Codebase Portfolio Holding Arcology Focused on Setting New Standard for Transactions Per Second
VANCOUVER, BC, CANADA (June 25, 2019) – Codebase Ventures Inc. ("Codebase" or the "Company") (CSE: CODE - FSE: C5B – OTCQB: BKLLF), an investment company is providing an update on its portfolio holding Arcology and the development of its next generation enterprise blockchain technology.
Arcology is entering an extensive testing period of the technology that has been developed over the past year and half since the initial investment from Codebase. The technology has been developed through a disciplined roadmap and is poised to benefit from a renewed interest in blockchain technologies due to the recent increase in value of Bitcoin and Facebook’s plans with its own cryptocurrency, Libra.
Arcology Founder and President, Mr. Laurent Zhang, has invented a radically new way of looking at blockchain. Leveraging his experience with machine learning, artificial intelligence and big data algorithmic analysis, he is creating a new hierarchical structure that is self-organizing and self-repairing.
“For widespread applications ultimately, blockchain technology will be measured in transactions per second,” explained Mr. Zhang. “Financial institutions require a standard of approximately 250,000 transactions per second; we see that as a key figure, measuring system power and representing a real-world target for our new blockchain technology.”
Over the past year, Mr. Zhang and his team have advanced the Arcology technology, addressing a critical need - the ability to move beyond sequential ordering for the processing of transactions to parallel processing. Other blockchain technologies process individual transactions, one by one – Arcology uses parallel processing, meaning that thousands of transactions are processed in batches at a time in a distributed, network wide system to achieve the system power required to deliver the rate of transactions per second for real world applications.
“For servers having multiple cores, serial processing means only one core can work at a time, other processing cores simply stay idle, it is a huge waste of computation power,” explained Mr. Zhang. “The problem is understood throughout the blockchain industry and it is recognized that parallel processing is the only answer to the problem. However, the biggest obstacle hindering parallel processing is avoiding potential conflicts among these transactions.”
“This becomes even more complicated when dealing with smart contracts, whose internal processing logic is pretty much unpredictable before execution,” added Mr. Zhang. “The Arcology team has developed an effective solution to solve this critical problem. Arcology transactions are processed in fully parallel mode, any conflicts will be detected and caught real time including the execution of smart contracts.”
In addition to founding Arcology, Mr. Zhang’s experience includes:
- Chief Technology Officer, HPIS Technologies
- Research Scientist, Baker Hughes Inc.
- University of Alberta Research Engineer
- M.Sc. in Intelligent Systems, University of Sunderland, UK
- B.Sc. Honour’s in Computing, Oxford Brookes University, UK