all over the world and from every industry started to test it. Crypto companies did try to test its capabilities and explore the areas where the AI platform can boost their productivity. I myself gave it a test run, and it was really impressive to see chatbot software writing smart contracts with just a single command. In the picture below, it is evident that by just giving a single command, chatGPT has the power to write an entire code to build a DeFi protocol.
Not only for DeFi protocols, but ChatGPT can also write smart contracts to mint an NFT
Here is the proof –
This shows its capability to produce complex codes which can be used by anyone to mint NFTs. A user can simply use codes from chatGPT:
- Write the desired smart contract in [Solidity] (this is the language used on the blockchain)
- Deploy the contract on the chosen network
- Create an NFT asset
- Create a corresponding metadata file for the NFT
- Mint the metadata file to the blockchain using the contract
Smart contract Audits
You might think, how can an AI help with audits? It blew everyone’s mind when the application was challenged to test the correction in smart contracts and surprisingly, it not only was successful to understand it but also point out the error in the codes.
This was seen in the tweet by devtooligan where ChatGPT was asked to rectify the errors in a smart contract and the application was able to point out the errors and provide suggestions to make the changes.
Crypto Education and Investing
Apart from developers, anyone who is keen to learn about cryptocurrency can use ChatGPT for AI-powered crypto trading guidance. Cryptocurrency traders are also beginning to turn to ChatGPT. The AI-powered tool designs its replies using real-time data, and it gets better every day.
Before a deal, the chatbot can help traders make rapid, informed judgments. Using Pine Script, a programming language created by Trading View basically helps in making judgments, backtesting trading strategies, and creating custom indicators. Apart from that, the chatbot also developed a trading bot that generates practical trading instructions based on market data for Bitcoin and other well-known cryptocurrencies.
ChatGPT is a boon for blockchain companies
As discussed below, even crypto companies will be seen using ChatGPT to create smart contracts and audits hence eliminating expenses made on hiring developers. Additionally, ChatGPT is now also being used in customer support. A blockchain security startup Zellic’s CEO, Stephen Tong, said that his business is already utilizing it for customer service and sales.
Will ChatGPT kill jobs in blockchain? Here are some challenges
With the rising popularity of chatGPT, people are speculating that this software will eventually kill jobs and lead to layoffs. As discussed previously, it might be a possibility but right now in my opinion, this can’t be true because there were many instances in which it was found that ChatGPT was not able to catch the mistake and hence experienced and knowledgeable people are required to do the task. The AI bot might help the developers but cannot replace them as codes have to be modified according to the situation. Also, there will always be a factor of trust when interacting with humans, which we can’t have with bots. Humans being social animals always tend to make decisions when there is trust among each other which is not attainable by bots.
Making sure the technology is safe and dependable and that the data produced by ChatGPT is accurate and reliable is one of the main hurdles as well. Additionally, there is a chance that the technology may be misused for illegal activities like fraud or money laundering, which might have detrimental effects on both people and the larger financial system. This is possible as the technology can be used to create Dark Web marketplace scripts. The marketplace’s main role in the underground illicit economy is to provide a platform for the automated trade of illegal or stolen goods like stolen accounts or payment cards, malware, or even drugs and ammunition, with all payments in cryptocurrencies. Moreover,
The regulatory atmosphere that surrounds cryptocurrencies and AI presents another difficulty. There is a chance that this unpredictability could impede innovation and deter investment because governments across the world are still trying to figure out how to regulate and oversee these new technologies. Additionally, there is a chance that the usage of cryptocurrency and artificial intelligence may be prohibited or regulated in some nations, which may limit the advantages and effects.
Finally, the data which has been fed to the bot is only till September 2021 and the data available is very limited which was evident when I personally searched about FTX Collapse on the platform that happened last year and couldn’t find any results for the same. This means that ChatGPT needs to update itself so that all the relevant information could be provided to the users.
At last, it can be concluded that ChatGPT can act as a great tool for blockchain developers and companies with help in services like auditing. Yes, the current ChatGPT version could be useful for quick inspections, but it can’t compete with human audits as of now. Finding an exploit without a clear understanding of what the code means or what you’re trying to achieve with the contract is unlikely and likely to cause more harm than benefit. Whereas chatGPT is a revolutionary tool that will get smarter with more advancements in AI, and the world is waiting to see the potential this tool holds to act as a helping hand for crypto developers, traders, and companies hopefully in a positive way.