Bitcoin risks losing some very talented contributors if someone doesn’t step up to pay them for their work, CoinDesk reported. These developers write and maintain the code for the Bitcoin Blockchain.
According to CoinDesk, business grants and voluntary contributions sustain these tasks, thereby making Bitcoin vulnerable to the ebbs and flows of the crypto market and also its goodwill. Many Bitcoin businesses – the main source of those grants and stipends – have tightened their purse strings with the fall in Bitcoin prices.
“It’d be really nice to see more Bitcoin businesses step up,” Bitcoin developer James O’Beirne said.
However, Gloria Zhao, a “maintainer” for Bitcoin Core (or just “Core”) – the most popular software for connecting to the Bitcoin network, does not believe Bitcoin will go bankrupt all the way.
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“Even in the worst-case scenario, there are still several organisations that fund the Bitcoin development. As far as I know, they’re not in a situation where the budgets can disappear, and that includes Spiral and also includes Chaincode Labs and Brink,” she added.
Crypto Prices May Fall Due To US Fed Hikes
Crypto prices could fall further in the wake of likely rate hikes from the US Federal Reserve.
Crypto prices, especially those of Bitcoin and Ethereum, have in the last few years had strong correlations to US equities, especially big tech equities. That correlation has somewhat weakened this year, with crypto far outperforming all of the major US equity indices, such as the S&P 500, Nasdaq 100 and Dow Jones Industrial Average.
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Since crypto is still very much viewed by most macro investors as a “risk asset”, it is unlikely that the correlation with US equities will completely break down anytime soon, which could be a problem for crypto. Mainly, it’s because the equity bear market that began in early 2022 may not be over yet.
Analysts at JP Morgan feel three more rate hikes by the US Federal Reserve could create a new low for US equities.
ChatGPT Can Help Blockchain Developers In These Ways
ChatGPT, a popular application that responds to queries in a novice-friendly manner can help Blockchain developers to gather some analytics from a Blockchain project or the sector at large, including making educated decisions about the development and future course of their project.
ChatGPT also creates the smart contract code for a Blockchain, if necessary parameters and conditions are provided. Further, as an NLP-based model, it can generate justification for the contract’s logic. Small pieces of codes can be generated using ChatGPT to finish a larger code.
ChatGPT can be used to find bugs in the code. It can review the code and write new code snippets to fix the bugs. ChatGPT can spare developers from writing a smart contract’s tedious, but necessary code. It can create document templates and add comments thanks to its analytical capabilities.
NLP training used to create ChatGPT can generate test cases and test data for wallet software to guarantee that it is operating correctly.
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