Understanding what ChatGPT is and what impact it can have on the crypto industry and digital professions
Neural networks and other technologies from the field of artificial intelligence are gaining popularity and attracting more and more attention. Recently, a lot of new technologies have appeared to solve problems that were previously handled only by a person.
One of the novelties is ChatGPT , a chatbot from the artificial intelligence laboratory OpenAI, which was launched on November 30, 2022.
What is ChatGPT and what does it do
ChatGPT is a multi-tasking chatbot that has been trained based on an array of text data and feedback from real people.
The chatbot was designed to be easy to use and its responses to be quite human . Let's see what tasks ChatGPT can perform.
All its functionality is related to text , that is, it will not be able to draw an image or make a video. ChatGPT can:
write and fix code;
anwser the questions;
write various texts;
give advice and predictions.
In fact, a chatbot can create anything as long as it consists of text . He will try to answer any request: from writing a poem about Elon Musk to a bitcoin rate forecast.
Pitfalls of ChatGPT
ChatGPT doesn't always answer questions correctly. The answer may sound very plausible, but in fact be untrue or nonsense.
Rephrasing a request or resubmitting it can produce completely different results.
ChatGPT writes verbosely and often uses certain language due to the nature of their training.
The chatbot is moderated and biased towards certain topics. Talking to him about eugenics and racism in a positive way is unlikely to succeed, since these topics are considered bad.
ChatGPT is bad at asking follow-up questions and usually doesn't ask them, it tries to guess what the user meant.
For now, the chatbot is trying to avoid answering questions about events after the end of 2021 and about specific people.
ChatGPT is not available for Russians, so you need a phone number to register, and Russian numbers are not supported. This restriction can be bypassed through sites with virtual numbers.
ChatGPT and crypto industry
First of all, ChatGPT can simplify the work of developers and project creators.
Development of smart contracts
ChatGPT can be used to generate smart contract code by entering the desired parameters and conditions, saving developers time and reducing the risk of errors. In addition, it can generate explanations of the logic and functionality of the contract and provide examples of how the contract can be used in different scenarios.
Create code documentation
ChatGPT can also be used to generate detailed documentation of the smart contract code. This may include descriptions of functions, classes, and variables, as well as examples of how to use the code.
ChatGPT is able to generate documentation templates and integrate with code comments to make the process of documenting code more efficient.
Community Management
ChatGPT can help manage the community by providing automated answers to frequently asked questions, moderating conversations to make sure they stay on topic and following community guidelines, and creating content such as blog posts or social media updates to engage and informing the community.
ChatGPT can be used to analyze and report on community engagement and member sentiment.
Market analysis
ChatGPT can offer a model to analyze market trends or generate a forecast. The chatbot does not know how to do analytics, but it can use expert opinions and other data to generate a forecast. The implementation of forecasts rests on ChatGPT's lack of awareness of events after 2021, but this does not affect the proposal of models for analysis.
Simplify the work of technical support
ChatGPT can answer user questions and take on some of the support workload, as well as being an alternative to automated responses.
Modeling the situation
ChatGPT can simulate:
scenarios during the operation of the blockchain, for example, network performance testing or attacks;
behavior of different users;
scenarios for the functioning of the network with different tokenomics.
White paper development
ChatGPT can write a whitepaper based on a detailed text query and leading questions.Search for mistakes withinside the codeChatGPT can be used to detect and fix bugs in smart contract code. By entering the code and identifying the problem, ChatGPT can generate the necessary fix, reducing the time and effort required to fix the problem.
There are already examples of applications that have been completely created by ChatGPT. Canadian developer Tomiva Odemidan was able to create a working crypto wallet through a chat bot , its presentation and instructions for users.
In addition to helping developers and project creators, ChatGPT can make life easier for investors. As we said earlier, a chatbot can make forecasts, give investment advice, and analyze the situation on the market.
This feature can be used to diversify a portfolio and make decisions about opening or closing positions on certain assets. The question is whether to trust such forecasts and shift the responsibility to artificial intelligence. Also, do not forget that ChatGPT is only well aware of events until 2022.
Let's take a look at specific tips from ChatGPT, which were published in the material on Insider . The recommendations concerned the stock market and other sectors, not cryptocurrencies, but this does not prevent us from evaluating the result.
"During a recession, it's important to have a well-diversified investment portfolio that can weather market volatility."
"Sectors like healthcare, utilities and essentials tend to perform well during a recession because they provide essentials and services that are in demand regardless of economic conditions."
“Bonds are considered a safe haven asset class because they provide a stable income stream and can protect against stock market volatility. During a recession, it may be wise to invest in bonds issued by the US government or high-quality corporations."
“These companies tend to have strong fundamentals, such as high cash reserves and low debt levels, that can help them weather economic downturns.”
“Real estate can be a good investment during a recession because it is a tangible asset that can provide cash flow through rental income. While the real estate market could be hit by a recession, the impact is not as severe as the stock market, and the long-term outlook for real estate remains positive.”
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