Blockchain firms are developing AI chatbots to assist programmers.

The artificial intelligence (AI) sector is rapidly emerging as one of the most swiftly expanding industries globally. Market research firm Next Move Strategy Consulting estimates that the current AI market is valued at nearly $100 billion and is anticipated to experience significant growth.

In light of this, it is not surprising that AI-driven chatbots are also gaining traction. Recent research from Precedence Research indicates that the global chatbot market reached a size of $840 million in 2022.

AI chatbots for Web3 developers in development

As the prospects surrounding AI and chatbots thrive across various sectors, the Web3 domain has begun to leverage this trend, with blockchain firms developing AI chatbots to assist developers in creating applications more swiftly and effectively.

Aanchal Malhotra, head of RippleX Research — a division within Ripple dedicated to the advancement and expansion of the XRP Ledger — informed Cointelegraph that RippleX is in the process of developing an AI chatbot that allows XRP Ledger developers to ask questions:

“Instead of sifting through extensive documentation and client libraries, developers will be able to direct their inquiries to the AI chatbot for immediate responses. This will significantly ease the workload for developers by reducing the time it takes for concepts to evolve into applications.”

Skale Labs — the team responsible for the Skale blockchain network — is also in the process of creating an AI-enabled chatbot. Jack O’Holleran, co-founder and CEO of Skale Labs, shared with Cointelegraph that the Skale network incorporates AI and machine learning capabilities that allow developers to execute pre-trained AI models within a smart contract.

“AI-driven smart contracts operate without human intervention at a very high volume. This enables developers to build quickly and efficiently,” he stated.

O’Holleran mentioned that Skale’s AI chatbot will soon be made publicly available, noting that one of its primary applications is to provide engineering development support.

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“Developers are now achieving unprecedented efficiency and productivity with the assistance of AI. One of the crucial areas of support is immediate access to technical and coding documentation,” he remarked.

In agreement, Matthew Van Niekerk, CEO and co-founder of SettleMint — a blockchain development tool — told Cointelegraph that AI tools are becoming indispensable for developers.

Van Niekerk elaborated that SettleMint has recently integrated an AI Genie engineering assistant into its platform to facilitate rapid smart contract development and quality assurance testing and debugging.

“Our AI Genie is designed to help organizations accelerate the deployment of their blockchain applications so they can capitalize on the $3.1 trillion opportunity enabled by blockchain,” Van Niekerk explained.

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Van Niekerk further emphasized that SettleMint’s AI Genie is intended to assist humans, not replace them. This distinction is crucial, as there are growing concerns that AI-powered assistants might eventually displace human workers.

“The tool is positioned as an engineering assistant, not as an engineer. It is designed to simplify mundane tasks and complexities that hinder developers and engineers from concentrating on creating innovative solutions that will yield a clear return on investment for their businesses,” Van Niekerk clarified.

To illustrate this point, William Baxter, chief technology officer and co-founder of the tokenization platform Vertalo, told Cointelegraph that his company currently employs chatbots to summarize and present data to both internal and external stakeholders. Baxter believes that assisted learning represents one of the most promising general applications for chatbots:

“Rather than searching for topics and sifting through results or relying on a curator, a chatbot allows you to consume summaries from vast amounts of information. Coupled with web access and prompts that encourage the inclusion of links to primary sources, this greatly enhances the scope of online research. When learning a new programming language, blockchain, or application, feedback from a chatbot is immensely valuable, even if it is not entirely accurate.”

Challenges may hinder implementation

While AI-powered chatbots have the potential to assist Web3 developers in enhancing their work, several challenges may impede widespread adoption.

For instance, although O’Holleran recognizes that AI-driven smart contracts can accelerate technical development, he noted that these applications often necessitate throughput for on-chain execution with predictable and automated spending.

“This could pose issues in a network with high gas fees and fluctuating costs, as the anticipated spending could vary significantly and could become costly quickly,” he stated.

To address this, O’Holleran explained that the Skale network utilizes on-chain fees instead of gas fees, resulting in lower and more predictable total fees.

Lydia Mark, director of communications at Magma AI — a project developing an AI chatbot that offers users a virtual Web3 technology learning assistant — informed Cointelegraph that ethical bias can also pose challenges with AI chatbots.

“It is quite easy for AI systems like Magma to inherit biases present during data training, which could adversely affect an entire ecosystem,” she noted. To mitigate this, Mark mentioned that Magma AI employs bias detection and mitigation strategies.

However, one of the most significant challenges associated with AI chatbots is data privacy and security. Van Niekerk explained that companies developing or utilizing AI assistants must consider internal business policies and governmental regulations regarding privacy.

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“Large enterprises may impose restrictions on the use of generative AI technologies due to the risks of data privacy breaches. SettleMint’s AI Genie is intentionally designed as an optional tool within the platform, allowing enterprises to opt in only when necessary,” he stated.

Despite these challenges, Van Niekerk asserted that, overall, AI chatbots are contributing to making Web3 more inclusive and accessible to a diverse array of developers.

“Knowledge and expertise are now readily available to instantly support new developers entering the field. Web2 developers can significantly accelerate their Web3 learning and skill acquisition through AI developer support technology,” he concluded.