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AI Chatbots in the Crypto Industry: A Blessing or Curse?

AI Chatbot smart digital customer service application concept. Computer or mobile device application using artificial intelligence chat bot automatic reply to online message to help customers instantly.

News about ChatGPT and AI chatbots, in general, are nearly everywhere in social media and major news outlets. But what does it mean for the crypto market and investors?    

What is an AI Chatbot

Automation customer service concept with 3d rendering cute robot working with headset and notebook

Simply put, an AI chatbot is a software that can understand inquiries and provide adequate responses using a combination of artificial intelligence and natural language processing. While AI chatbots have been available for some time, one of the most popular versions nowadays is the OpenAI-made ChatGPT.

AI Chatbots Implemented in Crypto

Cryptocurrency concept with Blockchain text. 3D illustration.

Despite just releasing last November 2022, ChatGPT is making waves in the news for its impact on various industries, including cryptocurrency. However, it could be utilized for both improving and taking abusing the crypto sphere.

The Good…

Crypto project developers and auditors see the potential in using the tool to create smart contracts and review them to detect potential problems. With its efficiency and accuracy in finding exploits within the contracts, it can make crypto transactions safer and more convenient.

However, other crypto experts point out that the contracts it creates may have some issues with implementation. Additionally, as it relies on the information provided, its responses may not be as perfect as initially perceived.

… And the Not so Good

Conversely, as the tool is open for anyone to use, hackers can also utilize it to abuse existing exploits to their benefit. One attacker reportedly detected vulnerabilities on a DeFi platform to take nearly $80 million. Moreover, the rising use of AI chatbots could threaten the job security of crypto auditors, as they can do the same job at a lower cost.

What to Expect from AI Chatbots

As with most technological innovations, AI chatbots are a double-edged sword. Used wisely, and it will further improve crypto projects and make them more appealing to investors. In malicious hands, it can destabilize many crypto projects with various exploit abuses. One thing’s for sure – AI chatbots are here to stay and be part of crypto economics.

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