News on Arcology CODEBASE RECEIVES PROGRESS UPDATE FROM ARCOLOGY
- Arcology Team Advances Development To Create Seamless Environment for Ethereum Developers
- Arcology Code Advanced to Cover all Ethereum Layer 2 Solutions
- Arcology Team Will Release the AWS Testnet Results Soon
VANCOUVER, BC, CANADA (November 16th, 2021) – Codebase Ventures Inc. ("Codebase" or the "Company") (CSE: CODE - FSE: C5B – OTCQB: BKLLF) is pleased to announce that Mr. Laurent Zhang, Founder and President of Arcology, in which CODE has an investment, has provided an update on Arcology’s progress.
“Over the last 2 months Arcology’s development team has made some very important updates to the original design,” noted Mr. Laurent Zhang. “30% of the Arcology code has been re-written to cover some key functionalities of Ethereum Layer 2 (L2) scaling solutions.”
L2 has been of one the hottest topics in the blockchain world. With L2, different Ethereum applications can run in parallel. Many believe L2 can solve the Ethereum scalability issue.
But L2 suffers a major drawback; they aren’t ‘composable,’ which makes it inherently difficult for different L2s to interact with each other. But applications like DeFi needs composability. There are some workarounds but no native way to do it. Arcology is now fully composable and therefor offers developers an advantage.
“Arcology is more scalable than L2 Ethereum solutions without having L2 related problems. We spent the last couple of months working on some design details of Arcology. To test the latest update, we deployed Uniswap V2 on Arcology to see how it worked and results met or exceeded our objectives,” said Mr. Zhang.
This advance means that in order to use previous versions and fully utilize Arcology design advantages, developers would have had to make some changes to their source code. The original Ethereum applications could have run on Arcology with no modification but generally the performance gains would have been limited.
“For developers, changing some code in the smart contracts requires additional effort. Using Arcology in its updated form, developers can simply redeploy whatever they have to Arcology, and the system makes it seamless, without the requirement to change any code,” continued Mr. Zhang.
With the latest version of Arcology, Ethereum developers no longer need to make any change to their smart contracts. Once they move their applications to Arcology, they will experience significant performance gains right away.
The latest version is expected to significantly lower the barriers to entry for Ethereum developers to move to Arcology once its mainnet is finally launched. The Arcology technical team has started a large-scale test on Amazon AWS and will to release the test results soon.
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.
For further information, please contact:
George Tsafalas - Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: IR@codebase.ventures
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 forw