In this review, we’re examining ChainGPT, an AI model designed to help users with questions about blockchain technology and crypto-related topics, as well as to offer solutions to some of the tasks faced by developers in the sector, such as code debugging, blockchain analysis, smart-contract generating, etc.
Specifically, we’re looking at what ChainGPT is, how it works, what its uses are, and who can benefit from it. In addition, we’ll give you some tips on how to get started with the platform and provide you with a list of some of its pros and cons.
What is ChainGPT?
ChainGPT was founded in 2022 by a small group of software developers interested in exploring the potential of Web 3.0 and developing new AI models. The team covered a lot of ground in the same year, both in terms of developing their AI model and marketing it to entrepreneurs, releasing the initial draft of their whitepaper, and catching the eye of some early investors.
In early 2023, the company dedicated most of its resources to further developing its AI models. The project is, however, still in the limited beta phase, being available only to individual users. However, the company plans to introduce its services to third-party developers and companies via Application Programming Interfaces (API) and Source Development Kits (SDK) in Q2 2023.
In addition to releasing the initial version of the AI chatbot, long-term plans for the company include iOS and Android chatbot apps, a web wallet, a ChainGPT (testnet) blockchain, a prompt marketplace, etc.
How Does ChainGPT Work?
ChainGPT is built on open-source machine learning models that allow it to make use of natural language processing (NLP) algorithms and generate answers that provide users with as precise information as possible. The whole process is facilitated by the transformer architecture the model is based on, as it is designed to process text-based information specifically.
The dataset for the AI model itself covers a wide range of topics in the realm of blockchain technologies, crypto, market analytics, cybersecurity, etc. That enables the AI model to access a large amount of relevant information before presenting it to the user in a coherent and informative way.
In short, the data is accessed through a process that combines the following:
- Tokenization, that is, breaking down of the text-based information into smaller units (i.e., key- and subwords), which allows for more accurate data analysis;
- Part-of-speech tagging, or categorizing words into categories such as nouns, verbs, etc.;
- Named entity recognition (named entities including people, places, companies, etc.);
- Sentiment analysis, that is, assessing the tone and the mood of the text.
The ChainGPT Token
The company has issued its native token ChainGPT under the ticker CGPT. The token has been listed on centralized exchanges such as KuCoin, ByBit, and BitGet, where it can be traded against other currencies, such as BTC, USDT, etc. It is also available on decentralized exchanges such as PancakeSwap.
The token is the core of the ChainGPT ecosystem, and when all the features of the platform are fully released, it will serve as the main exchange medium that each user will be obliged to use in order to access both the core ChainGPT AI model and the more advanced features of the platform.
CGPT holders have the option to stake their tokens and earn rewards for contributing to the token’s liquidity. Half of the profits generated by activities involving the token are used to develop the platform further, while the other half is burned, increasing the value of the token itself.
Those who can benefit from the ChainGPT platform include:
- Crypto investors;
- AI and blockchain technology enthusiasts;
- Crypto market analysts.
ChainGPT (CGPT) token price now:
Products and Services Offered by ChainGPT
ChainGPT offers 6 main services to help inform users on crypto and blockchain topics, as well as to help them work on their own AI models and applications:
- An AI chatbot assistant;
- A smart-contracts generator;
- A development assistant;
- A ChainGPT virtual machine;
- AI non-fungible token (NFT) generator;
- CGPT token staking and farming;
- ChainGPT Launchpad.
1. Chatbot assistant
The ChainGPT chatbot is a free AI-powered conversational assistant designed to provide users with information regarding blockchain and crypto topics.
The AI chatbot doubles down as a news-generating platform that can generate articles on required topics in relation to the developments in the sector. In addition, it has some uses as an AI-trading assistant, helping users analyze charts and historical trading data.
2. Smart-Contracts generator
ChainGPT puts a lot of emphasis on advancing its smart contracts generator, the goal being to allow even inexperienced developers to create and audit their own smart contracts. The user can input their desired parameters, and the tool will provide them with a contract in real time. The code can then be audited on the same platform.
3. Development assistant
ChainGPT’s dev assistant is an open-source browser extension designed to provide users with smart-contract tips. It offers a visual representation of the code, allowing users to analyze its functionality and test all the parameters. The tool requires no registration, and it has a live protection feature that can analyze all transactions made with the user’s browser wallet.
4. ChainGPT virtual machine
The ChainGPT virtual machine is designed to provide users with the benefits of an Ethereum Virtual Machine (EVM) and on-chain AI technology. The virtual machine is fully compatible with EVM, so transferring from one platform to another should not be a problem. In addition, since it supports on-chain AI inference, its AI models can utilize GPU power instead of relying on only the CPU.
The virtual machine allows for:
- Designing contracts and decentralized apps (dApps);
- Image and video analysis;
- Language processing;
- Anti-fraud blockchain counter-measures;
5. AI NFT Generator
ChainGPT uses AI algorithms to generate NFTs (single or multi) based on user prompts, ranging from simple to elaborate descriptions. Upon generation, users can name the NFT, assign a symbol to it, and mint it on the blockchain (i.e., connect it to their wallet). The NFT generator is still in the prototype version.
6. Staking and Farming
ChainGPT features several staking and farming options for users holding the CGPT token.
By staking, that is, by holding on to their tokens and contributing to the security and stability of the blockchain, users can earn rewards such as more voting power in the ChainGPT ecosystem. The same can be done by farming, that is, by investing in the platform liquidity pools.
7. ChainGPT Launchpad
The ChainGPT Launchpad is an initial DEX offering (IDO) platform and incubator for Web3 projects that seek to launch their own token. Those interested in the project can apply for an assessment process conducted by the ChainGPT Team.
The incubation process can take 12–18 months, including preparation, launching stage, and post-launch stages. During the process, the team responsible for the launchpad program helps projects evaluate and adjust their strategies, as well as promote and coordinate their projects.
When projects are ready, they’re further promoted by ChainGPT on their website and integrated within the $CGPT ecosystem before the final release.
The beta version of the current AI chatbot is free and accessible to everyone. However, there will be several (flexible) pricing plans for individuals and businesses once the project leaves the beta phase. Plans will either function on a per-request or per-API call basis and revolve around the CGPT token.
The pricing plans for individuals will include:
The pricing plans for businesses will include:
How to Get Started
Using ChainGPT is rather straightforward: there is no registration or logging-in required, and most of the platform’s features can be accessed immediately from the website without the need for any downloads.
Step 1 — Getting Started
To get started, click on the TRY OUR PROTOTYPE button in the upper right corner of the website (as shown below):
Step 2 — Choose What You Want to Do
Once you’ve clicked on the TRY OUR PROTOTYPE button, you’ll be taken to another page where you can choose which of the ChainGPT services you would like to try. You can ask the AI chatbot questions, look for smart contract advice, and audit your smart contracts:
Step 3 — Connecting Your Wallet
On the ChainGPT app page, you’ll be given the option to connect your wallet to the ChainGPT platform. All you have to do is click on the Connect Wallet button in the upper right corner (as shown below):
When you click on the button, you’ll be able to connect your wallet by scanning a QR code or by selecting a desktop wallet, for example, Zerion, BitKeep, OneKey, Wallet3, etc.
One of the most attractive features of ChainGPT is its focus on crypto and blockchain technologies. With such a limited focus compared to some other AI models that seek to cover a much broader scope of topics, ChainGPT has the potential to become a specialized kind of tool that will streamline a lot of routine tasks faced by blockchain and AI developers and crypto enthusiasts.
Currently, the feature that stands out the most on the platform is the AI solidity smart contract generator and auditing tool. As writing smart contracts can be complicated and time-consuming, a good AI generator could reduce the human error margin and make development more accessible to the general public.
Further, since the company has plans to make the code open-source, the smart contract generator could become highly flexible and customizable, allowing users to tailor it according to their own needs and preferences. That would ensure further development of the model, which would increase its capabilities and, thus, applicability.
Is ChainGPT Safe?
ChainGPT is a relatively safe platform. It is worth mentioning, that the project has been audited by a recognized crypto audit firm CertiK, where it received a solid 91.23 Security Score.
However, since most of the ChainGPT features are in the beta phase, it is hard to judge how secure (and viable) any of the transactions will be. Also, user reviews from the business angle are still not available, as the platform is open to individuals only, so we can only speculate on how things are going to work on a larger scale.
In this line, as a rule in the crypto domain, caution is advised when connecting wallets and investing in or using the CGPT token via third-party exchanges.
The company also makes it clear in its terms of service that it is not registered with any financial regulatory authority anywhere, which is reason enough to be skeptical until the preparations for the full release of all products are finalized.
In addition, the top 100 holders currently hold 99.48% of the CGPT token supply. While this does not necessarily have to signal danger, it is still worth noting if you want to get on board with it earlier.
ChainGPT Pros and Cons
- The AI chatbot provides comprehensive answers to both crypto and blockchain questions;
- The news-generating tool seems to focus on relevant, recent developments in the sector;
- Offers unique products in the industry that are worth trying, like AI NFT Generator, AI Smart-Contracts generator;
- The company posts regular updates on its development and has provided extensive reading material on its website, blog, and social media platforms;
- It can be tried for free.
- The website layout is too elaborate and thus hard to navigate efficiently, especially for a platform with most of its features still not fully available;
- The AI chatbot can be slow;
- Perhaps too much emphasis on the CGPT token;
- The name of the project does not inspire confidence as it appears to be monetizing the hype around ChatGPT;
- The top 100 holders hold almost all of the coin supply.
ChainGPT Customer Support and Community Platforms
ChainGPT has a solid online presence. All information regarding the platform, its policies, and its services is readily available on the company’s website and social media channels.
The team posts regular updates, tutorials, and instructional posts on the blog that will help users navigate the platform more effectively. In addition, there are a few chat groups where users can get in touch with others in the community and stay up-to-date with all the platform developments.
ChainGPT platforms include:
AI Tools: https://app.chaingpt.org
NFT Generator: https://nft.chaingpt.org
Social media channels
CMC Community: https://coinmarketcap.com/community/profile/ChainGPT/
AI is occupying a lot of public discourse nowadays, especially online, and ChainGPT is obviously seizing the opportunity to present its own platform as another player on the market. After all, the name of the platform alone should be enough to convince us that this is the case, being unapologetically similar to ChatGPT, the leading AI chatbot assistant.
Still, some parts of the concept are intriguing, especially the hard emphasis on crypto and blockchain technologies. The crypto news-generating feature of the chatbot, for example, has the potential to be a game changer if the team continues allocating time and resources to advancing it further, and so does the smart contract-generating tool.
Making any final judgment, however, is difficult, as most of the planned features are still in the beta phase and since the CGPT token has not yet been fully implemented into the ecosystem. The ChainGPT roadmap for this year is rather ambitious, though, so we can only be hopeful that all the plans envisioned by the company will come to fruition.
Risk Disclosure and Disclaimer: The information provided in this review should not be regarded as investment advice. Cryptocurrency assets experience high market volatility; therefore, buying, selling, and trading them exposes you to significant financial risks.
Frequently Asked Questions About ChainGPT
What is ChainGPT?
ChainGPT is an AI model designed to provide support in the realm of crypto and blockchain technology. In addition, the platform features blockchain analytics tools, AI-enhanced trading features, smart-contract writing apps, etc.
Is ChainGPT safe?
Yes, ChainGPT is relatively safe, but caution is always advised, and no information provided on the platform should be constructed as financial advice or incitement.
Is ChainGPT open-source?
ChainGPT is not open-source yet, but the company has plans to release the code in the future.
How much does ChainGPT cost?
ChainGPT is free for individual users only, as it is still in the beta phase of development. Once the platform is available to businesses and developers via an Application Programming Interface (API), it will no longer be free, and The users will have several pricing options.