By
Steve Muchoki
April 24th, 2024
The launch of Binance Sensei is not Binance’s first foray into the world of AI.
The largest cryptocurrency exchange Binance has launched Binance Sensei, an AI-powered tool to aid Web 3.0 education. Binance is integrating the chatbot into its learning platform, Binance Academy. Consequently, users will be able to obtain digestible educational content based on their queries.
Binance Sensei is powered by OpenAI’s ChatGPT, an advanced language model that uses machine learning to provide human-like conversational interactions on any subject matter. Upon launch, Binance Sensei tells users, “I am powered by ChatGPT and trained with 1,000+ articles and glossary entries from Binance Academy.”
Currently only available in English, Binance Sensei provides a brief 150-word summary response to any query. Meanwhile, Binance Sensei claims its answers are for general information and may not be representative, complete, or accurate.
Binance Sensei Part of a Growing Trend
The launch of Binance Sensei is not Binance’s first foray into the world of AI. Previously, Binance announced the launch of Binance Bicasso, an AI NFT generator. Binance Bicasso allows users to create custom images using artificial intelligence, and mint them as NFTs on the BNB Chain.
The recent launch merely underscores the greater integration of AI into user-friendly tools that cater to users’ needs. Binance is not alone. Recently, big tech firms like Google, Microsoft, and Alibaba have announced plans to launch their AI tools.
Interestingly, as more companies seek to harness the power of AI across industries, many pitfalls are becoming clear. Recently, crypto scammers have used AI to create fake CEOs, generate fake interviews, and run Ponzi schemes. Also, they have been used to imitate famous musicians like Drake.
Regulators Increase Scrutiny of AI-powered Tools
The negative use of the technology has sparked an increase in concern over its capabilities if left unchecked. Industry insiders are speculating about an upcoming regulatory crackdown on AI as its use becomes more prevalent.
Recently, the California Department of Financial Protection and Innovation (DFPI) sent cease and desist letters to companies it claimed were profiting from the AI hype train. Likewise, Italy placed a summary ban on the use of ChatGPT within the country citing transparency issues.
Across the European Union, regulators are also considering the use of AI algorithms by Big Tech companies. In China, authorities are mandating a security review for all AI services within the state.