Alchemy’s ChatGPT Plugin Facilitating AI-Powered Blockchain Analysis

Alchemy GPT-4 plugin is set to leverage the potential of artificial intelligence to power user-oriented blockchain analysis.

Alchemy, in a statement conveyed on Wednesday, June 15, lauded OpenAI’s ChatGPT to deliver evolving AI-powered real-time analysis. The statement restates the popularity of ChatGPT is triggering Web3 organizations to leverage blockchain tech exploration.

The blockchain-based platform developer declared the introduction of AlchemyAI as a project featuring GPT-4 plugin suited to conclude blockchain analysis. The firm’s product manager Elan Halpern restated Alchemy’s ideas as targeted at training unique models leveraging ChatGPT oriented to Web3 development-specific. 

Alchemy AI Plugin Converting Natural Language into Userfriendly Output

Halpern added that the plugin involves software add-ons whose design seeks to integrate other applications within the ChatGPT. She observes that the AlchemyAI plugin would convert the natural language inputs, including those seeking to review recent blocks. 

Halpern restated that it would accommodate transactions constituting the block into requests conveyed to the Alchemy API. The AlchemyAI would return the output in a user-friendly format. 

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Halpern, the project leader tasked with developing the ChatGPT-based blockchain analysis, affirmed the utilization of ChatGPT as targeted at bettering user experience. Besides, She emphasized that the AI-powered analysis would deliver real-time fact checks. 

Real time Querying on Alchemy’s ChatGPT Plugin

Halpern relied upon a demo to demonstrate the real-time querying on the Alchemy blockchain, similar to a blockchain developer experience when applying the API and code script writing. As such, the plugin supports the execution of prompts using natural language and normal sentences. 

The move by Alchemy rivals the use of GPT-4 plugins by multiple blockchain analyses. Besides DeFiLlama, Sic, and CheckTheChain, Solana Labs in May introduced the ChatGPT plugin. 

Although Halpern was noncommittal on the date to launch the AlchemyAI suite, the platform is to feature ChatGPT plugin blend with an AI-powered assistant identified as Chat Web3 to expedite the programming process. She likened it to having a partner pairing with nurtured expertise in the Web3 ecosystem. As such, the integration facilitates responses to questions and debugging processes. 

Alchemy Building on Successful Compatibility with Multiple Ecosystems 

The statement revisited Alchemy’s establishment in 2017 as an Amazon Web-based Services type of blockchain. Halpern lauded the software development firm for leaving to expectations to build applications upon various networks, including Optimism, Arbitrum, Polygon, and Ethereum. 

Halpern details Alchemy’s journey as successful in executing projects in open-source developer platforms. In particular, the firm completed creating a decentralized application in February, identified as Create Web3 Dapp (CW3D). She emphasized that Alchemy is oriented to harnessing the power of AI tech in enabling users to understand the blockchain better.  

Halpern reiterated OpenAI’s success in delivering improved user experience within the AI space. She cited the case of feeding prompts that yield real-time results without skimming through the millions of links with potential information as a remarkable milestone by the Sam Altman-led firm. 

Artificial Intelligence Suffers Hallucination and 2021 Cut-off Date

Although Halpern portrayed a bullish perception of AI, she admits the existence of inherent flaws. In particular, she regrets that the ChatGPT is running using the 2021 cut-off date as its default. Besides, she indicated that AI chatbots often make up facts in a phenomenon identified as hallucinations.  

The Alchemy product manager considers it essential to authenticate facts and double-check the output. She considers AI-powered chatbots as vulnerable to abuse and flaws. Consequently, she urges ultra transparency on the training input utilized in the models. 

Halpern challenges developers to prioritize knowing the source of information to avoid overlap between genuine and imitations. She confesses that artificial intelligence is an unmatched game-changer for all parties. Nonetheless, she challenges all stakeholders to authenticate the information output, including those Alchemy utilizes.

Editorial credit: T. Schneider /

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