SettleMint's AI Assistant: Empowering Web3 Developers to Create Superior Smart Contracts

The advent of artificial intelligence (AI) has revolutionized software development, leading many companies to launch code-generating solutions. This trend is exemplified by SettleMint, an innovative low-code blockchain programming tool designed for enterprises, which recently integrated an AI assistant into its platform.

Launched approximately nine months after SettleMint secured €16 million in Series A funding, the AI assistant aims to assist developers in creating smart contracts, integrating data, and improving quality assurance (QA) testing processes.

In a challenging environment where digital currency prices have plummeted, this seven-year-old Belgian company is experiencing consistent user growth. More businesses are recognizing the advantages of blockchain technology but often lack the technical expertise to bring their concepts to life. According to a Stack Overflow survey, only 1% of participants reported extensive experience with Solidity, the programming language used for developing smart contracts—automated digital agreements built on blockchain technology, primarily Ethereum.

Roderik van der Veer, co-founder and CTO of SettleMint, emphasized that the AI assistant is not meant to replace human developers. Its primary function is to assist in drafting smart contracts while explaining the purpose of each line of code. “Understanding a piece of code helps you identify errors,” van der Veer stated. “Instead of searching online for answers and processing all that information yourself, the AI streamlines this for you.”

While the AI assistant can recommend adjustments to mitigate vulnerabilities, van der Veer acknowledged that the code generated will not be entirely free of bugs. Technical audits remain crucial, especially given the complexities of blockchain architecture. However, with SettleMint serving as the first layer of validation, auditors can devote more time to addressing the "non-trivial" components of the code that require debugging.

SettleMint is primarily training its AI assistant using OpenAI’s GPT-4, supplemented with the latest updates on blockchain development—a field that evolves rapidly with frequent technical advancements.

Interestingly, the ongoing "crypto winter" has not adversely affected SettleMint. According to van der Veer, lead generation and signed contracts have surged, multiplying sales by 3-4 times this year. This shift in customer behavior reflects the maturation of the enterprise blockchain sector, as users have transitioned from small teams focused on specific projects to larger groups engaged in extensive internal training.

Moreover, companies are exploring diverse applications for smart contracts, particularly during the cryptocurrency market downturn. Van der Veer noted that NFT functionalities are shifting from mere collectibles to practical uses such as ticketing and proof of ownership.

With a presence in Leuven, Dubai, New Delhi, Singapore, and Tokyo, SettleMint is making significant strides in the Asian market, bolstered by support from Fujitsu, the Japanese electronics powerhouse, while also experiencing considerable growth in the Middle East.