Vancouver-based Codebase said that Arcology has confirmed that Ethereum Virtual Machines have been integrated into its proprietary blockchain technology to allow developers to seamlessly transfer their existing apps and assets to Arcology’s platform.
Arcology is a self-organizing, self-correcting hierarchical blockchain that uses proprietary algorithms, machine learning and artificial intelligence to eliminate inefficiencies that hold back current platforms. It is designed to outperform current market leaders, such as Ethereum and EOS, on key variables including speed, scale and price.
READ: Codebase Ventures says Arcology blockchain network on track to process one million transactions per second
“Ethereum ushered in the era of Blockchain 2.0 by adding computational functionality to Bitcoin’s core technology,” said Arcology’s president Laurent Zhang.
“The Arcology team is thrilled to carry this torch further by building a platform that integrates Ethereum itself, and then goes further by offering Blockchain 3.0 levels of speed, scale and efficiency.”
Arcology selected Ethereum VMs as the first integration because they are the most utilized virtual machines of their kind, the company said in a statement. It said it hopes to become the “platform of choice” for enterprise and industrial-grade developers by offering greater speed, scale and efficiency.
Zhang told investors that the successful integration sets the stage for greater cross-compatibility with other industry leaders, crediting Arcology’s efforts to weave plug-and-play compatibility since the early days of the technology.
Technology investor Codebase Ventures has a 30% equity stake in Arcology.
“At Codebase, our vision for Arcology has always been to create more than just another blockchain,” said Brian Keane, Codebase’s director.
“Arcology has its own architecture that’s fundamentally different from all other blockchain projects, including Ethereum. We still intend for Arcology to become the fastest, most efficient platform that works with all others. This will realize the greatest possible value for our shareholders.”
Earlier this week, Codebase said that Arcology's platform is on track to become the first enterprise blockchain to process one million network-wide transactions per second.
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