WORLD’S FIRST SELF-ORGANIZING, MULTIFACTOR-CONSENSUS BLOCKCHAIN REACHES NEW MILESTONES AS COMPANY PREPARES TO LAUNCH TESTNET
VANCOUVER, BC, CANADA (December 4, 2019) – Codebase Ventures Inc. ("Codebase" or the "Company") (CSE: CODE - FSE: C5B – OTCQB: BKLLF), an investment company, is providing an update on its portfolio holding Arcology, and its first technical paper for public review.
“We have been working to solve the major issues the blockchain world is facing today, including speed, scalability, security and high storage costs; and with Arcology, we have created the world’s first blockchain with enterprise-grade transaction speeds and scalability,” said Arcology Founder, Mr. Laurent Zhang.
Arcology solves the following problems that plague other blockchains:
In the technical paper, Zhang outlines key technologies that he and his team developed to build a new blockchain concept that unites a few core features in a first-of-its-kind design: including cluster computing, parallel transaction processing, multi-factoring consensus and self-organization. The result is enterprise-grade security, scalability and decentralization. Until now, blockchain networks were unable to offer all three qualities at once. This is known as the “blockchain trilemma.”
“At Arcology, we are broadening expectations of what blockchain can do in the real world,” said Laurent Zhang, Arcology’s founder and president. “We are proving that blockchain not only competes with centralized systems, but outperforms them across the board. We are thrilled to help pave the way for blockchain’s imminent mass adoption, and we’re honored to serve the blockchain ecosystem, industry and community at this very exciting time.”
The technical paper represents the next step in Arcology’s planned roll-out of its testnet, which will allow third-party programmers to build applications on the Arcology ecosystem. As detailed in the paper, Arcology has incorporated the Ethereum VM and is compatible with multiple virtual machines and smart contract languages. This allows developers to work in their preferred language and get started immediately. They can also move their smart contracts to Arcology with no modification required.
Codebase’s Director, Brian Keane, believes this compatibility to be one of Arcology’s most important selling points.
“We’re thrilled with Laurent’s test results. His network is demonstrably fast, scalable and secure. But we see the greatest market opportunity in Arcology’s ability to welcome all developers to its programming environment without friction. We’re confident this will speed adoption and market penetration.”
The paper will be published on Arcology’s new website (arcology.network) when it debuts next week.
About Codebase Ventures Inc.
Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow’s standards. We support those innovators and help take their ideas to market.
For further information, please contact:
George Tsafalas - Ivy Lu
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.