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 current AI market is valued at nearly $100 billion and is expected to grow exponentially.
So it’s no surprise that chatbots using AI are also on the rise. Recent results from Precedence Research to show that the global chatbot market size reached $840 million in 2022.
AI chatbots for Web3 developers in the works
As opportunities around AI and chatbots flourish across various industries, the Web3 sector has also started to capitalize on this trendblockchain 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 the XRP Ledger – told Cointelegraph that RippleX is currently working on creating an AI chatbot that XRP Ledger developers can ask questions about. queries:
“Rather than wading through all the documentation and client libraries, developers will be able to direct their questions to the AI chatbot for instant answers. This will make life much easier for developers, as it will reduce the time it takes for ideas to become applications.
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 AI and machine learning capabilities that allow developers to run pre-trained AI models in the framework of a smart contract.
“AI-based smart contracts are triggered without human intervention and at very large scale. This allows developers to build quickly and efficiently,” he said.
O’Holleran noted that Skale’s AI chatbot will soon be released to the public, stating that one of the main use cases for AI is technical development support.
“Developers are now building with record efficiency and productivity thanks to AI support. One of the key areas of support is instant access to knowledge on technical and coding documentation,” he said.
Echoing this, Matthew Van Niekerk, CEO and co-founder of SettleMint – a blockchain programming tool – 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 rapid smart contract development as well as quality assurance testing and debugging.
“Our AI Genie is designed to help organizations get their blockchain applications into production faster so they can capitalize on the $3.1 trillion opportunity offered by blockchain,” explained Van Niekerk.
Van Niekerk further emphasized that SettleMint’s AI Genie is designed to support humans and not replace them. It is important to emphasize this because problems are looming concerns that AI-based assistants could eventually replace human workers.
“The tool itself positions itself as an engineering assistant and not an engineer. It is designed to abstract away the mundane processes and complexities that prevent developers and engineers from focusing on creating innovative solutions that will bring clear ROI to their businesses,” explained 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 for chatbots:
“Instead of searching for topics and reviewing the results or relying on a curator, a chatbot allows you to summarize huge volumes of information. Combined with access to the web and the use of messages encouraging the inclusion of links to primary sources, this greatly expands the scope of online research. When learning a new programming language, blockchain, or application, feedback from a chatbot is extremely valuable, even if it’s not entirely correct.
Difficulties may cause delay in implementation
Although AI-powered chatbots have the potential to help Web3 developers create better, a number of challenges may slow their adoption.
For example, while O’Holleran is aware that AI-based smart contracts can accelerate technical development, he pointed out that these applications often require throughput for on-chain execution with predictable, automated expenses.
“This could be problematic in a network where gas charges are high and fees vary, as expected expenses could vary widely and could accidentally become expensive quickly,” he said.
To combat this, O’Holleran explained that the Skale network charges on-chain fees rather than gas fees, making the total fees lower and predictable.
Lydia Mark, director of communications at Magma AI – a project to create an AI chatbot that provides users with a virtual assistant for learning Web3 technology – told Cointelegraph that ethical biases can also be problematic with AI chatbots .
“It becomes very easy for AI systems like Magma to inherit imputed biases during data training, which could in turn negatively impact an entire ecosystem,” she said. To combat this, Mark explained that Magma AI uses bias detection and mitigation techniques.
Yet one of the biggest challenges associated with AI chatbots is data privacy and security. Van Niekerk explained that companies building or using AI assistants must consider internal business policies and government regulations regarding privacy.
“Large companies may have restrictions on the use of generative AI technologies due to risks of data privacy violations. SettleMint’s AI Genie is intentionally designed as an optional tool within the platform so that businesses only accept it when needed,” he said.
Challenges aside, Van Niekerk said that overall, AI chatbots help ensure that Web3 is more inclusive and accessible to a wide range of developers.
“The knowledge and expertise are now there to instantly help new developers entering the field. Web2 developers can significantly accelerate their Web3 learning and skill curve with AI developer support technology,” he remarked.