ChatGPT is one of the most notable technology releases in 2022. ChatGPT was initially revealed to showcase the capabilities of GPT-4. It quickly became a popular culture phenomenon. AI is being discussed in mainstream media outlets and dinner conversations for the first time ever. It was unimaginable that this revolution would be caused by an obscure area in AI a year ago.

Jesus Rodriguez is the CEO at IntoTheBlock.

ChatGPT is one of a number of large generative languages models (LLMs) that are transforming content creation, application development, and user experience. There have been many speculations about how ChatGPT or the upcoming GPT-4 type technologies will impact different industries. Web3 is no exception.

ChatGPT has been the subject of much hype in the Web3 space. Crypto media outlets have been openly discussing the role ChatGPT could play in ending Google’s dominance, automating smart contract creation, and making Web3 the predominant architecture paradigm. You can see a different perspective when you compare the capabilities and limitations of ChatGPT with the current state Web3 technologies.

Despite all the talk about ChatGPT there has not been much discussion about its specific capabilities or differentiators. ChatGPT is a significant evolution in OpenAI’s GPT family models, but it has been realized in a very particular dimension. ChatGPT is more adept at following instructions than its predecessors. GPT-3 models were capable of performing a few language tasks, such as text completion, question answering and summarization based on carefully chosen prompts.

Continue reading: Here are the Top 5 Reasons Artificial Intelligence-Focused Cryptocurrencies Outperform Bitcoin

GPT-3 was limited by more general instructions. InstructGPT was quietly revealed by OpenAI in early 2022. This fine-tuned version, which uses reinforcement learning with human feedback (RLHF), to better follow human intentions, was released by OpenAI. OpenAI published the research behind RLHF in 2017. It went mostly unnoticed before InstructGPT was born. InstructGPT, the crown jewel of ChatGPT, is one of the main differentiators from its predecessors. When you use the OpenAI API, it defaults to InstructGPT.

AI communities have recently begun to refer to ChatGPT models with the term “foundation model”. Stanford University quotes this term as referring to the unique ability of these models to be fine-tuned to specific situations. OpenAI has created Codex, a fine-tuned version GPT-3 that generates programming language code. This is what powers programs like GitHub CoPilot. ChatGPT also integrates Codex.

We now have a better understanding of the core capabilities and distinguishing factors of ChatGPT. Now we can extrapolate these to our Web3 universe, and we can start dreaming about the possibilities.

ChatGPT and the foundation model revolution will profoundly impact how software is created across all technology markets. Web3 is a new paradigm in distributed computing. The combination of foundation models such as ChatGPT opens up a world of possibilities. Many of these opportunities are possible today with the technology available.

Known as the search engine in Web3, Explorers are also the building block of human interaction with blockchains. The user experience for blockchain explorers is intended for domain experts. Imagine an explorer that uses ChatGPT to track blockchain activity. A normal user might ask questions like “Are any large institutions transferring funds into Binance?” or “When was something similar?” Or “Are there any interesting patterns within the recent transaction activity?” This is an example of how ChatGPT could help to reimagine the experience of searching.

Smart contracts programming remains a complex task for developers. ChatGPT components like Codex can generate Solidity codes from language descriptions. A smart contract assistant is a tool that allows developers to type in things like “What is the solidity code for requesting a flashloan at Aave?”, and it will generate the appropriate smart contract code snippet.

Read more: Jesus Rodriquez – The Convergence of Artificial Intelligence and NFTs

Although they are time-consuming, costly and tedious, smart contract audits are necessary. The majority of auditing relies on the execution of tests that are often not apparent to smart contract developers. Imagine ChatGPT being able to run smart contract tests using a customized version of ChatGPT. It could accept a language input like “” and run a series of tests on the smart contract.

ChatGPT models have the obvious purpose of enabling a new generation non-fungible tokens that can be used to communicate with humans. Imagine your favorite NFT collection being able to allow you to ask questions about its creator or specific artistic details.

Web3 wallets are the primary entry point to decentralized applications (dapps) in the Web3 universe. The user experience in Web2 apps is being reimagined using foundational models like ChatGPT as a basic construct. We can see a similar trend with crypto wallets. Imagine a wallet interface where a user can express their intentions, request information, or perform specific tasks using natural language. In the coming years, conversation will be a major trend in Web3 user experience.

ChatGPT Foundational models will undoubtedly enable new capabilities in decentralized applications. Web3 however can play an important role in supporting these models. ChatGPT models have raised concerns about auditability. The debate around ChatGPT and similar models has focused on the root causes of untrue, harmful, fake, unbiased, or unfair content. Distributed ledgers provide the ideal technology for enabling trustless transparency and auditability in models like ChatGPT.

Web3 platforms are able to contribute to ChatGPT models through fine-tuning and pre-training. Most organizations do not have the computational resources required to pre-train or fine-tune foundation model results. Blockchains and decentralized computation networks like them can be used to create scalable computation economies that allow for the fine-tuning or pre-training of models such as ChatGPT.

ChatGPT, and the forthcoming GPT-4 release are two of the most hyped technologies in the last 20 years. It is easy to get lost in the hype. However, these models have a real impact on Web3. ChatGPT will not be the only player in this space for much longer.

In the next few months, companies such as Google with their model LaMDA and DeepMind with Sparrow along with Anthropic with Charles and Stability AI with an Open-Source version of ChatGPT will likely be relevant in this market. These models will enable Web3 users to create and interact with smart contracts and dapps. ChatGPT is the new era in Web3 language models.