Arcology Network Demonstrates Compatibility with Ethereum and Scalability Required for Mainstream Adoption of Blockchain Technology
VANCOUVER, BC / ACCESSWIRE / November 20, 2020 / Codebase Ventures Inc. ('Codebase' or the 'Company') (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is excited to announce that the Company's holding, Arcology Network, a cluster-computing powered AI blockchain ecosystem with unlimited scalability, has successfully conducted its first Testnet and achieved internal targets.
The Testnet represents the key step to verifying that Arcology's design works as expected under a high workload. The first Testnet has achieved following goals:
- As Bitcoin and Ethereum prices increase, Arcology has demonstrated compatibility with Ethereum
- Performance achievement of internal transaction per second goals beyond Ethereum's capabilities
- Confirmation of scalability required to drive mainstream adoption
- Arcology is to blockchain APPs what the Apple Store is to smartphone APPs
'Arcology is designed to be the blockchain infrastructure for Web 3.0 applications. Today as Bitcoin and Ethereum values ascend, blockchain has become topical again, Arcology is focused on the overall importance and significance of blockchain. Our efforts to design and test the technology have been ongoing toward becoming the blockchain solution that results in mainstream adoption,' said Mr. Laurent Zhang, Arcology CEO and Founder.
'We haven't seen a lot of exciting applications on other blockchain networks to date,' said Mr. Zhang. 'The primary reason is because the benefits of blockchain have not outweighed the weaknesses of the technology as it presently exists. Arcology has been designed with the belief that once it does, it will change how the world works. The two major problems are scalability and cost, both of which Arcology is designed to solve. Other platforms like Ethereum are facing very serious performance issues and costs are extremely high. These are major barriers for any type of mainstream adoption.'
Arcology is to blockchain APPs what the Apple Store to the smartphone APPs. Arcology is an open platform to build real applications, so that developers can build their APPs and make a profit from the users. 'We are currently working on the second Testnet, which is designed to be more user-friendly and incorporate more data centers from multiple geographical locations so that more complex use cases can be simulated,' added Mr. Zhang.
For more information on Arcology, please visit the website at https://arcology.network/
About Codebase Ventures Inc.
Codebase Ventures Inc. invests early in great ideas in sectors that have significant upside. We seek the innovators who are establishing tomorrow's standards. We invest early, support those innovators, help take their ideas to market, and work tirelessly to help them realize their vision.
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SOURCE: Codebase Ventures Inc.
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