Coinbase Explores ChatGPT’s Applicability for Evaluating ERC-20 Security

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Coinbase has done an assessment study to ascertain whether ChatGPT can be used to perform security scrutiny for ERC-20 tokens. Although it did not produce the expected results, Coinbase records that there is a possibility.

Coinbase wants to try a new way of doing things in the crypto market by using ChatGPT to conduct exchanges. That made the company perform the security study and publicize the outcomes on a website on 20th March.

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The study aimed to conduct programmed asset evaluations using Coinbase’s specific ERC-20 token analysis structure. Unfortunately, Coinbase reports that ChatGPT did not attain the precision needed to be incorporated into Coinbase’s pass examination method, although there was a likelihood.

Coinbase contrasted the outcomes of ChatGPT’s evaluation with those of its in-house crew, which has apparatuses to examine blockchain missions. The firm matched the ERC-20 threat tallies between ChatGPT and physical assessment, with ChatGPT providing the same results as the manual review in 60% of the cases. Conversely, in the eight erroneous results, the thinking machine mislabeled a high-risk asset as a low-risk one five out of ten times.

Coinbase further noted that ChatGPT could not know when there is a deficiency in background information to implement a specific security exploration. In addition, the expert system is also susceptible to discrepancies, and routine system advancements may cause information variability.

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Coinbase Executive Previously Tested ChatGPT’s Effectiveness In Finding Security Vulnerabilities

Coinbase has carried out tests with ChatGPT on several instances. Conor Grogan, the Head of Product Business Operations at Coinbase, pointed out that ChatGPT effectively-identified software problems in crypto contracts. At the moment, it is the top-used application in the crypto market.

When ChatGPT was given an Ethereum contract requesting it to identify safety threats, ChatGPT not only found vulnerabilities but also identified a distinct way of exploiting them.

Nevertheless, doubters claim that the artificial retrieval system could have sourced the information from the internet and presented it as its findings. Therefore, it still may need help in identifying undocumented threats.

ChatGPT AI-Language Model Buzzing Across Multiple Industries

ChatGPT has continued to dominate the technology world. The release of the latest model (GPT-4) will create another level of excitement worldwide. Users will be able to perform various tasks, including processing images. Everyone is anxious to know how much the AI model will affect their jobs.

ChatGPT will only control some industries, and developers believe the application will not take over their jobs. However, the obsession with ChatGPT among people has increased the prices of AI-based tokens due to the upsurge being experienced in demand.

It is vital to note that some AI-based tokens in the market must be legit. Unfortunately, several fraudulent projects and scams have taken advantage of the publicity surrounding cryptos and AI to steal money from investors.

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