Bitcoin Needs Donations to Survive, US Fed Hikes May Lower Crypto Prices

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Here are some of the most important developments from the crypto world in recent days

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, corporate grants and voluntary contributions sustain these tasks, thus making Bitcoin vulnerable to the ebbs and flows of the crypto market and also its goodwill. Many Bitcoin companies – the main source of these grants and scholarships – have tightened their purse strings with the drop in Bitcoin prices.

“It would be really nice to see more Bitcoin companies step up,” said Bitcoin developer James O’Beirne.

However, Gloria Zhao, a “maintainer” of Bitcoin Core (or just “Core”) – the most popular software for connecting to the Bitcoin network, does not believe that Bitcoin will go bankrupt all the way.

“Even in the worst case, there are still several organizations funding Bitcoin development. As far as I know, they are not in a situation where their 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 may fall further in the wake of likely interest rate increases from the US central bank.

Crypto prices, particularly Bitcoin and Ethereum, have in recent years had strong correlations to US stocks, especially major technology stocks. This correlation has weakened somewhat this year, with crypto far outperforming all the major US stock indexes, such as the S&P 500, Nasdaq 100 and the Dow Jones Industrial Average.

Since crypto is still highly regarded by most macro investors as a “risk asset”, the correlation with US stocks is unlikely to break down completely anytime soon, which could be a problem for crypto. Mainly, it’s because the stock market that started in early 2022 may not be over yet.

Analysts at JP Morgan feel that three more interest rate hikes by the US central bank could create a new low for US stocks.

ChatGPT can help Blockchain developers in these ways

ChatGPT, a popular application that responds to requests in a beginner-friendly way, can help Blockchain developers gather some analysis 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 the necessary parameters and conditions are specified. Furthermore, as an NLP-based model, it can generate rationale for the contract’s logic. Small codes can be generated using ChatGPT to complete a larger code.

ChatGPT can be used to find errors in the code. It can review the code and write new pieces of code to fix the bugs. ChatGPT can save 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 it works properly.