ChatGPT is causing a stir in the cryptocurrency world. On Twitter, conversations about this artificial intelligence (AI) show the opportunities it offers, including as a tool for developing bigger and better protocols.
In addition, some are already using ChatGPT to trade cryptocurrencies, using the platform to make decisions with real-time price and market data.
ChatGPT allows traders and investors to take full advantage of the price movements of bitcoin and other cryptocurrencies.
This application allows you to interact with the GPT-3 artificial intelligence through a chat interface, which means you can ask questions or provide information to the artificial intelligence and get answers or results in real-time.
But what can this artificial intelligence do for the cryptocurrency ecosystem?
ChatGPT and cryptocurrency trading
A user on Twitter showed how he got ChatGPT to create a basic trading bot using Pine Script, a programming language used for TradingView financial software.
Should I try running this chatGPT generated crypto trading algorithm? pic.twitter.com/0xlFoTNYdL
— Guy 🦇🔊 (@wholisticguy) December 5, 2022
Another user instructed the AI to create a trading terminal, using ChatGPT script code, capable of displaying current orders for the BTC/USDT (bitcoin/tether) trading pair on Binance, using the exchange’s application programming interface (API).
bro it is OVER
— Artur (@tmuxvim) December 4, 2022
In addition, using the right commands, ChatGPT can provide a proper analysis of the efficiency of a cryptocurrency. This is the case for important indicators such as market capitalization, investor confidence, and prices.
This information can help you make a more informed decision on whether to invest in a cryptocurrency.
ChatGPT also helps you make decisive trades or transactions and exploit investment opportunities in a personalized way, based on your investment objectives, portfolio, and risk profile.
Smart contract creation
ChatGPT’s own developers see a future where artificial intelligence can be useful for smart contract developers.
“Combining smart contracts with AI can enable more complex and dynamic contractual interactions. For example, smart contracts + AI can be used to automatically apply payment terms or release funds based on the fulfillment of certain conditions,” Isaac Py, developer of ChatGPT, wrote on Twitter.
1/ Smart contracts are digital, self-executing contracts that use blockchain technology to enforce the terms of the agreement.
AI, or artificial intelligence, is the ability of a machine or system to mimic intelligent human behavior.
— Isaac GPT-4 (@chatgpt_issac) December 6, 2022
The developer added that an artificial intelligence system could assess the potential risks and benefits of a contract and suggest changes to optimize the agreement.
“Smart contracts and artificial intelligence can also enable the creation of self-executing, self-enforcing contracts that do not require human intervention,” he said.
3/ This can help to improve the efficiency and trustworthiness of contract execution.
Smart contract + AI can also be used to automate the evaluation and negotiation of contract terms.
— Isaac GPT-4 (@chatgpt_issac) December 6, 2022
That is, ChatGPT could contribute to the development of a Decentralized Autonomous Organization (DAO), an organizational structure in which control is not in the hands of one person or company.
DAOs use smart contracts on a blockchain and participants use governance tokens to vote on proposed actions.
These decentralized organizations can operate without the need for centralized power or strategic planning, allowing them to make decisions and execute activities based on their smart contracts.
In this sense, ChatGPT can help establish transparency and trust within the organization by building and managing smart contracts, as all actions performed by the DAO are controlled by the fixed rules of these contracts.
What about security?
Dmitry Mishunin, CEO of smart contract review company HashEx, believes ChatGPT will affect the security of smart contracts.
In an interview with Cointelegraph, the expert stated that “AI algorithms can become so entrenched in a niche that they simply stop allowing smart contracts that have not passed implementation verification.”
He believes this will significantly reduce the number of attacks, which will have a positive effect on the entire industry.
Meanwhile, Monica Oravcova, co-founder of cybersecurity firm Naoris Protocol, said AI will highlight vulnerabilities that need to be addressed in smart contracts. That it will “shed light on where humans need to improve.”
“AI is not a human being. It will lack the basic biases, insights, and subtleties that only humans see. It is a tool that will improve vulnerabilities that humans miscode,” he said.
ChatGPT as a crypto-educator
Artificial intelligence systems like ChatGPT are useful for educating and assisting users on topics they want to learn more about, including cryptocurrencies.
Of course, there are countless online resources (blogs, videos, courses, games) that aim to introduce users to the cryptocurrency industry.
However, the problem is how to find all these resources quickly and without sifting through the thousands of options offered by the Google search engine, including misleading ads that could lead beginners to a scam.
In short: Google is basically a digital librarian. It doesn’t know exactly how to answer your question and can only point you to resources it finds useful.
ChatGPT, on the other hand, is a producer of original content, rather than a mere content indexer.
The tool is able to give a simple and straightforward answer to basic questions such as “what is bitcoin?” or “what is blockchain and how does it work?”.
This is because, as an original content creator, ChatGPT does not base its answers on predetermined lines to answer each question, but answers differ depending on the specific circumstances.
This makes it a unique and effective showcase for those new to bitcoin and other cryptocurrencies.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that crypto asset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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