As the world digresses toward generative AI, powered large language models (LLMs) like OpenAI’s ChatGPT, a new company called BlockGPT is taking a different approach altogether with the launch of “chat-to-earn,” which is an artificial intelligence (AI) service tapping the power of web3 and blockchain technology.

According to a recent communication from the company, its official native token BGPT will not be the only crypto in its decentralized ecosystem but investors can look forward to another token AIBGPT – being airdropped to the holders of BGPT.

BlockGPT is a token-governed chatbot executing on the blockchain with matching functionality to ChatGPT.

BlockGPT – A Groundbreaking Web3 AI Initiative

The founders of BlockGPT believe it is possible to create an LLM chatbot with a more human touch compared to the likes of ChatGPT but to achieve this, they will rely heavily on the contributions of its community members.

As mentioned, the ecosystem will be powered by BlockGPT (BGPT), the token used to incentivize community members to feed the LLM with valuable questions and data and foster knowledge-based engagement.

Since BlockGPT is built on web3 technology, it will operate within the principles of decentralization such as maintaining transparency, security, and limitless potential.

“We are excited to introduce our innovative chatbot platform, powered by blockchain technology and governed by BGPT,” a BlockGPT spokesperson said. “We believe that our platform will revolutionize the way people interact with AI chatbots and enable more natural, human-like conversations. Our governance token, BGPT, is a key component of our platform, enabling community participation and decision-making. We look forward to seeing the platform grow and thrive.”

What You Need To Know About Web3 Powered AIBGPT & BGPT

The ecosystem’s two tokens BGPT and AIBGPT will exist side to side, complementing each other. The former is the network’s governance token while the airdropped AIBGPT would be a complementary meme coin. Any of the unclaimed AIBGPT tokens would be scrapped from the circulating supply.

In a press release on Thursday, BlockGPT said that “the purpose of $AIBGPT is to encourage community involvement in the project’s governance and decision-making procedures.”

Both BGPT and AIBGPT have been built on PancakeSwap, a decentralized exchange that supports the trading of BEP-20 tokens.

It is worth mentioning that AIBGPT and BGPT values are expected to be intertwined such that if BGPT completes the first presale stage successfully it will assume the price of $0.0000077, which is the lowest price in the initial two stages of the presale.

“If the price of $AIBGPT rises too high, holders can swap their $BGPT for $AIBGPT, and vice versa if the price of $BGPT becomes too high. This mutually supportive economic model ensures that the prices of $AIBGPT and $BGPT are intertwined,” the press release said.

The initial utility BlockGPT is offering is a “chat to earn” reward system, allowing users to earn NFTs and selected token prizes for their engagement in chat sessions with the AI model.

BlockGPT NFT – Symbolizing Ownership and Access To Services

BlockGPT NFT serves as an inimitable representation of BlockGPT’s identity and rights in the web3 ecosystem. The token is essential in the community as it symbolizes ownership while providing access to various services and features on the network.

Based on the whitepaper, available on the BlockGPT website, the ecosystem will support not less than six generative pre-trained transformer (GPT) models, trained with a propriety dataset.

“One of the key differences between BlockGPT and ChatGPT is that BlockGPT can pull real-time data, crypto prices, the latest news, and research to stay up-to-date with accurate information,” the team said in a press release. “ChatGPT, on the other hand, is limited without an internet connection and has only been trained with approximately 1% of available information on crypto and blockchain, potentially leading to inaccurate information.”

However, the whitepaper did not give any details regarding the size of the corpus or the number of parameters that were used to train the model, not even technical AI specifications. However, the paper alleges that it was specifically trained to respond to blockchain-based queries.

“BlockGPT was trained using a vast dataset of Blockchain-related information, resources, and research papers. […] As a result, BlockGPT is now capable of comprehending and answering an extensive range of questions related to Blockchain technology.”

The team behind BlockGPT added in the whitepaper that their model will would give developers a chance to activate “on-chain AI inference through its essential AI Inference Engine” and that it used the Synapse engine to develop “a reliable framework for building DApps and smart contracts that leverage AI technology.”

The debut of BlockGPT coincides with a surge of interest in both artificial intelligence and digital tokens. Recently, meme coins like Dogecoin (DOGE), valued at $0.07, and Pepe (PEPE) have grabbed headlines.

Meanwhile, the rivalry among OpenAI’s ChatGPT, Google’s Bard, and an array of other chatbot solutions has been a hot topic in the tech media landscape for some time.

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