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ChatGPT is an AI-powered language model developed by OpenAI that is transforming the blockchain development space. It simplifies the development process by understanding and generating human-like text, allowing for faster and more efficient development cycles. ChatGPT is a form of artificial intelligence that is trained on vast text datasets and utilizes natural language processing and machine learning to comprehend language structures and patterns. It offers significant advantages in resource optimization and can help developers with code development, module creation, function optimization, and debugging.