Etherscan has a new AI-powered ‘Code Reader’ for analyzing smart contract code.

Artificial Intelligence (AI) is rapidly advancing and new AI tools are being developed to read and implement codes. Etherscan, the Ethereum blockchain explorer, has recently introduced a new AI tool that utilizes Open AI’s large language model.

The new AI tool from Etherscan helps users understand the source code of any smart contracts. Etherscan stated that its AI tool ‘Code Reader’ is currently in beta and will be used to “gain deeper insights into the code by generating AI prompts for specific code sections or functions that you want to understand better”.

The tool responds to targeted questions by providing AI-generated explanations for specific smart contract codes, allowing users to delve into the inner workings of the code. Etherscan said that “This feature is particularly valuable when interacting with a smart contract for the first time, as it provides a thorough understanding of its operations and functionality.”

To use ‘Code Reader’, users need a valid OpenAI API Key along with sufficient OpenAI usage limits. The good thing about ‘Code Reader’ is that it doesn’t store any API keys. Code Reader has various purposes. It can help users understand the code of contracts better by providing explanations generated by artificial intelligence. It can also provide a detailed list of functions related to Ethereum data in smart contracts, and help users comprehend how the contract interacts with decentralized applications.

“Once the contract files are retrieved, you can choose a specific source code file to read through. Additionally, you may modify the source code directly inside the UI before sharing it with the AI,” the page says.

Etherscan Is Riding the AI Boom

The current boom around artificial intelligence (AI) technology has pushed market players to explore the possibility. Furthermore, tools such as code interpreters are making things a lot more exciting for users.

Ethereum is the latest to join the bandwagon, however, it has advised users not to assume that all answers are correct. “Don’t assume answers are correct!” Etherscan warned on Twitter. “This is very much a *Beta* release – please let us know what you’d like us to add or improve!”

As AI technology continues to grow, experts are raising concerns about the feasibility of current AI models. A report by Singaporean venture capital firm Foresight Ventures highlights that computing power resources will be a crucial factor in the next decade. While there is a rising demand for training large AI models using decentralized distributed computing power networks, researchers point out several challenges. These include difficulties with synchronizing complex data, optimizing networks, and addressing concerns about data privacy and security.