Etherscan Adds OpenAI Tool To Analyze Ethereum Smart Contracts

With the growing popularity of blockchain technology, smart contracts have become an essential component of the Ethereum blockchain. Accordingly, Etherscan, a renowned Ethereum blockchain explorer, has added a new tool to its toolset that seeks to make analyzing smart contract source code more accessible than ever before.

AI In Crypto: Etherscan Is Setting The Pace

In a recent post on their website, the renowned Ethereum blockchain scanning platform, Etherscan, unveiled a new feature that uses artificial intelligence (AI) to help users to understand the source code of smart contracts better.

This tool, developed by the popular AI firm, OpenAI, enables users to ask for explanations for all or specific portions of a smart contract’s source code. Users can also use a smart contract’s “read” and “write” functionalities to learn more about them, decide how to interact with them, and find their possible uses in decentralized applications (dApps).

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Due to the popularity of OpenAI’s ChatGPT chatbot, interest in AI has increased, prompting blockchain and cryptocurrency companies to provide solutions built on this technology to assist traders and developers. Recently, Bybit, a popular crypto exchange, incorporated ChatGPT into its trading platform.

However, Etherscan has cautioned that the tool should only be used for informational purposes, and users should not rely solely on its answers for evidence or bug bounty submissions. Etherscan encourages users to verify the tool’s responses before taking any action.

To utilize the Etherscan tool named the Code Reader, individuals must establish a connection to OpenAI’s API and ensure adequate usage limits. At the time of writing, Etherscan’s tool does not support chatbot discussions and can only be accessed through individual prompts.

Ethereum To Increase Validator Minimum To 2,048 ETH

In a related development, Michael Neuder, an employee of the Ethereum Foundation, has claimed that there is a need to raise the validator balance cap for Ethereum from the current limit of 32 ETH. Core developers are currently reviewing the proposal, and if accepted, potential validators on the major proof-of-stake network would need a minimum balance of 2,048 ETH.

This new balance requirement would be 64 times higher than the existing minimum. Neuder suggests that although the 32 ETH limit is aiding in decentralizing the Ethereum network, increasing the limit would decrease the validators’ group size and improve the efficiency of the leading altcoin.

He added that the move would benefit large validators like exchanges and institutions, who would find it easier to manage their operations with the increase from 32 ETH to 2,048 ETH. Once this proposal is adopted, validators must increase the number of nodes they operate to remain in business.

It is worth noting that despite the Shapella upgrade, the number of Ethereum validators has remained high, with more people vying for staking rewards. The Ethereum network currently has over 700,000 validators, while another 90,000 actively seek to join the community.

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Meanwhile, a crucial component of the proposal will enable staking rewards to be automatically compounded. As core Ethereum developers discuss the potential challenges of implementing this change, they agree that continued dialogue is important.

Despite the developments, there have been no significant changes in ETH price over the past 24 hours. Current Coingecko data shows that ETH trades at $1,738.

Author: Owen Clark

Owen Clark, a seasoned crypto newsman and broker, deciphers the intricacies of the digital currency realm, empowering investors with his astute analysis and actionable insights.

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