Tech media has been in a frenzy today. According to a report by Heise Online, the release of ChatGPT-4 is imminent, as early as next week, and it looks like Microsoft is about to upgrade the AI tool with an update that could thrust it into the spotlight once again.
ChatGPT-4 is the new AI tool to be obsessed with, but we still are not over ChatGPT-3, which is the current AI assistant that the world is currently fangirling over. While some of us are still wrestling with the question, “What is artificial intelligence?” the AI world has already moved on and now AI does all sorts of stuff for us.
But what exactly is ChatGPT, and why is it causing such a stir worldwide?
Here’s ChatGPT’s reply:
In a nutshell, the current version of ChatGPT is an AI chatbot that uses the GPT-3 language model.
While it isn’t perfect, it can quickly generate human-like text replies from just about any prompt you give them. And investors in ChatGPT, Microsoft, are even trying to use it in Word, Powerpoint, and Bing, among other products, so AI can help people write better documents, help them make better presentations, and get improved and contextualized search results.
However, the latest version of OpenAI’s generative language model, ChatGPT-4 is expected to be significantly more advanced than its predecessor GPT-3, with 1 trillion parameters, or even more, according to reports, and this will have a significant impact on various industries, including the rapidly evolving Web3 space.
So, how will ChatGPT-4 influence the Web3 space?
Let’s take a closer look.
The key feature of ChatGPT-4 is its ability to generate human-like language responses to prompts. This means that it can understand and respond to natural language queries, making it a valuable tool for various applications, including content creation, language translation, and chatbots.
Web3 is a rapidly evolving ecosystem of decentralized applications, built on blockchain technology, that is poised to revolutionize various industries. The integration of ChatGPT-4 into Web3 could have a significant impact on the development of decentralized applications and the overall user experience.
Inspired by Jesus Rodriguez, lecturer at Columbia University and the CEO of IntoTheBlock, and his pragmatic perspective on which ChatGPT-4 could influence the Web3 space, here’s our take on what is feasible to happen:
1. Improved User Experience
The integration of ChatGPT-4 into Web3 applications can significantly improve the user experience. With its ability to understand natural language queries, ChatGPT-4 can make it easier for users to interact with decentralized applications, even if they are not familiar with the underlying technology.
For example, ChatGPT-4 can be used to create conversational wallets that allow users to perform transactions simply by saying their intentions in natural language. This can help make the Web3 ecosystem more accessible to a massive audience, further driving its adoption.
2. Smart Contract Development Assistants
Programming smart contracts is still considered a complex task that requires significant expertise from developers. However, with the help of ChatGPT-4 features like Codex, it becomes possible to generate Solidity code using natural language descriptions. Imagine having a smart contract assistant that can make a code snippet for a specific task, such as “requesting a flash loan in Aave,” simply by typing the query in natural language.
3. Smart Contract Security Testing
Although they are crucial, smart contract audits are known to be slow, costly, and tedious processes. The auditing process heavily relies on running tests that that are quite often not obvious for smart contract developers to comprehend. Consider the possibility of utilizing a specialized version of ChatGPT-4 for smart contract audits, capable of receiving language inputs and executing a set of tests on a given smart contract.
4. Language-Based Block Explorers
In Web3, explorers serve as the primary means of searching and interacting with blockchains, but unfortunately, the user interface of these explorers is geared towards blockchain experts rather than the average user. With ChatGPT-4, a normal user could ask questions such as “Any large institutions transferring funds to Binance?,” “When was the last time something similar happened?” or “Are there any interesting patterns in the recent transaction activity?”
Search is one of the experiences that might be reimagined with technologies like ChatGPT-4, and explorers could be a perfect candidate. The new generation of Microsoft Bing is AI-powered.
5. Intelligence NFTs
Models such as ChatGPT-4 can enable a new generation of NFTs that incorporate conversational intelligence. Just imagine a version of your favorite NFT collection that allows you to ask questions about the creator’s inspiration or specific artistic details. Cool isn’t it?!
6. Conversational Wallets
Wallets are the main entry point for interactions with dApps in Web3. Just as the user experience in Web2 applications is being reimagined with ChatGPT-4 as a fundamental construct, we can think of a similar trend for crypto wallets. Imagine a wallet experience in which a user can easily communicate their intentions to request information, perform a transaction, or execute specific tasks simply using natural language.
Conclusion
The integration of ChatGPT-4 into Web3 applications is expected to have a significant impact on the development of decentralized applications and the overall user experience. With its ability to understand natural language queries, ChatGPT-4 can make the Web3 ecosystem more accessible to a wider audience. As more projects adopt ChatGPT and Web3, we’re likely to see an explosion in innovation in various industries. This will lead to exciting new products and services that can revolutionize industries such as gaming, finance, education, and beyond.
This AI meets Web3 future looks promising.