Binance relies on the ChatGPT AI model

In a recent blog post, Binance stated its support for the AI model ChatGPT, highlighting its potential to help improve cryptocurrency adoption and education. The chatbot developed by OpenAI went viral in a very short time, quickly becoming one of the fastest growing consumer apps in history.

Binance about ChatGPT’s AI: here’s what the exchange said

The cryptocurrency exchange platform Binance discussed the immense potential of generative AI, which seems to have taken the tech world by storm. Within the post, the exchange discussed the potential of AI to accelerate mainstream adoption of digital assets. Specifically, through the capabilities of ChatGPT.

Apparently, ChatGPT has been a consistent headline so far in 2023. The generative AI system has captivated the technology world and has been adopted by consumers on a mainstream basis. It has also been able to demonstrate the untapped market for AI and bring to light how far the industry has progressed.

Now, the largest cryptocurrency exchange platform on the planet has shown its support for the program. In a recent blog post, Binance said it believes ChatGPT will improve cryptocurrency adoption and education. Specifically, through its advanced communication features to better interact with users.

Within the post, Binance noted the biggest advantage of ChatGPT: it is easy to use and its responses are similar to human responses, they have a very fast pace. When discussing these advantages in the cryptocurrency sphere, Binance noted a plethora of potential.

Specifically, arguing that in cryptocurrency adoption, the biggest advantage is how it can be used to answer questions about how to use cryptocurrencies and the technology behind them.

In addition, the post stated the fact that ChatGPT had the advantage of being able to help clarify concepts in an interactive and conversational way. Not only that, users stated that they could continue to ask questions until they felt they fully understood any of the cryptography-related things they were interested in.

AI development should be vital to the education sector for these reasons. Indeed, in the realm of cryptocurrencies, the many who wish to learn more are directed to various online channels.

The AI software ChatGPT in this regard has been another potential outlet that can address specific concerns and points of misunderstanding in the digital asset space.

ChatGPT: what the new AI model is and how it works

ChatGPT is the new model developed by OpenAI and is part of the GPT-3 (Generative Pre-trained Transformer 3) models. These are artificial intelligence models based on unsupervised machine learning.

They work by using a deep learning technique known as transformer, which involves using a neural network to analyze and understand the meaning of a text. ChatGPT, specifically, is part of the InstructGPT family: models trained through deep learning but then optimized through human reinforcement.

A technique known as RLHF, Reinforcement Learning From Human Feedback. ChatGPT was implemented and made public in November 2022. Due to its power and ease of use it is becoming popular on the web and many, given also the possibility of accessing it for free, are discovering its potential.

ChatGPT is part of the so-called InstructGPTs, which are an evolution of previous models based solely on unsupervised learning. Instruct models in fact derive from the original GPT-3, but are optimized through human reinforcement.

Specifically, through a technique called Reinforcement Learning from Human Feedback (RLHF). The difference of ChatGPT from other Instruct models (which are also called GPT-3.5 models, such as text-davinci-003) lies in the way through which the model was trained.

In the fine-tuning of ChatGPT, human supervisors were asked to provide both desired questions and answers. These were used as datasets to optimize the ChatGPT model.

ChatGPT is thus a sister model to InstructGPT, which is trained to follow an instruction in a prompt and provide a detailed response.

Advantages and disadvantages of the ChatGPT AI model according to Binance

Arguably, the biggest advantage of ChatGPT is its ease of use, as well as the way it can generate human-like responses extremely quickly and (as of February 2023) for free.

The fact that it can generate text in response to almost any request and on a wide range of topics, thanks to its diverse training, means that millions of users have found ways to use ChatGPT to make their lives easier.

For example, developers have used it to help debug code, creative people have used it to help write suggestions for stories or song lyrics, and students have used it to help them understand difficult concepts. As long as the request can be formulated as text-based input and output, ChatGPT’s functionality is extremely versatile.

Consequently, the existence of ChatGPT can save time and money. For example, in business terms, tasks that would otherwise require significant human effort, such as answering customer FAQs, could be handled by ChatGPT.

Artificial intelligence can handle a large volume of customer service requests, thus allowing staff to focus on more complex tasks. This could improve efficiency and reduce costs.

On the other hand, although ChatGPT is extremely impressive, users should be aware that there are a number of drawbacks. Yes, it is extremely easy to use and produces compelling answers, but anyone using it should not be too complacent or turn off their critical thinking.

It is important to recognize that ChatGPT has limited understanding and lacks basic common sense. Its responses may seem human, but the bot has no real understanding of the text it is processing.

In fact, the language model is simply producing output based on probability distributions derived from its training and data. This means that it can generate misleading or even incorrect information. Accuracy problems are also related to the quality and substance of the data on which it is trained.

For example, the training data for ChatGPT had a knowledge limit of 2021, so the training process ended before that date. If, for example, ChatGPT was asked about something that happened from 2022 onward, it would have no way of accessing that information.