Arcology’s processing ability ranks ahead of leading blockchain network Ethereum, which completes 20 transactions per second
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 firstname.lastname@example.org
Follow her on Twitter @AHarmantas
Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More
The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More
Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More
Banking giant Santander has just settled a $20M bond on the Ethereum blockchain. The bank settled both sides of the… Read More
The digital assets-focused blockchain-based protocol, Aventus, revealed its next code release Aventus Classic designed to create a more equitable and… Read More
In an industry where people lose their crypto-assets for even the most minor lack of security consciousness, an African bitcoin… Read More