Code Investee, Arcology Moves a Step Closer to Public Testnet
VANCOUVER, BC / ACCESSWIRE / May 7, 2021 / Codebase Ventures Inc. ("Codebase'' or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to provide an update from Arcology's leadership team. Codebase owns 30% of Arcology, with an option to increase its position to 51% as previously announced.
Arcology's technical team is pleased to announce that they have successfully completed another showcase - an optimized version of DSToken, used by some of the most popular Ethereum based applications such as MakerDAO's DAI. This is a great first step towards interoperability; opening up the possibility for complex decentralized applications (DApps) to be redeployed from their existing blockchains directly onto Arcology without the need for updates or changes to the code repository. Once optimized and running on Arcology, these DApps will not only run much faster and efficient on Arcology's native chain, but the fees will be much more affordable and inclusive to new and existing users.
"One of the situations that many developers are facing with Ethereum today is the frustration of failing to meet growing popularity," states Arcology's Founder, Mr. Laurent Zhang.
Arcology's technical team is currently running internal speed tests with their optimized version of the DSToken, reaching speeds of up to 28,000 transactions per second at full capacity. When compared to Ethereum's average of 15 transactions per second**, this massive improvement to speed and efficiency comes at a time where users are eagerly looking for better alternatives.
Mr. Zhang believes that over time, Arcology will be able to seize a sizeable percentage of this market once fully operational, as they focus on lowering the barrier of entry for users and building a strong developer community.
"With its scalability and cost advantage, Arcology is able to target areas of the blockchain ecosystem that weren't accessible to Ethereum users due to the high fees and network congestion. We do not hope to replace Ethereum, we aim to bring accessibility to users and developers alike, expanding market opportunities," added Mr. Zhang.
As Arcology completes another successful showcase, they are now one step closer to releasing a public testnet and allowing developers and blockchain enthusiasts to interact with the latest generation of blockchain - a blockchain with a vision to make high fees and congestion a thing of the past.
About Codebase Ventures Inc.
Codebase Ventures Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech. The Company identifies such opportunities and applies its relationships and capital to advance its interests.
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SOURCE: Codebase Ventures Inc.