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What is the Impact of ChatGPT on Blockchain and Web3 Space?

ChatGPT was the biggest technology release in 2022, tailored to highlight the features of the emerging GPT-4. It has crossed the limitations of AI space and has become a prominent highlight in pop culture right now. In addition, the overview of ChatGPT impact on blockchain and web3 has also been one of the prominent highlights in showcasing the potential of ChatGPT.  The best thing about ChatGPT is the way it has shifted the discussions about AI from the tables of tech experts to mainstream media and dinner conversations. Just over two years ago, no one would have thought that the AI revolution would gain momentum at such a large scale within a few years. 

The search for insights regarding ChatGPT impact on blockchain starts from awareness regarding the functionalities of ChatGPT. It is the most recent addition among the large language models with the power of generative AI. ChatGPT has been establishing new milestones in the transformation of user experience, content creation, and application development. Therefore, speculations regarding the effect of ChatGPT on different industries, such as blockchain and web3, have become noticeable topics of discussion. The following post helps you learn about different ways in which ChatGPT can influence the blockchain and web3 industry.

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Explore the Core Functionalities of ChatGPT

The hype around the relationship between web3 and ChatGPT has found its way to mainstream crypto media outlets. As a matter of fact, some of the outlets have been wondering about the possibilities of ChatGPT playing a role in ending the dominance of Google. Experts believe that it could ensure the automation of smart contract development alongside promoting web3 as a dominant architecture concept. 

What does ChatGPT have which makes it eligible for the world blockchain and web3? It is one of the noticeable additions to the family of AI models by OpenAI, with developments aimed at a specific direction. ChatGPT has been the popular choice among generative AI models for its ability to follow instructions.

The capabilities of GPT-3 serve as a clear definition of the role of ChatGPT on blockchain and web3 with the ability to perform natural language tasks. Some of the natural language tasks include summarization, carefully curated prompts, questions and responses, and text-completion-based prompts. 

On the other hand, GPT-3 also exhibits prominent limitations, as it was designed for following more common instructions. In the early phase of 2022, OpenAI announced the launch of InstructGPT, which was a fine-tuned version of GPT-3. It utilized the reinforcement learning technique along with human feedback to ensure that it could understand human intent. 

The AI community has recently initiated references to models like ChatGPT as the ‘foundation models’ for their distinct functionalities. Foundation models are unique in their ability to ensure fine-tuning for particular scenarios. For example, OpenAI developed Codex, which is a new fine-tuned variant of GPT-3 for creating programming language code. The code helps in powering applications like GitHub CoPilot and also ensures integration with ChatGPT. 

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Possibilities for Combining ChatGPT and Web3

ChatGPT presents a broad base of opportunities for driving innovation within the web3 domain. For example, developers could ensure faster smart contract development for dApps. The search for answers on ‘How ChatGPT is revolutionizing blockchain and web3’ showcases the necessity of revolution in foundation models. 

Platforms such as ChatGPT have come up with new approaches for transforming the creation of software programs and user experiences. On the other hand, web3 provides a new approach to facilitating distributed computing. The combination of web3 and ChatGPT could open a blank canvas associated with opportunities. 

For example, blockchain developers could find easier avenues for developing smart contracts with ChatGPT and its suggestions. You can find the responses to “How will ChatGPT affect the web3 space?” by pointing out the opportunities in using ChatGPT for different use cases in blockchain and web3. Here are the opportunities you can explore with the integration of ChatGPT in the blockchain and web3 domain. 

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  • Improved User Experiences

One of the biggest highlights of the relationship between web3 and ChatGPT points to the assurance of improved user experiences. Blockchain and web3 applications have encountered problems of setbacks in UX, which affect their adoption rates. For example, the storage and maintenance of seed phrases for wallet key recovery can be a challenging task for users. Large language models such as ChatGPT could help users in interpretation of on-chain data alongside offering advice about addressing specific tasks. 

At the same time, you should also think of the limitations of trust in such use cases. Can you trust an AI agent to look after sensitive data like your private keys? Therefore, it is important to think of a failsafe in the applications of ChatGPT in blockchain and web3 to avoid challenging setbacks. 

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  • Powerful Smart Contract Development

The review of ChatGPT impact on blockchain and web3 would also showcase the features of GPT-4 for identifying smart contract vulnerabilities. On top of it, GitHub Copilot encourages developers to use GPT, which helps in generating code according to instructions in the comments. The rise in implementation of coding agents would have a general impact on smart contract development. 

It is important to remember that the AI agent for developing smart contracts can be smart as the data it uses for training. As of now, GPT-4 relies on a data set that lasts till September 21, 2021. Therefore, it might not detect the recent vulnerabilities which have been recognized over time. Experts believe that GPT will have more updated training data in its future iterations. However, the limitations in data on recent security vulnerabilities can create issues for adopting ChatGPT in smart contracts and web3 development. 

Another prominent highlight in explaining how ChatGPT is revolutionizing blockchain and web3 would point to the quality of code it uses for training. Developers have been using repositories such as GitHub and StackOverflow to address a major share of their development tasks. 

Such type of development approaches create risks for introducing bugs in smart contract logic. You cannot write code that is completely free of bugs, and it brings the threat of undesirable consequences. ChatGPT could speed up smart contract development, albeit while placing the power in the hands of people who don’t understand the potential of smart contract development completely. 

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  • Community Management 

The effect of ChatGPT in the world of blockchain and web3 would also focus on ensuring community management and moderation. You can find more details about ChatGPT impact on blockchain and web3 with references to chatbots. The power of ChatGPT and other large language models could widen the features of chatbots. 

As of now, you can identify the effectiveness of chatbots by asking questions about current world events. Interestingly, developments in the field of GPT innovation could open the possibilities for access to real-time data, which can improve the responses of the chatbot. 

ChatGPT-powered chatbots could provide solutions for frequently asked questions or unique approaches for engagement with web3 and blockchain community members. You can use such chatbots on platforms such as Telegram or Discord to provide a human-like conversation with new members. 

The role of ChatGPT on blockchain and web3 communities also draws emphasis on content moderation. Most important of all, a large language model like ChatGPT could help in identifying scams, which are a common risk in web3 and blockchain ecosystem. The scams in web3 and blockchain communities use social engineering tactics. ChatGPT can also support easier identification of such scams, thereby registering a prominent impact on community management.

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  • Decentralization in Content Creation 

The power of ChatGPT in creating content is one of the notable highlights of the AI language model. How can you use the content creation of capabilities of ChatGPT in the blockchain and web3 space? You can find the answer in the relationship between web3 and ChatGPT for serving distinct use cases. 

Some developers could use ChatGPT to generate an endless amount of articles. However, it could offer promising advantages in content creation by focusing on specific areas. First of all, it can help in editing content to suit the needs of a specific audience group. On top of it, ChatGPT could also help in filling the articles by using an outline. 

ChatGPT also plays a crucial role in summarizing articles or suggesting new topics for discussion within communities. The answers to “How will ChatGPT affect the web3 space?” would showcase how AI language models could influence content creation. Faster development of personalized content could also help in expanding the knowledge base and attracting new users. 

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  • Smart Contract Audits

One of the most noticeable highlights in the world of blockchain and web3 is the necessity of smart contract audits. Smart contracts are responsible for powering applications which host valuable user data and their finances. In such cases, smart contract audits serve as mandatory requirements for ensuring safety of smart contracts against noticeable vulnerabilities. 

The answers for how ChatGPT is revolutionizing blockchain and web3 would also point to the use of large language models in smart contract audits. Why do you need smart contract audits when you can use ChatGPT for creating smart contract codes? The problem with smart contract audits is the time required for the process. In addition, you have to go through multiple challenges and costs to ensure the desired results. 

The use of ChatGPT for smart contract audits would address the problems with the auditing process. Conventional smart contract audit processes involve the execution of tests that are not known to smart contract developers. For example, you could access a fine-tuned variant of ChatGPT for smart contract audits that would utilize simple language inputs for conducting audits of specific smart contracts. 

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  • Language-based Explorers

Another prominent example among the use cases of combining ChatGPT with the blockchain and web3 ecosystem would point to language-based explorers. Explorers are one of the crucial elements for the search experience in web3 solutions. Most important of all, explorers are the core foundation for human communication with blockchain networks.

You can understand the ChatGPT impact on blockchain and web3 by referring to the applications of fine-tuned variations of ChatGPT for block explorers. The integration of ChatGPT in the block explorers can help users in asking questions about recent events in blockchain networks. ChatGPT could transform the search experiences in explorers for blockchain networks alongside introducing new value advantages. 

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  • Conversational Wallets

The first point of entry for a user into the world of blockchain and web3 refers to a wallet. You can use web3 wallets for interacting with dApps in the domain of web3. Foundational models like ChatGPT can reimagine the user experiences in web2 applications. You can also expect a similar trend in the case of crypto wallets

For example, ChatGPT can help in creating wallet experiences where users can express their desire to conduct a transaction using natural language. Similarly, users can also perform other tasks, such as requesting information or executing specific tasks. The conversation will become one of the prominent trends in the domain of web3 and blockchain user experience in future. 

  • Intelligence NFTs

The implications of the role of ChatGPT on blockchain and web3 would point to the necessity of introducing intelligence NFTs. It is one of the most general applications of ChatGPT and focuses on creating NFTs that feature conversational intelligence. For example, ChatGPT could help in creating NFT collections that allow owners to ask questions about the origins of the collection or other important details. 

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Bottom Line

The detailed outline of the different ways in which ChatGPT could influence the blockchain and web3 space shows that AI language models would be a major force in the future of web3. You need to learn that the relationship between web3 and ChatGPT extends beyond assistance for development. ChatGPT could provide ideas for new blockchain and web3 projects alongside introducing new functionalities in web3 solutions. 

The adoption of ChatGPT and web3 would also encounter some forms of challenges and limitations, such as the trust factor of AI agents. On top of it, you should also pay attention to the long-term implications of tools like ChatGPT in ensuring quality of code. Learn more about ChatGPT fundamentals and find out how it can influence your career right now.

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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

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