GoPlausible, a team of developers, has recently launched AlgorandExplorer, a powerful tool designed to enhance the user experience of interacting with the Algorand blockchain. This innovative explorer combines the capabilities of ChatGPT with the functionality of a proof-of-stake blockchain, making it easier for users to navigate and explore the Algorand ecosystem.
In a Medium post published on October 10th, the GoPlausible team stated that their primary goal with this plugin is to address the challenges faced by Algorand indexers and ultimately simplify the process of exploring the smart contract platform. Traditionally, users have relied on indexers to search and query the blockchain, as these indexers are responsible for maintaining a searchable database that contains all relevant data, including transactions and blocks. ChatGPT launches Algorand Explorer, can it help ALGO against sellers?
By offering a user-friendly interface, AlgorandExplorer not only allows users to explore the Algorand network but also provides advanced features such as semantic conversational searches, enriched data with logs, and related transactions. These features enable on-chain searches to be more efficient and effective by allowing users to reason with the data in a more meaningful way. Additionally, the explorer will integrate a language translation tool, enabling users from different parts of the world to explore Algorand using their native language.
Overall, AlgorandExplorer by GoPlausible is set to revolutionize the way users interact with the Algorand blockchain, providing a seamless and intuitive experience for exploring and utilizing the platform's decentralized applications (dapps).
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The AlgorandExplorer is currently in development and GoPlausible plans to include more enhancements in future versions, such as Algorand Request for Comments (ARCs) and technical documentation. While Algorand is not the only platform investing in AI, Solana recently announced their integration of a ChatGPT plugin focused on non-fungible tokens (NFTs). This plugin facilitates the buying and listing of NFTs and can interpret data to find the floor price of NFT collections listed on the blockchain. The floor price is the lowest price at which an NFT in a given collection can be sold.
The ALGO Sell-Off Continues: Will Prices Sink To New Lows?
The recent actions taken by the Algorand Foundation have sparked increased interest among users to explore and analyze transactions on the smart contract platform. However, these developments have not had a significant impact on prices. The sell-off of ALGO tokens was further intensified by the allegations made by the United States Securities and Exchange Commission (SEC) in June, stating that ALGO and other cryptocurrencies like Axie Infinity (AXS) and Cardano (ADA) are unregistered securities.
Currently, ALGO is experiencing downward pressure and is consolidating within a narrow range, reflecting the sell-off that occurred in August. Based on this pattern, the coin is technically considered bearish and is trending within the bearish bar of August 17, which saw a high trading volume.
According to trackers, the coin has experienced a decline of over 70% in the past year of trading. The daily chart shows that ALGO is currently trending downwards, erasing the gains it made in the first week of October. ALGO is approaching its all-time lows from August, which is not a positive sign. The primary supports for ALGO are at $0.08, and if they are broken in Q4 2023, there is a possibility that ALGO may experience even further decline, reversing the gains made in 2021.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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