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360 Blockchain reveals Arcology's plans to build blockchain platform based on Ethereum's code

Last updated: 15:14 05 Mar 2018 EST, First published: 04:37 05 Mar 2018 EST

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360 Blockchain said revenue will be generated by a number of sources, including subscription, licensing and consulting fees

360 Blockchain Inc. (CSE:CODE, OTCMKTS:BKLLF) has announced that Arcology, a company in which it is providing development financing, will build its blockchain ecosystem based on Ethereum’s code.

Vancouver, B.C.-based 360 Blockchain said Arcology’s new approach to blockchain architecture "will solve the problems that currently limit Ethereum’s enterprise adoption, including speed, scale and transaction costs." 360 Blockchain has the option to earn up to 51% of Arcology by providing development funding.

“After analysing several blockchains, including Bitcoin, Dash and EOS, we’ve determined that Ethereum offers the source code that’s best-suited for the improvements Arcology will bring to the industry,” Laurent Zhang, Arcology’s founder and lead scientist, said.

“Though it has known faults that Arcology will fix, Ethereum is stable and has proven itself versatile enough to accommodate new technology.”

360 Blockchain said that as more industries are drawn to blockchain, early adopters "are finding a young technology with growing pains." The company said Zhang is using artificial intelligence and machine learning "to create a dynamic structure that brings unprecedented speed and scale to all users, and especially enterprise clients."

Potential revenue streams foreseen

360 Blockchain said revenue will be generated by a number of sources, including subscription, licensing and consulting fees. The company said it also will hold a portion of the platform’s transactional currency in reserve.

“The blockchain-as-a-service model is fundamental to Arcology’s value proposition, and we’re honoured to lead the investment in this exciting new platform," George Tsafalas, 360 Blockchain’s CEO, said.

The company said new blockchains commonly are built on top of existing code. Notable examples include Bitcoin Cash, Litecoin and Dash, all of which offer certain improvements on Bitcoin’s original code.

“I was thrilled to learn about Laurent’s decision to use the Ethereum code for Arcology’s initial development,” said Jeff Koyen, 360 Blockchain’s strategic advisor and president of 360 Blockchain USA, a subsidiary. “Not only does this reduce development costs and time-to-market, it announces to the blockchain community that Arcology respects current technology but can still improve upon it.”

360 Blockchain said it will be focused upon identifying and empowering blockchain technologies applying to cryptocurrencies, smart contracts, eSports, data management, the Internet of Things, equity trading and privacy applications.

360's Canadian-listed shares were unchanged at C$0.14.

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