Synthetic Minds is a startup that can help blockchain companies build more trust in their smart contract code. The graduate of the recent Y Combinator accelerator summer class Synthetic Minds a few days ago announced that it has been successful at raising $5.5 million in its new funding round.
Khosla Ventures and a cryptocurrency-focused fund Pantera Capital invested in the fund. Prior to that, the startup received funding from Y Combinator. The core technology of the startup works on program synthesis which is a part of formal methods and a branch of computer science discipline. Formal methods are used by NASA for ensuring mission-critical software’s safety in the Mars Rover and space station.
Synthesis Minds have combined both formal methods as well as its program synthesis to build an automation that can read and write computer code much better than humans. The technology is highly applicable in cases where the software represented high permanence and value.
These characteristics are shared by both the blockchain code and the space applications. Since smart contracts are permanent more than $100 million bugs disabled some of the big important projects based on them, Venture Beat reported. By using Synthetic Minds, the blockchain companies struggling to keep such bugs away that can build more trust in their respective smart contract code.
Run by its founder Saurabh Srivastava, the company product is now ready and has already attracted multiple paying customers and expects to attract at least 10 customers by this year-end. According to Srivastava, ”Synthetic Minds was created with the objective of bringing automation to coding. Specifically, our code analysis tools read code better than humans, and we are getting close to automation that can write code better, as well. Our long-term mission is to make software creation accessible to everybody, especially non-programmers.”
The idea of using more correct, smarter smart contracts with safer blockchain code not only has multiple applications but it can also help those using these contracts as well as introduce more security in the blockchain space, reported Forbes.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]