The artificial intelligence (AI) market is becoming one of the fastest growing industries in the world. according to According to market research firm Next Move Strategy Consulting, the artificial intelligence market is currently worth nearly $100 billion and is expected to grow exponentially.
Given this, it’s no surprise that chatbots using artificial intelligence are also on the rise.Latest findings in priority research exhibit The global chatbot market is expected to reach US$840 million by 2022.
AI chatbot for Web3 developers in development
As the opportunities for AI and chatbots are booming across industries, the Web3 space has begun to capitalize on this trend, with blockchain companies creating AI chatbots to help developers build applications faster and more efficiently.
Aanchal Malhotra, head of RippleX Research (an organization within Ripple focused on the development and growth of XRP Ledger) told Cointelegraph that RippleX is currently developing an AI chatbot that XRP Ledger developers can ask questions to:
“Developers will be able to send their questions directly to the AI chatbot to get instant answers, rather than aimlessly browsing through all the documentation and client libraries. This will make the developer’s job easier because it It shortens the time it takes for an idea to become an application.”
Skale Labs — the team behind the Skale blockchain network — is also building an AI-powered chatbot. Jack O’Holleran, co-founder and CEO of Skale Labs, told Cointelegraph that the Skale network has built-in artificial intelligence and machine learning capabilities, allowing developers to run pre-trained artificial intelligence models in smart contracts.
“AI-driven smart contracts can be launched in large numbers without human intervention. This allows developers to build quickly and efficiently,” he said.
O’Holleran said Skale’s AI chatbot will be released to the public soon, adding that one of the main use cases for AI is engineering development support.
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“Developers are now building with record efficiency and productivity thanks to artificial intelligence support. One of the key areas of support is instant access to technical and coding document knowledge,” he said.
Matthew Van Niekerk, CEO and co-founder of blockchain programming tool SettleMint, agreed, telling Cointelegraph that artificial intelligence tools are becoming crucial for developers.
Van Niekerk explained that SettleMint recently added the AI Genie engineering assistant to its platform for rapid smart contract development as well as quality assurance testing and debugging.
“Our AI Genie is designed to help organizations get blockchain applications into production faster so they can take advantage of the $3.1 trillion opportunity that blockchain presents,” Van Niekerk explained.
Van Niekerk further pointed out that SettleMint’s AI Genie is built to support humans rather than replace them.It is important to emphasize this point because it is urgent worry Artificial intelligence assistants may eventually replace human workers.
“The tool itself is positioned as an engineering assistant, not an engineer. It is built to abstract away mundane processes and complexities that prevent developers and engineers from focusing on building innovative solutions that empower their businesses. Delivers a clear return on investment,” explains Van Niekerk.
To put this into perspective, William Baxter, chief technology officer and co-founder of tokenization platform Vertalo, told Cointelegraph that his company currently uses chatbots to summarize and present data to internal and external audiences. Baxter believes that assisted learning is one of the most promising general applications of chatbots:
“Chatbots allow you to summarize consumption from large amounts of information, rather than searching for topics and combing through results or relying on curators. Combined with web access and usage prompts that encourage the inclusion of primary source links, this greatly expands online research scope. When learning a new programming language, blockchain, or application, feedback from a chatbot can be extremely valuable, even if not entirely correct.”
Challenges may cause implementation delays
While AI-powered chatbots have the potential to help Web3 developers build better, a number of challenges may slow adoption.
For example, while O’Holleran recognizes that AI-powered smart contracts may accelerate technology development, he notes that these applications typically require on-chain execution throughput with predictable and automated payouts.
“This can be problematic on networks with higher petrol and variable charges, as expected expenses can change dramatically and can become unexpectedly expensive quickly,” he said.
To solve this problem, O’Holleran explained that the Skale network has on-chain fees instead of gas fees, which makes the overall fee lower and provably predictable.
Lydia Mark, director of communications at Magma AI, a project to build artificial intelligence chatbots that provide users with virtual Web3 technology learning assistants, told Cointelegraph that ethical bias can also be a problem for artificial intelligence chatbots.
She said: “Artificial intelligence systems like Magma can easily inherit biases generated during the training process, which in turn can have a negative impact on the entire ecosystem.” To solve this problem, Mark said Magma AI uses bias detection and mitigation technology.
However, one of the biggest challenges associated with AI chatbots is data privacy and security. Van Niekerk explained that companies building or using AI assistants need to consider internal business policies and government regulations related to privacy.
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“Large enterprises may limit their use of generative AI technologies due to the risk of data privacy violations. SettleMint’s AI Genie is intentionally built as an optional tool within the platform so that enterprises can only opt in when needed,” he said.
Challenges aside, Van Niekerk said that overall, AI chatbots are helping to ensure that Web3 is more inclusive and accessible to a wide range of developers.
“Now the knowledge and expertise can immediately support new developers entering the field. Thanks to AI developer support technology, Web2 developers can accelerate their Web3 learning and skills curve by an order of magnitude.” He commented.
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