Binance is announced Integration of Sensei, OpenAI’s ChatGPT into Binance Academy. To assess Binance Sensei’s ability to serve as an educational tool, Protos decided to ask a few questions and document the answers.
The first question was straightforward.
Who is the parent company of Binance?
Answer we received:
There are several articles related to this topic.We recommend reading the following.
This was followed by links to articles by Binance Labs, Binance Academy 2021 Year in Review, and Binance Ecosystem Fund, but none offered any insight into Binance’s parent company.
Undeterred, we asked:
No one shared what the parent company of Binance is. If you can’t share that information, could you at least tell us what country the parent company is in?
The teacher replied:
Thank you for your interest in Binance. As we are constantly enhancing our services, we encourage you to check his website or app for relevant products for the latest information. My area of expertise is Binance Academy and general cryptocurrency knowledge.
Unfortunately, Sensei, like Zhao Changpeng, seems reluctant to share this kind of information.
Optimistically hoping that the teacher could at least explain why Binance made its operational decisions, I attempted the following questions.
Why does Binance store corporate cryptocurrencies in the same wallet as client cryptocurrencies?
Unfortunately, the teacher did not provide a direct answer to this question. Instead, an article explaining custodial and non-custodial wallets, and an article explaining the best wallets for BSC, and crypto to her Binance chain that went wrong.
Read more: Crypto Bracing for OpenAI’s New GPT-4 Impact
It seemed to me that we needed to focus more directly on the cryptocurrency question to get a straight answer.
Is Craig Wright Satoshi Nakamoto?
The teacher answered appropriately:
There is no conclusive proof that Craig Wright is Satoshi Nakamoto. The identity of Satoshi Nakamoto remains unknown.
Okay, so even if you don’t know where the company that runs it is, you at least know something.
Then I decided to see if I knew the history of the BNB chain so I asked:
Why was Binance Smart Chain suspended in October 2022?
The teacher was unhelpful with some articles on BNB.
Perhaps Sensei could be helpful to users trying to understand the regulatory framework surrounding cryptocurrencies, so he asked:
What does “Research Report Under Section 21(a) of the Securities Exchange Act of 1934: DAO” say about cryptocurrencies and securities?
The teacher seemed to be able to accurately summarize the impact of this report and replied:
The report concludes that DAO tokens are securities and are subject to federal securities laws. It also states that other cryptocurrencies or digital assets may also be considered securities depending on their specific characteristics and how they are sold and used.
Then I decided to see if I could get a more general overview, so I did:
What does “Research Report Under Section 21(a) of the Securities Exchange Act of 1934: DAO” say about cryptocurrencies and securities?
The teacher kindly replied:
This report did not specifically mention BNB as it was issued in 2017, before Binance launched the Binance Smart Chain and BNB became a utility token. However, other cryptocurrencies or digital assets may be considered securities depending on their specific characteristics and how they are sold and used.
We asked our teacher about this issue and asked:
Will BNB be sufficiently similar to the DAO Tokens described in “Research Report Under Section 21(a) of the Securities Exchange Act of 1934: DAO” to be a security?
Apparently our game-wise teacher pointed us to some useless articles. Having noticed the teacher’s reluctance to discuss the details of her BNB regulation, we focused on some crypto basics that those attending the academy might want to know. I moved on and asked the following question:
What is a Bitcoin overflow event?
The teacher said:
The Bitcoin Value Overflow incident was a software bug in August 2010 that created 184 billion BTC out of thin air. The bug was quickly fixed, rolling back the blockchain to erase the fraudulent transactions and ensure the integrity of the Bitcoin network.
However, it is highly questionable whether the transaction was fraudulent, as it is permitted by the protocol implementation.
To see what my teacher’s knowledge looked like, I decided to try another Bitcoin question and asked:
Has Changpeng Zhao ever advocated Bitcoin rolling back the blockchain?
The teacher couldn’t answer the question. After Binance was hacked, Zhao suggested that Bitcoin roll back her network, a historical detail apparently unknown to the teacher.
When we asked, the teacher didn’t even want to talk about Zhao’s history:
What did Changpeng Zhao do while working at OkCoin?
Suggest contacting him on Twitter.
It’s clear that chatbots don’t have a deep understanding of these topics. Indeed, when we asked:
What are Ethereum’s irregular state transitions after DAO hacking?
The teacher was mostly correct and answered as follows.
After the DAO hack, a hard fork was implemented on the Ethereum network to return stolen funds to investors. However, this resulted in an erratic state transition where the old chain continued as his Ethereum Classic and the new chain became his current Ethereum network.
I felt it would be more accurate to say that it introduced the erratic state transitions that caused the hard fork, as some validators chose to stay with Ethereum Classic instead of accepting it, so I asked the teacher to: I told him so.
you have the arrow of causality backwards.
This led Sensei to suggest:
Ethereum’s irregular state transitions were responsible for the DAO hack, not the other way around.
This is much more wrong than the first answer.
Then I decided to assess the teacher’s ability to advise people about coin types, so I asked briefly.
Do algorithmic stablecoins work?
The teacher declared:
Yes, algorithmic stablecoins work, but they are subject to volatility and can be difficult to maintain a stable price. They rely on complex algorithms to adjust the supply of circulating tokens according to market demand and stabilize their value. However, they are still relatively new concepts and research and development in this area is ongoing.
So I decided to see if there were any good examples of stable coins of working algorithms, and asked:
What are examples of algorithmic stablecoins that work?
Teacher Recommendation:
An example of an algorithmic stablecoin at work is TerraUSD (UST), part of the Terra ecosystem. UST is pegged to the US dollar and uses a combination of algorithms, incentives and market forces to maintain price stability. Since its launch in 2020, it has achieved high stability and is widely adopted in the DeFi ecosystem.
Read more: Terraform Labs co-founder Daniel Shin and nine others have been indicted in South Korea.
Seeing my teacher promoting an algorithmic stablecoin that collapsed and destroyed billions of dollars in nominal value made me a bit uneasy about whether this technology was ready for prime time so last I asked one question to
Does Binance US have employees in China?
Unfortunately, the teacher did not answer, but Bloomberg reported today that Binance US relies on Chinese tech workers.
Sensei, like many chatbots, is not very accurate or insightful, and primarily acts as a search engine for existing articles on Binance Academy.
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