Binance Academy has joined the generative artificial intelligence (AI) trend with the launch of its ChatGPT-based chatbot named Binance Sensei. The academy announced the launch of the AI-powered chatbot on Monday amid the growing demand for AI-based learning solutions.
Binance Academy Adopts AI
According to a statement from Binance, the launch of Binance Sensei, an artificial intelligence chatbot powered by ChatGPT, will help users obtain accurate answers on the Binance Academy platform. The ChatGPT-driven software has reportedly released over 1,000 articles and courses on the Binance education program.
Based on the disclaimer on the Binance Academy page, the new learning software is only designed to help users gain answers to questions using content from the exchange’s education platform. In addition, the disclaimer indicates that Binance Sensei is not programmed to provide advice to the user’s intended query.
According to Binance, the responses are for informational purposes only, and the academy noted that they do not purport to reflect the opinions of Binance Academy. Apart from this, Binance Academy revealed that the education platform would not be responsible for potential mistakes or results.
It is worth noting that Binance Academy is the educational arm of Binance, the world’s largest crypto exchange. The exchange established the academy to provide users with free resources and articles on crypto, blockchain technology, and Web3.
It seeks to equip users with knowledge of the rapidly evolving crypto industry and help them understand how to participate in and navigate it.
The Rise Of Generative AI
With the latest unveiling, Binance Sensei has become the newest chatbot to be released by a crypto company in recent weeks. The rise in generative AI continues to gain traction thanks to the launch of ChatGPT last November.
ChatGPT was developed by an AI research firm OpenAI and has since become the fastest-growing AI-based software on record after reaching 100 million users just two months after its release. Its unprecedented growth and popularity have left many tech firms and startups scrambling to tackle the growing demand for generative AI products and services.
To leverage ChatGPT’s features, Microsoft implements the OpenAI proprietary technology into its Bing search engine to challenge Google’s dominance. In response, Google released BARD, ChatGPT’s competitor, in February 2023, but the chatbot committed a costly mistake after giving an incorrect answer.
As a result, Google’s parent company, Alphabet Inc, lost $100 million in market valuation after the fatal error. However, experts are concerned that Goggle’s BARD error highlights the biggest flaw of using chatbots to replace search engines because they believe that chatbots sometimes make up answers that are not accurate.
After Google’s incident, Microsoft posted a disclaimer stating that its Bing search engine is AI-powered and that mistakes are possible. Meanwhile, many companies are looking to take advantage of the demand for generative AI in the crypto space.
Early in April, the Layer-2 scaling solution, CryptoGPT, reportedly raised $10 million in funding to expand its AI development team.