Coinbase Tests ChatGPT for ERC-20 Token

Coinbase Tests ChatGPT for ERC-20 Token

Coinbase is demonstrating a greater interest in using ChatGPT in the cryptocurrency business, with the exchange doing a test with the AI app. The San Francisco-based exchange tested the security analysis of ERC-20 tokens and released the findings in a blog post on March 20.

The main goal of the test was to execute automated token reviews using Coinbase’s proprietary ERC-20 token review platform. However, the exchange claims ChatGPT showed potential; it “did not reach the accuracy criterion to indicate that it should be included into our asset assessment process,” said Coinbase.

The outcomes of Coinbase’s internal team’s examination of a blockchain project using its own internal methods were contrasted with those of ChatGPT’s study. In a comparison of 20 smart contract risk scores between ChatGPT and human assessments, the business found that 60% of the time, ChatGPT produced the same outcome. Yet, among the eight wrong outputs, the AI mislabeled five out of 10 high-risk assets as low-risk ones.

In response to particular worries, Coinbase said, “ChatGPT is not capable of detecting when it lacks context to do a meaningful security analysis.” Additional issues were the AI’s propensity for consistency issues and the possibility of output instability from ChatGPT upgrades.

The use of ChatGPT by Coinbase has been tested previously. Conor Grogan of Coinbase said earlier this month that ChatGPT has discovered flaws in smart contracts. It’s one of the most important and useful applications of AI in the cryptocurrency sector to date.

Grogan provided ChatGPT with a live Ethereum contract and asked it to look for any security flaws. It provides a particular way to exploit the contract in addition to finding the exploits.