ChatGPT 🤝 Web3: the Power Duo!

Hey everyone!

We've seen some pretty amazing advances in AI lately, and chatbots are just one of the many cool things that have changed the way we interact with machines. But it doesn't stop there - chatbots have also made their way into the Web3 world, and they're transforming how we interact with decentralized apps.

In this issue, we're looking into the impact of chatbots on Web3. We'll talk about the advantages they bring, like improved user engagement, smoother user experiences, and more accessibility. We'll also discuss some of the challenges that come with developing chatbots in this new frontier, like natural language processing and privacy concerns.

So, let's dive in and discover the exciting world of chatbots and Web3! Grab a cup of coffee and let's get started!

… now what if we told you that we didn’t write that… It was actually a combination of ChatGPT and Notion’s AI programs 😅… all by entering a few commands... Crazy because we even had ourselves fooled! But let’s not wait any longer for these Artificial Intelligence programs to catch-up. Let’s explore what Chatbots mean for the future of Web3.

But first, what are Chatbots?

Let’s start with an example that we’re all probably familiar with. Think about the last time you went to a company’s website to get in touch with customer service. You go to the “Help” section and select “Chat with an agent”, only to realize that this “agent” is actually just responding with a set of pre-curated answers that usually have some limitations. At the most basic level, Chatbots are powered by computer programming and designed to imitate real life conversations with humans. 

The Chatbots of today are taking it a step further than the customer service bots we’re familiar with…they’re lowkey going straight super saiyan. In fact, a recent experiment was done by one of our Wharton professors to see what an emerging chatbot, ChatGPT, would get on a Wharton Operations Management exam and it passed with a B/B- 🤯. As you can see, what we’re diving into today is a lot more advanced, with a lot more razzle dazzle. 

One of the most popular ones (which we’ve already mentioned twice in this article alone) is ChatGPT by OpenAI–a natural language processing tool driven by AI technology that allows you to have human-like conversations. ChatGPT is leading the way in popularity among the average person, like us. It’s what you see in the news and on Twitter most for good reason because the interface is user friendly and the technology tends to give correct and reasonable answers.  It also has an eye on its opposition. 👀

Can we get into the simple, easy-to-understand language? And the range of competitors? ChatGPT is really that girl!

What can Chatbots be used for?

Let’s ask. 😊

Thank you, ChatGPT, thank you very much. 

Now that we understand what Chatbots are and how platforms such as ChatGPT have the potential to impact our lives, it’s time to dive into how this relates to Web3.

Chatbots 🤝 Web3

Before diving into the future of Web3 and chatbots, let’s think about Web2 for a second. Presently the entire ecosystem of the internet, from which websites you look at to learning something on the internet hinges on one thing - search. And who dominates search? Google. And how does Google make money? Advertisements (over 95% of the revenue comes from it).

Naturally, everyone wants a piece of Google’s algorithm - tweaking their websites to optimize for searches and get pushed to the top of the website. And us as users, our data is sold to these advertisers who now pay fees structured on “page views”, “uniqueness”, and even number of sessions. 

But an AI-driven Chatbot can change that.

Instead of getting bombarded with potential answers and websites to queries that may or may not have been pushed by advertising dollars or Google’s algorithm, within seconds you can get an answer to your question on a chatbot.

While many people (even some of you reading this, and that’s okay) are skeptics of Web3, chatbots might actually make that bridge a bit easier for you to cross:

• Security & Transparency: applying blockchain technology, where all history of a transaction is verifiable for everyone, the chatbot may be capable of gaining higher levels of trust from users

• Ease of use: if you’ve played around with ChatGPT, it's a pretty simple interface for something so complex and built on massive amounts of data. People already think that Web3 is “complicated” or “confusing”, but imagine a user-friendly chatbot that makes your life onboarding so much easier.

Once we bridge that gap and build chatbots that are prepared to search across a decentralized internet, there’s an endless amount of possibilities.

And what exactly can we do with Chatbots in Web3?

It’s safe to say that foundational models of chatbots, like a ChatGPT, have a blank canvas of opportunities in the Web3 world. Here are just a few that people have been speculating about online:

• Language based exploration: We know the blockchain is transparent and anyone can access them at any time, but have you tried to search across many at once just to answer a simple question? If a chatbot was built around blockchain activity, you could ask it any question like “any large institutions move funds to Coinbase?” and get an answer in no time. 

• Smart contract development and testing: programming smart contracts is often in the hands of the developer, but wouldn’t it be great if everyone could do it? Insert a chatbot that could do it for you. Now how do you make sure you did it right? With a chatbot, they could run a ton of tests on your smart contract faster than a group of humans could - giving you an even greater sense of security. 

• NFTs: Let’s all say this together - NFTs are more than JPEGs on the internet. The use cases for an NFT can range from an artist’s latest single to owning real-world assets like a house. Now imagine a new wave of NFTs that employ conversational intelligence. Now you can ask questions about what inspired the creator to make a particular NFT or even specific details about that house you’re putting a down payment on in ETH.

• Conversational wallets: if you want to play in the web3 game (e.g., buy an NFT, get some ETH), you have to have a wallet. And it’s safe to say, even as people who have bought NFTs a few times, the wallet experience can be confusing. Imagine a world where the wallet experience can be distilled to you, the user, expressing what you want to do in plain english and the wallet acts on it, pulling the information you need and ultimately performing the transaction. 

What does this mean for you?

Well, a lot. These platforms are going to drastically transform the way we access information, communicate with each other, create, learn, and operate in society. Of course there are valid concerns around what this means for certain jobs and even the value of traditional education, but ultimately with any technological advancement society adapts, we upskill, and the systems adjust to the new way of life. For example, Kendall’s “Change, Innovation, and Entrepreneurship” professor, Ethan Mollick, had a whole assignment where the class had to write individual reflection papers using ChatGPT. While most professors are banning it from classrooms, he’s an advocate for getting students comfortable with using the platform, crafting strong prompts, and delivering high quality work using this accessible technology. Read more about his tips related to AI-powered work here. 

Be sure to check out the platform and explore it for yourself, too! It’s honestly super cool to use, so enjoy. 😄

Thanks for reading!

— Chad & Kendall