Codebase Receives Progress Update From Arcology

Rhea-AI Summary

Codebase Ventures Inc. (OTCQB:BKLLF) has received a progress report from Arcology, highlighting significant advancements in Ethereum Layer 2 (L2) solutions. The company reports that 30% of Arcology's code has been rewritten to enhance scalability and composability, allowing developers to deploy applications seamlessly without code changes. This updated version aims to lower entry barriers for Ethereum developers as mainnet launch approaches. Test results from large-scale testing on AWS will be released soon, indicating a promising future for Arcology's integration in blockchain technology.

Positive

• 30% of Arcology's code rewritten, enhancing functionality for Ethereum L2 solutions.
• Arcology offers improved scalability and composability over traditional L2 solutions.
• Developers can deploy existing applications without code changes for immediate performance gains.
• Lower barriers to entry for Ethereum developers expected with mainnet launch.

Negative

• None.

• 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 / ACCESSWIRE / November 16, 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 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", "may" 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, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, lack of investor demand for Bitcoin and/or Bitcoin futures exchange traded funds, 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 were provided by Codebase Ventures regarding Arcology?

Codebase Ventures announced that Arcology has made significant advancements, including rewriting 30% of its code to improve Ethereum Layer 2 solutions.

How does Arcology enhance Ethereum Layer 2 solutions according to the press release?

Arcology improves scalability and composability, allowing different applications to interact seamlessly without code modifications.

What benefits do developers gain by using the updated version of Arcology?

Developers can deploy their existing Ethereum applications on Arcology without code changes, resulting in immediate performance improvements.

When will the test results from Arcology's AWS testing be released?

The test results from Arcology's large-scale testing on AWS are expected to be released soon.