The Potential of Smart Contracts and the Need for AI
Ever since the rise of Web 3.0, smart contracts have been a topic of interest. However, despite their popularity, smart contracts remain largely unreadable to the average person. This lack of accessibility has limited their potential as “real” contracts. Additionally, while smart contracts are known for their unbreakable nature, this feature does not translate into increased productivity and safety in practical use cases. The solution to this problem lies in harnessing the power of AI.
The Future of Smart Contracts and AI
Smart contracts have the ability to disrupt industries that rely on intermediaries, such as insurance, real estate, and law. They can significantly reduce costs by eliminating the need for third-party verification. AI can bridge the gap between smart contracts and non-technical individuals in two ways: translating existing smart contracts into plain English or translating plain English into smart contracts. However, generative AI poses challenges such as hallucinations, bias, and resource hunger.
The Role of Symbolic AI
Symbolic AI offers a solution to these challenges. Unlike generative AI, it is human-readable and closer to how we think. It does not rely on statistics or data training and can clearly express business logic. Symbolic AI brings transparency, accessibility, and precision to smart contracts without bias or hallucinations. It is also more cost-effective than machine learning.
The Manifestation of Human and Machine-Readable Programming
The future of Web 3.0 without a coding language barrier is promising as it will make transactions more transparent, open, cost-effective, and seamless. Readable smart contracts have the potential to change public perception of Web 3.0 and crypto. While some fear job losses due to the replacement of middlemen with smart contracts, new valuable jobs will be created. The combination of AI and blockchain is giving rise to professions like legal engineers who can understand legalese perfectly.
The Impact of AI-Enabled Smart Contracts
AI-enabled smart contracts will improve transparency and productivity, transforming business and governance. While critics may fear a dystopian era, the reality is that transparent smart contracts will enhance human lives. Trustless AI, which combines human-readable smart contracts with blockchain technology, has the potential to revolutionize commerce, finance, and governance.
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