The AI market is growing very quickly and is becoming one of the fastest-growing industries worldwide. According to market research firm Next Move Strategy Consulting, the current AI market is valued at approximately $100 billion and is projected to grow rapidly.
Because of this, it’s not surprising that chatbots using AI are also becoming more popular. Recent findings from Precedence Research show that the global chatbot market size is expected to reach $840 million in 2022.
AI chatbots for Web3 developers are in the works
As AI and chatbot opportunities are increasing in various industries, the Web3 sector has also started taking advantage of this trend, with blockchain companies creating AI chatbots to help developers build applications faster and more efficiently. Are.
Aanchal Malhotra, head of RippleX Research – an organization within Ripple that focuses on the development and evolution of the XRP Ledger – told Cointelegraph that RippleX is currently working on building an AI chatbot that developers of the Can:
“Instead of having to go through all the documents and client libraries, developers can now ask an AI chatbot for immediate answers to their questions. This will make life much easier for developers as it will reduce the time taken for ideas to become applications.”
Scale Labs – the team behind the Scale blockchain network – is also building an AI-powered chatbot. Jack O’Holleran, co-founder and CEO of Scale Labs, told Cointelegraph that the Scale Network has built-in AI and machine learning capabilities that enable developers to run pre-trained AI models within smart contracts.
“Smart contracts powered by AI can function without the need for human involvement, even at large scales. This allows developers to build faster and effectively,” he said.
O’Halleran shared that Scale’s AI chatbot will soon be publicly released, adding that one of the primary use cases for AI is engineering development support.
“Thanks to the support of AI, developers are now building with record efficiency and productivity. ” He mentioned that a crucial form of support is quick access to technical and coding documentation.
Reiterating this, Matthew Van Niekerk, CEO and co-founder of blockchain programming tool Settlemint, told Cointelegraph that AI tools are becoming essential for developers.
Van Niekerk explained that Settlemint recently added an AI Genie engineering assistant to its platform for faster smart contract development and quality assurance testing and debugging.
Van Niekerk explained that their AI Genie is made to assist organizations in swiftly deploying their blockchain applications, allowing them to tap into the $3.1 trillion opportunity created by blockchain technology.
Van Niekerk further explained that Settlemint’s AI Genie is designed to support humans, not replace them. This is important to highlight, as concerns are emerging that AI-powered assistants could eventually replace human workers.
“The device is meant to serve as an engineering assistant, not to replace an engineer.It is designed to remove mundane processes and complexities that prevent developers and engineers from focusing on creating innovative solutions that will bring a clear return on investment for their businesses,” Van Niekerk explained.
To put this in 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 thinks that one of the most promising uses for chatbots in general is in assisted learning.
“Instead of searching for topics and sifting through results or relying on a curator, a chatbot lets you consume large amounts of information concisely. By combining with web access and using prompts that encourage the inclusion of links to primary sources, it dramatically expands the scope of online research. When learning a new programming language, blockchain or application, feedback from a chatbot is extremely valuable, even if not completely accurate.
Implementation may be delayed due to challenges
Challenges may lead to delayed implementation
Although AI-powered chatbots have the potential to help Web3 developers build better, several challenges may delay adoption.
For example, while O’Halleran is aware that AI-powered smart contracts can accelerate technological development, he pointed out that these applications often require throughput for on-chain execution with predictable and automated spending.
He pointed out that in a network with high and fluctuating gas charges, this can lead to problems. The anticipated expenses can change significantly, and any errors can end up being much more costly.
To combat this, O’Halleran explained that the Scale Network has on-chain fees instead of gas fees, making total fees lower and provably predictable.
Lydia Mark, director of communications at Magma AI – a project creating AI chatbots that provide users with virtual Web3 technology teaching assistants – told Cointelegraph that ethical bias can also be problematic with AI chatbots.
He mentioned that AI systems like Magma can easily adopt biases from the data they are trained on, potentially causing harm to the whole ecosystem. To address this issue, Mark explained that Magma incorporates techniques to detect and mitigate AI biases.
Van Niekerk pointed out that one of the major hurdles with AI chatbots is ensuring data privacy and security. Companies involved in creating or using AI assistants should take into account both their internal business policies and government regulations regarding privacy.
He also mentioned that bigger corporations might have limitations on employing broad AI technologies due to concerns about potential breaches of data privacy. “Settlemint’s AI Genie is purposely made as an optional tool within the platform, allowing enterprises to choose to use it only when necessary,” he added.
Challenges aside, Van Niekerk said that, overall, AI chatbots are helping to ensure that Web3 is more inclusive and accessible to a wider range of developers.
He pointed out that there is now readily available knowledge and expertise to support new developers entering the sector. He also commented, “Thanks to AI developer support technology, Web2 developers can greatly speed up their learning and skill development in Web3 by a significant degree.”