Codebase Ventures Inc. (OTCMKTS:BKLLF) has announced that it’s holding, Arcology Network which is a scalable AI blockchain system has successfully completed its first testnet and met its internal targets. Arcology is now considering a possible coin offering after the success of the first testnet with the company’s team achieving significant product development targets.
Codebase owns 30% of Arcology
Arcology is a new scalable blockchain employing proprietary algorithms and AI to offer enhanced efficiencies hindering competing blockchain platform. Codebase, which owns 30% interest in Arcology said that the testnet is a massive step towards verification of Arcology’s design works. Scalability is the single largest problem for blockchain systems, but Arcology has shown substantial capabilities in this front.
The system is highly scalable, and Arcology achieved high speeds of around 33,602 transactions per second using a cluster of commodity computers to run smart contracts. Also its withstood high workloads for an extended period this offering good stability. The smart contracts that the company used in the testnet were in native Solidity, that is, the Ethereum programing language. Most importantly, Arcology has shown goof compatibility with Ethereum.
Arcology network supports private and public blockchains
Laurent Zhang, Arcology’s founders, said that they had designed Arcology as a platform for both private and public blockchains. The landscape of Arcology comprises of two standalone and independent platforms which are; Arcology Enterprise (Private) and Arcology Network (Public). The Arcology Network is a permission-less platform similar to Ethereum or Bitcoin while the Arcology Enterprise targets enterprise users that require specific privacy features.
The Arcology coins are the native tokens of the Arcology Network that is responsible for all transactions on the platform. The platform is open to developers to create real applications.