Arcology Development Team Announces DSToken Showcase

Rhea-AI Summary

Codebase Ventures Inc. (OTCQB: BKLLF) has announced that its investee, Arcology, is nearing the launch of its public testnet. Arcology's team has successfully optimized the DSToken, enhancing interoperability for decentralized applications (DApps) from Ethereum to its native blockchain. Current internal tests reveal speeds of up to 28,000 transactions per second, significantly surpassing Ethereum's 15 transactions per second. The goal is to improve accessibility for developers and users, thereby expanding market opportunities by alleviating high fees and congestion associated with Ethereum.

Positive

• Codebase owns 30% of Arcology with an option to increase to 51%.
• Arcology's DSToken optimization enhances DApps' performance, potentially attracting more users.
• Internal tests show Arcology achieving up to 28,000 transactions per second, indicating a significant scalability advantage.

Negative

• The success of Arcology's public testnet and user adoption remains uncertain.
• Dependence on regulatory approvals poses risks to future operations.

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.

** https://blockchair.com/ethereum/charts/transactions-per-second?interval=1m

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 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.

SOURCE: Codebase Ventures Inc.

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FAQ

What recent updates did Codebase Ventures announce regarding Arcology?

Codebase Ventures announced that Arcology is nearing the launch of its public testnet and has optimized the DSToken for better DApp interoperability.

How fast can Arcology's blockchain process transactions?

Arcology's internal tests have shown speeds of up to 28,000 transactions per second.

What is the significance of the DSToken optimization by Arcology?

The DSToken optimization enables Ethereum-based DApps to run faster on Arcology, potentially lowering costs and attracting more users.

What percentage of Arcology does Codebase Ventures currently own?

Codebase Ventures currently owns 30% of Arcology, with an option to increase its stake to 51%.

What are the risks mentioned in the Codebase Ventures press release?

The press release highlights dependence on regulatory approvals and the uncertainty surrounding the user adoption of Arcology's public testnet.