AI Can Solve Ethereum’s Biggest Technical Risks, Says Vitalik Buterin
Ethereum co-founder Vitalik Buterin recently talked about the use of AI technology to upgrade the blockchain network. He noted that AI solutions can help in addressing technical concerns in Ethereum design.
He was referring to a bug present in the programming of the network. He posted an update on the matter on 18th February talking about leveraging AI solutions to resolve the issue.
AI and Blockchain
He noted that AI brings important solutions to the blockchain namely technical auditing, bug removal, and formal code verification. On this account, he noted that Ethereum developers are working on integrating AI as part of the Dencun update.
This update is said to go live on the blockchain on 13th March on Goerli testnet. The new deadline was bumped to March from Jan 17th on account of a technical issue in Prsym, a PoS client before finalization.
There are also some parallel opinions about implementing AI on the Ethereum network. OpenZeppelin, a cybersecurity firm conducted tests with AI and blockchain code. As per the experimentation report published in July 2023 developers used ChatGPT-4 for a technical audit of Solidity-based smart contracts. Solidity is the baseline programming language of Ethereum.
AI to Perform Technical Audit of Solidity Smart Contracts
OpenZeppelin’s audit report indicated that GPT-4 was able to detect 20 out of 28 issues in Solidity-based smart contracts. The report further revealed that GPT can be prompted to recheck flaws that have been left unaddressed.
However, the LLM also created an additional non-existing problem or vulnerability. Kang Li, the head of CertiK told journalists from Cointelegraph that utilization of AI-based tech such as ChatGPT to detect errors in coding can sometimes lead to an increase in total security problems.
At the same time, Li noted that it is best to use AI for consultation or second opinion via expert programmers. An expert or trained professional is in a better position to use AI programs such as ChatGPT to improve workflow and output since they have foundational knowledge. He further stated that AI is good for running code analysis to lessen workload and increase productivity.
Buterin is cautiously optimistic about AI. In the past, he also warned developers about mixing AI with blockchain. He noted that developers should practice extreme care when using AI for high-risk programs such as Oracle code.
Commenting on the matter, he explained that prediction markets or stablecoins with an AI oracle base may be susceptible to attack. This means that the project can sustain financial losses.
ERC20 Wallet Drainer Project Gets Business License in UK
Blockchain analytics and cybersecurity firm CertiK recently reported an ERC20 wallet drainer. It is important to note that wallet drainers are scam-as-a-service that help hackers and threat actors siphon off crypto reserves from targeted account holders.
CertiK analysts identified the project as Crypto Grab developed by Nova Drainer programmer. For the most part, crypto drainers are considered unethical and illegal.
However, Crypto Grab received a business license from the government of the UK. The program is now listed on the official website of Companies House. The administrators of Crypto Grab noted that the license will help the project to appear as a legitimate business and pave the way for acquiring EV SSL certifications. Drainers can trap investors by posting misleading URLs that can redirect them to malicious sites.
Scam sniffer, a scam analytics service reported an aggregate loss of $300 million in 2023 to similar draining protocols. Nova Drainer developers also have a strong social media presence using platforms such as Telegram to advertise their services. Some tag lines of the product are steals ERC20 tokens and steals ETH etc.
Additionally, the same party has also started an official website with an embedded YouTube video for its phishing and drainer services. To make matters worse, the platform has also published a detailed document called read.cryptograb.org featuring the certificate of incorporation as evidence of its legitimacy.
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