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Binance supports ChatGPT, Aims to Increase Crypto Literacy and Uses

The crypto giant is pushing for AI integration across the whole crypto business, from trading bots and terminals to smart contracts and market trend analysis and security.

Photo by Jonathan Kemper / Unsplash

The cryptocurrency exchange Binance has spoken out about the latest trend, ChatGPT, expressing optimism about using artificial intelligence in the business.

Binance recently published a blog post underlining (1) the relevance of artificial intelligence technology in improving cryptocurrency in the next years.

As Binance's CEO Changpeng Zhao (CZ) has previously stated, the company uses AI in its risk management and customer support operations. However, the crypto giant is now pushing for AI integration across the whole crypto business, from trading bots and terminals to smart contracts and market trend analysis and security.

Using AI to Teach Crypto

Nonetheless, Binance thinks that the instructional features of ChatGPT will speed up the widespread use of cryptocurrencies soon.

ChatGPT is a step above simple chatbots since it can elaborate on its responses and answer specific questions.

"The most important use case for blockchain technology is answering concerns about how to use blockchain technology and cryptocurrencies... The interactive and conversational nature of ChatGPT makes it useful for explaining complex ideas.

ChatGPT shines when it explains complicated concepts to consumers, like ZK-SNARKS or Account Abstraction. If it returns an answer including terms the user is unfamiliar with, they may check their understanding by asking clarifying questions.

When doing research with Google Search, however, the user is typically needed to wade through irrelevant information before reaching the relevant details.

ChatGPT allows users to study at their own pace and ask as many questions as needed to feel confident that they grasp the topic.

Regarding customer service, Binance believes AI technology may help them save money and "free up people to focus on more difficult duties."

Barriers to Artificial Intelligence

Compared to Binance Academy, an explanation of basic crypto terms and concepts, this approach is preferred. However, "users should be careful that there are a lot of downsides," so be aware that ChatGPT may have some possible pitfalls. Binance warns users not to "turn off their critical thinking" when using ChatGPT because of its "lack of fundamental common sense."

Put another way, "The language model only provides outputs based on probabilistic distributions produced from its training and data."

Due to a lack of recent data, ChatGPT cannot assist with developments in the crypto industry. However, it is crucial to recognize and accept this limitation when employing a language model such as ChatGPT for scholarly or instructional purposes.

Binance considers ChatGPT and other similar technologies essential for individuals working to create in the cryptocurrency field since they optimize and enhance the learning experience.

Due to its flexibility, advanced users have found that ChatGPT is useful for coding trading bots, terminals, and even smart contracts.

ChatGPT, in Binance's view, may help "more sophisticated users" with things like fixing bugs in their code, sparking new ideas, and facilitating the creation of smart contracts.

Since some extremely important smart contracts, like those used in liquidity pools and bridges, cannot be upgraded, all bugs must be eliminated before development begins. Using ChatGPT and similar AI models to scan smart contracts for vulnerabilities might become widespread.

Adding weight to its argument on ChatGPT's significance, Binance quoted a UBS analyst as saying, "In 20 years watching the internet area, we cannot recall a quicker ascent in a consumer internet product."