As previously covered here on Crypto Presale, artificial intelligence (AI) is a double-edge sword when it comes to crypto matters.
That is, whilst the world-shaking tech has the ability revolutionise the way in which projects automate their administrative workflows - leaving more time for the creative juices to flow - the tech’s unparalleled proficiencies have also inadvertently led to venture capital (VC) firms funnelling their funds away from DeFi and towards AI-exclusive endeavours.
However, it’s never good to dwell on the negatives, which is why this article is dedicated to the former point at hand. More specifically, it will explore how crypto can be enhanced by the unequivocal leader in the AI race thus far - ChatGPT.
What is ChatGPT?
Before exploring its DeFi applications, it’s firstly a good idea to familiarise ourselves with what ChatGPT is.
ChatGPT is the brainchild of American AI research lab OpenAI - which is also the mastermind behind text-to-image AI platform DALL-E. Further, the platform is essentially an AI-powered language processing tool that allows users to engage in human-like conversation with a text-based chat bot.
In doing so, ChatGPT is the undeniable leader in the text-to-text AI game.
Making all this possible is OpenAI’s GPT-‘3.5’ and ‘-4’ large language model (LLM) families, which the company continuously fine-tunes through supervised reinforcement techniques. Although the holistic knowledge, conversation comprehension, and writing skills of such LLMs are undeniably impressive, ChatGPT-5 - which is scheduled for launch in 2025 - is expected to blow our minds even further.
The platform’s society-shaking democratisation came via a prototype release on November 30th 2022, which was then followed by a ‘stable’ launch on March 14th 2023. Per stats from June 2023, the platform has amassed over 100 million users - which, in turn, garnered over 1.6 billion website visits throughout the month (per Exploding Topics).
As you’ll now learn, the platform is used for all types of purposes, be it answering questions, assisting with mundane tasks, ideation, and writing content.
ChatGPT in Crypto Smart Contract Coding
First and foremost - and perhaps most impressively - ChatGPT can be used by blockchain developers throughout smart contract coding processes.
On the creation side of things, the platform can generate code after being fed contract terms by human users, whilst on the technical auditing side of things, it can analyse errors, inefficiencies, loopholes, and vulnerabilities in the code it’s fed (and further make improvement suggestions).
Additionally, it can produce automated smart contract tests through generating test cases based on natural language inputs - essentially meaning that developers can test smart contract performances across various scenarios (and with a lot more proficiency).
ChatGPT in Crypto Trading
Although certainly not the best trading resource on the market, ChatGPT can analyse past data, market trends, and data sources (such as news articles and social media feeds) to predict the prices of crypto assets. In using such sources, it can also provide insight on the market sentiment around different crypto projects.
Although using ChatGPT to help determine your next trading moves is a fun idea, this is by no means ’trading advice,’ as it’s likely that the industry’s top traders opt for other resources for their trading analytics and alpha insight (such as ourselves at Crypto Presale).
ChatGPT in Web3 User Experiences
With its written literacy and human-like virtual personalities, ChatGPT integrations can enhance user experiences across web pages - including decentralised exchanges (DEXs) and all other crypto and Web3-related websites.
With the inclusion of ChatGPT plugins on DEXs and dApps, projects can completely revolutionise how they interact with their customers (as well as how frequently given ChatGPT’s 24/7 working hours).
For example, users could leverage ChatGPT-powered chatbot pop-ups for a plethora of purposes, such as making queries about different crypto coins, requesting data, performing transactions, and conducting other specific tasks.
With the innately intricate nature of crypto coins and trading dynamics, this kind of user-empowering ChatGPT application could play an integral role in DeFi’s adoption rates moving forwards.
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This article is intended for educational purposes and is not financial advice.
