Binance Sensei: Assessing its Educational Value
Binance, the global cryptocurrency exchange, has recently announced the integration of OpenAI’s ChatGPT into Binance Academy, called Sensei. To evaluate Sensei’s ability to serve as an educational tool, Protos, a news and media outlet, decided to ask it a few questions and document the answers.
Questioning Binance Sensei
Protos began by asking Sensei a simple question: “What is the parent corporation for Binance?” However, Sensei provided articles related to the topic, which did not provide any insight into Binance’s parent company. When asked again for information on the parent company’s country of origin, Sensei redirected the question to check the relevant product website or apps.
Focusing on Cryptocurrency
Moving forward, Protos decided to focus on cryptocurrency-related questions to assess Sensei’s knowledge base. Sensei responded accurately to a question about Craig Wright’s identity as Satoshi Nakamoto, the pseudonymous creator of Bitcoin. However, when asked about the Binance Smart Chain’s halt in October 2022, Sensei provided articles on Binance Coin (BNB), which did not address the question.
Algorithmic Stablecoins
To test Sensei’s ability to advise on types of coins, Protos asked, “Can algorithmic stablecoins work?” Sensei replied that algorithmic stablecoins can work but are subject to volatility and can be difficult to maintain a stable price. However, they are still a relatively new concept, and research and development are ongoing in this area.
An Example of Algorithmic Stablecoin
To follow up, Protos asked, “What is an example of an algorithmic stablecoin that works?” Sensei recommended TerraUSD (UST), which is part of the Terra ecosystem. UST is pegged to the US dollar and uses a combination of algorithms, incentives, and market forces to maintain its price stability. Since its launch in 2020, UST has achieved a high degree of stability and has been widely adopted in the decentralized finance (DeFi) ecosystem.
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