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Vitalik Buterin Floats Idea of AI-Based Code Audits, Ethereum Project Developers Back Him Up

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In 2023, crypto users lost an estimated $2 billion to hacks and scams, with Ethereum experiencing the highest losses due to its extensive ecosystem and high-profile projects.

Code audits may present a possible application for artificial intelligence (AI) projects looking to use the new technology, Ethereum co-founder Vitalik Buterin said in a tweet earlier this week amid a surge in AI-related tokens.
“One application of AI that I am excited about is AI-assisted formal verification of code and bug finding,” Buterin said. “Right now ethereum’s biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing.”
The AI sector has reemerged as an investment narrative in the past weeks amid new product releases by OpenAI and market-beating results of chipmaker Nvidia (NVDA). Prices of some AI tokens have more than doubled in the past week on the hype, CoinGecko data shows.

AI broadly refers to the simulation of human intelligence using programs that think and act like humans. Popular applications for this technology have so far been limited to chatbots, self-driving cars, optimizing search in online marketplaces and image-generation software.
Buterin’s idea of using AI for code audits could bolster security in an industry known for exploits and scams, two Ethereum-focused developers told CoinDesk this week.
How can AI help code audits?
Blockchain projects already conduct smart contract audits with the help of various automated tools, but a major limitation of these programs is that they are not capable of adapting to new information in the way an AI tool can, one developer explained.
“AI can be trained to recognize and adapt to new information and context, making it more effective at identifying vulnerabilities that may not be covered by static analysis rules,” a TokenFi developer who wished to stay anonymous told CoinDesk in an interview. TokenFi, a sister project of meme coin Floki, is building an AI-assisted code auditing platform.
“AI tools can be updated with new datasets and patterns, and this adaptability is crucial in the rapidly evolving landscape of smart contract security, where zero-day vulnerabilities can emerge, and existing ones can be exploited in novel ways,” they added.
“AI’s ability to learn and improve over time, combined with its capacity for deep analysis and pattern recognition, positions it as a powerful tool for pushing the limitations for human-assisted audits,” the developer explained.

Another developer believes that AI systems could predict vulnerabilities based on historical and forecast data. AI examination, along with human inspection, could ultimately create a strong system check mechanism.
“We can speed up the process by teaching AI systems what to look for based on previous experiences, allowing us to detect potential concerns before they escalate,” explained RJ Ke, developer at Ethereum layer-2 Taiko, in a Telegram chat. “AI may assist with highly technical tasks such as ensuring that the code behaves as expected under various conditions.”
“This combination of artificial intelligence and human inspection not only strengthens our code but also offers us hope for even more exciting advances in the Ethereum ecosystem this year,” Ke noted.
Extent of losses
Crypto users lost an estimated $2 billion to hacks and scams in 2023, as reported, with a large majority of these losses stemming from protocol exploits or attacking poorly coded systems.
Ethereum, the biggest blockchain by active users and value locked, experienced the highest losses, with about $1.35 billion erased in an estimated 170 incidents.

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Source: CoinDesk

The post Vitalik Buterin Floats Idea of AI-Based Code Audits, Ethereum Project Developers Back Him Up appeared first on HIPTHER Alerts.

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Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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