Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF) told investors Tuesday that its subsidiary Arcology is on track to become the first enterprise blockchain to process one million network-wide transactions per second.
Arcology is an enterprise-grade blockchain platform that is designed to compete with industry leaders like Ethereum and EOS.
Vancouver-based Codebase said that recent tests of Arcology’s communication protocols confirmed that the network can improve performance dynamically and according to individual user needs, a major achievement in the commercial blockchain space.
“We are proud to announce that we are successfully processing 40,000 transactions per second, per partition,” said Laurent Zhang, Arcology’s founder and chief scientist.
Arcology’s processing ability ranks ahead of leading blockchain network Ethereum, which completes 20 transactions per second, and credit card company Visa, which processes 24,000, according to Zhang.
Arcology runs a hierarchical blockchain that uses proprietary algorithms and artificial intelligence to eliminate inefficiencies that hinder rival blockchain platforms.
Recent tests also revealed that, by adjusting key proprietary parameters, Arcology modules can increase network speed by around 300%.
Zhang said that the company is targeting 100,000 transactions per second in its next integration test, paving the way to reach 1 million transactions per second by running multiple partitions.
Codebase Ventures invests in emerging sectors and industries including cannabis and blockchain. The company has a 30% stake in Arcology.
“Very few, if any, blockchains can compete with conventional products when it comes to scale, speed and storage costs,” said George Tsafalas, Codebase’s CEO.
“Having seen these test results, we’re even more confident that Arcology will be among the first new blockchain protocols to eat away at the centralized establishment’s market share.”
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas