In the blockchain world, smart contracts stand as critical components, powering everything from simple meme coins to intricate DeFi (Decentralized Finance) platforms. These automated contracts, however, are constantly under the threat of cyberattacks, leading to substantial financial and reputational damages. A group of researchers advocates for the use of artificial intelligence as the most effective defense against such vulnerabilities.

The research introduces “Lightning Cat,” an innovative AI tool designed to preemptively identify weaknesses in smart contracts. This tool, outlined in a research paper titled “Deep learning-based solution for smart contract vulnerabilities detection,” marks a departure from traditional analysis tools. It leverages deep learning to accurately identify potential issues, akin to training a bot in Solidity, the programming language used for smart contracts, instead of English.

The effectiveness of Lightning Cat lies in its foundation on three advanced deep learning models: CodeBERT, LSTM, and CNN. Trained on datasets containing thousands of vulnerable contracts, these models showcase remarkable proficiency. Particularly, the CodeBERT model surpasses static detection tools with a notable f1-score of 93.53%, adeptly understanding the code’s syntax and semantics, thus serving as a reliable auditor for blockchain technology.

A Double-Edged Sword

Despite its advantages, Lightning Cat is not without risks. The researchers acknowledge it as a “double-edged sword,” useful in bolstering smart contract security but also potentially exploitable by malicious entities to find and exploit bugs. To counter this, the researchers emphasize the need for developers to engage in secure coding practices, regular code audits, and secure coding training. They also stress the importance of adopting responsible vulnerability disclosure policies, advising that discovered vulnerabilities should first be privately reported to relevant parties.

Reflecting on past incidents like the 2016 DAO attack, which led to a significant Ethereum theft due to a reentrancy vulnerability, and the 2018 BEC smart contract debacle caused by an integer overflow, the importance of such AI-driven security measures becomes clear. These events not only led to financial losses but also had far-reaching impacts, including the Ethereum blockchain‘s split.

Lightning Cat’s role extends beyond mere detection; it serves as a vital tool for developers to test and secure their creations before deployment. David Schwed, COO of Halborn, highlights in an interview with Decrypt the potential of such tools in preventing DeFi exploits, noting that many breaches result from standard Web2 security oversights.

This initiative is part of a larger movement where AI and blockchain technologies are merging to fortify software security. This includes the development of AI and blockchain-based decentralized software testing systems, which combine deep learning’s efficiency with blockchain’s transparency and reliability. Such systems are not only faster in detecting vulnerabilities but also fit well in remote work scenarios. They utilize the InterPlanetary File System (IPFS) for effective data storage, presenting a holistic solution for secure code development and testing in decentralized frameworks.

yPredict Presale

A discussion of AI would not be complete without mentioning one of the most promising projects in the space at this moment. yPredict, a blockchain-based initiative, is revolutionizing trading analysis with its AI-driven approach. This project stands out by offering actionable insights derived from data, aiming to enhance users’ trading choices. What makes it unique is the validation of all trading models by the yPredict DAO community.

The platform yPredict represents the forefront of trading research and analytics, utilizing artificial intelligence and machine learning to delve into financial markets and extract valuable data. This results in a comprehensive set of predictive tools designed to refine trading methodologies.

The whitepaper of the project highlights the growing difficulty in forecasting market trends. Presently, numerous platforms employ sophisticated algorithms for cryptocurrency trading, significantly affecting crypto price structures. This situation presents traders with the challenge of sourcing dependable information.

In such a scenario, traders often depend on news and public sentiment, lacking a statistical edge. yPredict addresses this gap by offering a variety of tools that furnish traders with analytical metrics and data-driven insights. The platform also introduces a novel prediction marketplace. In this marketplace, financial data specialists can market their predictive models or trading signals, while traders can subscribe to utilize these tools. All these transactions are facilitated using YRED, the platform’s proprietary digital token, creating a unique space for both AI data experts and cryptocurrency traders.

The YPRED token is central to the yPredict ecosystem. Created on the Polygon network and compatible with Ethereum, the YPRED token serves several purposes:

• Free access to the yPredict analytics platform for YPRED token holders.
• YPRED tokens can be used for purchasing subscriptions within the yPredict prediction marketplace.
• The option for investors to stake their YPRED tokens to gain attractive Annual Percentage Yields (APYs).
• A liquidity pool, fueled by 10% of the platform’s revenue, ensures consistent investment returns.

Presale Opportunity

The yPredict presale started in February 2023 and is currently in the final stage. Not so surprisingly, it has become one of the best crypto presales of the year. The platform has already raised nearly $1.5 million in just over two months.

You can participate in the yPredict presale here.

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• Source: https://insidebitcoins.com/news/enhancing-blockchain-security-with-ai-the-lightning-cat-initiative