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Codebase Ventures notes successful launch of Arcology’s Testnet 2.0

Published: 07:25 01 Feb 2021 EST

CODEBASE VENTURES INC. - Codebase Ventures notes successful launch of Arcology’s Testnet 2.0
Codebase said Testnet 2.0 also includes the unveiling of Ammolite 1.0, Arcology’s custom-built Python application programming interface

Codebase Ventures Inc (CSE:CODE) (FRA:C5B) (OTCQB:BKLLF) said its investee Arcology, an artificial intelligence blockchain ecosystem powered by cluster-computing in which it holds a 30% stake, has successfully deployed version 2.0 of its Testnet system.

The company, which targets early-stage investments in sectors with significant upside, said the launch of Testnet 2.0 is an “important step” toward the planned public release of Arcology’s Mainnet, which is scheduled for the summer of 2021, adding that Testnet 2.0 “proves Arcology’s ability to provide stable throughput and improved user experience and verification”.

READ: Codebase in $2.5M deal to enter bit mining to ride Bitcoin’s price rise and long-term potential

Codebase said Testnet 2.0 also includes the unveiling of Ammolite 1.0, Arcology’s custom-built Python application programming interface (API) which allows developers to query blockchain data from browser, built wallet, and other applications.

The firm noted that since its launch in 2020, Testnet has “consistently achieved very high results” with more than 33,000 transactions per second (TPS) running decentralized applications written in Solidity, a programming language most famous for being the basis for Ethereum’s smart contracts.

As a whole, Arcology is designed to be compatible with any code originally written for Ethereum, which in turn allows applications such as games and decentralized finance apps to take advantage of the platform’s “superior speed and scale”.

“As the largest single investor in Arcology, we’re thrilled with [Arcology founder Laurent Zhang’s] progress to date”,  Codebase chief executive George Tsafalas said in a statement.

Contact the author at calum@proactiveinvestors.com

Follow him on Twitter @Cal_Proac

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