Arcology Announces Successful Launch of Testnet 2.0

This next important step on the previously announced development roadmap confirms Arcology’s plan to capture market share in the lucrative blockchain-as-a-service space

Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to announce that the Company’s holding, Arcology, a cluster-computing-powered AI blockchain ecosystem with unlimited scalability, has successfully deployed version 2.0 of its Testnet

The launch of Testnet 2.0 is an important step toward the planned public release of Arcology’s Mainnet, tentatively scheduled for summer 2021. As expected, Testnet 2.0 proves Arcology’s ability to provide stable throughput and improved user experience and verification. This development follows the announcement of Testnet 1.0, in November, 2020, and fulfills the company’s updated development roadmap, released in December 2020.

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

“We’re seeing incredible progress as we get closer to releasing the Mainnet,” says Mr. Zhang. “Our goal to build a world-class blockchain ecosystem to rival market leader Ethereum is closer than ever to becoming a reality.”

Since its launch in 2020, Arcology’s Testnet has consistently achieved very high results, with more than 33,000 transactions per second (TPS) running decentralized applications written in the Solidity programming language. Solidity is most famous for being the basis for Ethereum’s smart contracts.

Arcology is designed to be compatible with any code originally written for Ethereum. With very minor modifications to their code, these applications – which include games and deFi apps – can take advantage of Arcology’s superior speed and scale.

“As the largest single investor in Arcology, we’re thrilled with Mr. Zhang’s progress to date,” says Codebase CEO George Tsafalas. Plans for the Arcology ecosystem include a public platform named Arcology Network and the private Arcology Enterprise platform. Each is based on the same core technology. Arcology Network is a permission-less platform (much like Bitcoin and Ethereum); Arcology Enterprise will target enterprise users requiring more bespoke features.

Code currently holds a 30% interest in the private company that is developing Arcology, with an option to increase its interest to 51%. For more information on Arcology, please visit the website at https://arcology.network/.

About Codebase Ventures Inc.

Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow’s standards. We support those innovators and help take their ideas to market.

For further information, please contact:

George Tsafalas – Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: IR@codebase.ventures

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Codebase Ventures Inc.

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