The artificial intelligence (AI) market is becoming one of the fastest-growing industries in the world. According to market research firm Next Move Strategy Consulting, the current AI market is valued at nearly $100 billion and is projected to grow exponentially.
Given this, it comes as no surprise that chatbots using AI are also on the rise. Recent findings from Precedence Research show that the global chatbot market size reached $840 million in 2022.
AI chatbots for Web3 developers in the works
As opportunities around AI and chatbots flourish within various industries, the Web3 sector has also started to capitalize on this trend, with blockchain companies creating AI chatbots to help developers build applications faster and more efficiently.
Aanchal Malhotra, head of RippleX Research — an organization within Ripple focused on the development and growth of the XRP Ledger — told Cointelegraph that RippleX is currently working on building an AI chatbot to which developers of the XRP Ledger can pose queries:
“Rather than rambling through all of the documentation and client libraries, developers will be able to direct their questions to the AI chatbot to get instant answers. This will make the life of developers much easier as it will shorten the time for ideas to become applications.”
Skale Labs — the team behind the Skale blockchain network — is also building an AI-powered chatbot. Jack O’Holleran, co-founder and CEO of Skale Labs, told Cointelegraph that the Skale network has built-in AI and machine learning capabilities that enable developers to run pre-trained AI models within a smart contract.
“AI-driven smart contracts fire without human intervention in a very high volume manner. This allows developers to build fast and effectively,” he said.
O’Holleran shared that Skale’s AI chatbot will soon be released publicly, stating that one of the primary use cases for AI is engineering development support.
“Devs are now building with record efficiency and productivity thanks to the support of AI. One of the key areas of support is instant access to knowledge of technical and coding documentation,” he said.
Echoing this, Matthew Van Niekerk, CEO and co-founder at SettleMint — a blockchain programming tool — told Cointelegraph that AI tools are becoming essential for developers.
Van Niekerk explained that SettleMint recently added an AI Genie…