The world is beginning to comprehend the potential of AI, thanks to this, as it has been described by everyone who has used it, revolutionary invention, called ChatGPT and its likes. Everyone is wondering what the implications might be gaming, finance, sports, entertainment and of course, our beloved web3.
The “wonders” of the newly launched AI application, ChatGPT has particularly caught the interest of the Crypto Twitter community; even CZ of Binance thinks it properly articulates how to safely run an exchange more than most crypto exchange founders.
Let’s back up a little bit and talk about what AI is and give some insights into some of the applications of ChatGPT from OpenAI and some of its applications already. Please note that this article is aimed at addressing how AI can benefit Web3 and not some promotional material for the product.
What is AI?
AI is an acronym for Artificial Intelligence, which is a concept that dates back as far as the 1940’s and it defines intelligence in machines especially computer systems. It’s essentially a field of technology whose scope extends into the development and training of machines to think as humans do. The spark from which this field sprung up is Alan Turing’s theory of computation which highlighted that a machine could conceive any act of mathematical deduction from shuffling simple numeric symbols like 0’s and 1's.
True to this theory, the applications of AI today already include;
➝ Speech recognition and natural language processing.
➝ Automated Decision-making
➝ Language translation
➝ Computer vision
➝ Text and image generation etcetera.
The long term goal for AI is for machines to be able to solve any arbitrary problem. This goal stems from the thought that human intelligence can be carefully modelled that it can reproducible in a machine. Researchers and machine trainers believe that this is possible by adapting and integrating knowledge and data from a wide range of fields including linguistics, Mathematics, philosophy, economics etcetera.
Quick Insight on ChatGPT
To chip in a little insight, ChatGPT (GPT stands for Generative Pre-Trained Transformer) is an AI chatbox which has been pre-trained with an enormous amount of text data crawled from websites and wikipedia to mimic writing styles and respond intelligently to instructions given to it by the user. Although it can already work wonders, it’s still a long way from being reliable with delicate information and facts.
AI & Improvements In Web3!
Web3 has made giant strides in catching mainstream attention. however, it has made even greater steps in attracting negative sentiments, criticisms, and bad press given the recent bankruptcy of FTX, collapse of LUNA and other exploits leading to millions of Benjamins getting lost. Perhaps the most pressing question on the mind on Web3 proponents and enthusiasts is how AI in its new generation can improve the conditions of the space; raise reliability, improve efficiency, curb exploits and fraud as well as bring more transparency.
Yes, there are numerous ways AI can be applied in improving the blockchain technology and concept of web3. While web3 is aimed at the decentralisation of the influence of human intelligence over digital transactions or its outright removal, hence the adapted “code is law” slogan, AI essentially makes machines, which host these codes, smarter.
We’ve highlighted 5 ways AI can actually help improve web3;
- AI can help protect users’ data and digital assets, and keep the web3 ecosystem safe and secure. Think of AI as a high-tech security guard, always on the lookout for potential threats and ready to take action in the Bictory Ecosystem — scouting for data leaks, exploits and protecting it from cyber criminals, in addition to well-written smart contracts. AI which already understands code, could be made to periodically audit the codes even as transactions are being carried out within any ecosystem and spot out the weak links and either solve it or notify the community ahead of time.
- AI can help make web3 applications and services super fast and efficient. The speed of Dapps in web3 is greatly affected by the fetching of data on-chain, off-chain or side-chain and then coming to a consensus about the validity of the fetched data. As it stands, these processes are automated by machines which have no learning capabilities, so the entire process is repeated millions of times without the machine recognising the patterns and developing processes to make the automated process quicker. With AI targeted to improve this process and the mountain of data and process repetition which trains it, it learns how to improve the speed of coming to consensus and validating data. With these we can envision dapps attaining web2-level speed. Imagine never having to wait for a page to load or a transaction to confirm. With AI on your side, web3 technology can be smooth and speedy.
- AI can make web3 technology more user-friendly and accessible. One differentiating feature of web3 from web2 was the unfriendly user-experience of its applications. Although that has seen much improvements, AI is another next level tool which will bring more friendliness to web3. Just like in web2 already, AI can be used to make in-dapp recommendations, set preferences from other online activities, introduce natural language features to trading and NFT image generation and minting. No more struggling to understand complex instructions or technical jargon. With AI, web3 applications and services will be easy to use and understand, even for tech novices. What do you think about BictoryNFT integrating the text to image generator to literally make everyone a creator from just words?! We’d like to think that’s the next level of NFT generation.
- AI can help unlock the full potential of web3 technology. By combining AI with blockchain and other web3 technologies, developers can create all kinds of amazing new applications and services because AI gives room for developers to outsource some fundamental tasks as well as combine their intelligence to find solutions for other novel problems. With human intelligence standing on the shoulders of artificial intelligence, the possibilities are truly endless. Let’s see how the talented set of Bictory Finance Engineers can leverage this intelligence to make our ecosystem safer and even more inclusive.
- AI can help ensure that web3 technology is used ethically and responsibly. With AI keeping an eye on network consensus to increase the chances of spotting 51% or other co-ordinated attacks before it causes loss of funds. AI can also be used to enforce ethical management of liquidity pools to make rugpulls much more difficult to execute by holding down liquidity pools and notifying parties of a possible pull before it allowing the liquidity to be removed. It’s a new paradigm that can be explored within the BictoryDEX on Aptos. Soon, we can be sure that the applications of web3 are being used for the greater good, and not just for selfish or nefarious purposes. The web3 ecosystem can be a better place for everyone again!
The possibilities of AI to improve web3 from its current state are endless. With the number of builders in the space, it’s only a matter of time before we see some innovative applications of the intelligence of machines to improve dapps and improve blockchain networks.