The artificial intelligence (AI) market is experiencing rapid growth, with a current value of nearly $100 billion and projected exponential growth, according to market research firm Next Move Strategy Consulting. As a result, AI-powered chatbots are also seeing a rise in popularity. Recent research from Precedence Research reveals that the global chatbot market reached $840 million in 2022.
Amidst the growing opportunities in AI and chatbots across various industries, the Web3 sector is also capitalizing on this trend. Blockchain companies are developing AI chatbots to assist developers in building applications more quickly and efficiently.
RippleX, an organization within Ripple focused on the development and growth of the XRP Ledger, is currently working on building an AI chatbot. This chatbot will allow developers to ask questions and receive instant answers, streamlining the development process.
Skale Labs, the team behind the Skale blockchain network, is also developing an AI-powered chatbot. The Skale network has built-in AI and machine learning capabilities, enabling developers to run pre-trained AI models within smart contracts. The chatbot will be released publicly, with engineering development support as one of its primary use cases.
SettleMint, a blockchain programming tool, has recently added an AI Genie engineering assistant to its platform. This AI tool supports developers in rapid smart contract development, quality assurance testing, and debugging.
While AI-powered chatbots offer many benefits for Web3 developers, there are challenges that may slow adoption. For example, AI-driven smart contracts may face issues with unpredictable and expensive fees. Skale Labs addresses this by using on-chain fees rather than gas fees for more predictability.
Ethical bias is another challenge that AI chatbots may encounter. Magma AI, a project building an AI chatbot for Web3 technology learning, utilizes bias detection and mitigation techniques to address this issue.
Data privacy and security are also major concerns when it comes to AI chatbots. Companies must consider internal policies and government regulations regarding privacy. SettleMint’s AI Genie is designed as an optional tool within the platform to ensure compliance with privacy restrictions.
Despite these challenges, AI chatbots are making Web3 more inclusive and accessible to developers. They provide instant support and expertise, allowing developers to accelerate their learning and skill development in the Web3 space.