Binance sees great potential for using AI in the cryptocurrency industry as it shared its view on ChatGPT, Flavor of the Month.
recently blog postBinance has outlined the importance of AI techniques in cryptocurrency optimization in the coming years.
Binance CEO Changpeng Zhao (CZ) has previously confirmed that it is leveraging AI in its risk management and customer service departments. However, the crypto giant is now advocating the importance of integrating AI into other areas of the crypto industry, such as trading bots, terminals, smart contracts, analyzing market trends and improving security.
AI in cryptography education
Still, it is the educational aspect of ChatGPT that Binance believes can imminently accelerate cryptocurrency adoption.
Unlike common chatbots, ChatGPT can communicate in a much more sophisticated way, allowing users to clarify specific terms given in response to questions.
“The biggest advantage in crypto adoption is that it can be used to answer questions about how crypto is used and the technology behind it…. ChatGPT has an interactive and conversational way to help clarify concepts It has the advantage of
When used to educate users on complex terms like ZK-SARKS and account abstractions, ChatGPT helps clarify all aspects of their answers. For example, if the response includes other words that the user is unfamiliar with, the user can ask follow-up questions to make sure they understand the overall concept.
In contrast, when researching a topic using Google Search, users are often forced to read unnecessary content to get to the part they need.
ChatGPT allows users to learn in their own way and keep asking more questions until concepts are fully understood.
Additionally, Binance sees the business benefits of AI technology in reducing costs associated with customer support, “which frees up staff to focus on more complex tasks.”
AI limits
Binance believes this educational method is superior to its own Binance Academy, a resource for general cryptocurrency concepts and terminology. However, he notes ChatGPT’s potential limitations as “users should be aware that there are many drawbacks”. Additionally, Binance believes it is important not to settle for the status quo or “turn off their critical thinking” as ChatGPT “lacks basic common sense.”
“Language models are just generating output based on probability distributions derived from training and data.”
ChatGPT only has access to data prior to 2021, so it cannot support new events and innovations within the crypto space. It is important to understand and accept.
beyond education
In addition to optimizing and enhancing the learning experience, we consider Binance essential for those actively building tools like ChatGPT in the crypto space.
“ChatGPT’s versatility allowed more advanced users to leverage its power to assist code trading bots, trading terminals, and even smart contracts.”
Binance sees ChatGPT as supporting “more advanced users” with tasks such as debugging code, enhancing creativity, and assisting in smart contract development.
Some critical smart contracts, such as those used in liquidity pools and bridges, cannot be upgraded, so the code must be completely bug-free before going into development. Using AI models like ChatGPT to check smart contracts for bugs could become popular to avoid future hacks and exploits.
Binance also echoed UBS analysts’ statement to solidify its position on ChatGPT’s impact.
