AI Chatbots: A Boon for Developers Amid Growth & Challenges in Web3 Sector
Summary:
The AI market, presently valued at nearly $100 billion, is projected to undergo massive growth, with chatbots also experiencing increased usage. In response to this trend, blockchain companies are building AI chatbots to assist developers in creating applications more swiftly and effectively. While these developments promise faster, efficient processes, significant challenges such as unpredictable fees in networks, ethical biases in AI, and data privacy and security concerns can hinder adoption. Despite these potential roadblocks, experts argue that AI chatbots will ensure Web3 becomes more accessible and inclusive for a wider developer community.
The realm of artificial intelligence (AI) is evolving into one of the most rapidly expanding sectors globally. As per Next Move Strategy Consulting, a market research company, the AI market, currently pegged nearly at $100 billion, is set to experience remarkable growth. Consequently, chatbots leveraging AI technology are also gaining traction. Precedence Research, in its latest findings, reports that the worldwide chatbot market size hit $840 million in 2022.
As AI and chatbots become integral to varied sectors, the Web3 field is also catching onto this trend. Blockchain firms are now developing AI chatbots to aid developers in designing applications swiftly and more competently. RippleX Research's head, Aanchal Malhotra, reports that RippleX is in the phase of developing an AI chatbot for XRP Ledger developers to address inquiries.
Developers, instead of going through the entire client libraries and documentation, can pose their queries to the AI chatbot in order to get instantaneous responses. This not only will simplify developers' tasks but also allow for a quicker transformation of ideas into applications. Likewise, Skale Labs, which is responsible for the Skale blockchain network, is creating an AI-integrated chatbot.
According to Jack O'Holleran, Skale Labs' co-founder, and CEO, the Skale network comes with pre-integrated AI and machine learning capabilities that let developers run pre-taught AI models within a smart contract. AI-driven smart contracts are activated without human intervention on a high volume level, promoting efficient and fast development.
O'Holleran also revealed plans of releasing Skale's AI chatbot for public use, emphasizing engineering development support as a significant use case for AI. Matthew Van Niekerk, SettleMint's CEO, affirms the growing importance of AI tools for developers by announcing the introduction of an AI Genie engineering assistant on its platform. SettleMint's AI Genie aims to aid businesses in launching their blockchain applications faster to take advantage of the $3.1 trillion opportunity in blockchain.
Van Niekerk also stressed that AI Genie aims to support humans and not replace them, addressing fears of AI assistants replacing human workers. Instead, it seeks to automate mundane processes and complexities that hamper developers and engineers from focusing on innovative solutions with potential ROI.
William Baxter, co-founder, and chief technology officer at tokenization platform Vertalo, echoed similar sentiments while discussing how chatbots have enabled summarization and presentation of data to audiences swiftly and efficiently, particularly when learning a new programming language or application.
However, adoption might face hurdles due to challenges in areas like fee prediction in networks with high gas fees, ethical bias in AI chatbots, and concerns regarding data privacy and security. Despite these challenges, Van Niekerk believes AI chatbots are key in making Web3 more inclusive and accessible to a broad range of developers. AI developer support technology, he affirms, enables Web2 developers to learn about and adapt to Web3 expertise faster.
Published At
10/23/2023 1:15:19 PM
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