ANNOUNCES PLAN TO BUILD IMPROVED BLOCKCHAIN BASED ON ETHEREUM CODE
360 Blockchain Inc.'s (CODE.C) prospect Arcology will build its blockchain ecosystem based on Ethereum's code. Arcology's radically new approach to blockchain architecture will solve the problems that currently limit Ethereum's enterprise adoption, including speed, scale and transaction costs. 360 has the option to earn up to 51% of Arcology by providing development funding.
"After analyzing 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," said Laurent Zhang, Arcology's founder and lead scientist. "Though it has known faults that Arcology will fix, Ethereum is stable and has proven itself versatile enough to accommodate new technology."
As more industries are drawn to blockchain, early adopters are finding a young technology with growing pains. Mr 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.
Revenue will be generated by a number of sources, including subscription, licensing and consulting fees. 360 will also hold a portion of the platform's transactional currency in reserve.
"The blockchain-as-a-service model is fundamental to Arcology's value proposition," said George Tsafalas, 360's CEO, "and we're honored to lead the investment in this exciting new platform."
New blockchains are commonly 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. Ethereum itself underwent a "hard fork" of its code in 2016 to fix security vulnerabilities.
"I was thrilled to learn about Laurent's decision to use the Ethereum code for Arcology's initial development," said Jeff Koyen, 360'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."
About 360 Blockchain Inc.
Company Description: 360 Blockchain Inc. has an all-round view to accelerate the development and application of revolutionary blockchain technologies by investing capital and expertise. We are founded on the belief that blockchain technology, essentially a distributed ledger which is transparent and incorruptible, has the potential to transform the way business is conducted, delivering security, cost savings and efficiency gains not seen before in our internet connected world. 360 Blockchain will be focused upon identifying and empowering blockchain technologies applying to cryptocurrencies, smart contracts, eSports, data management, the internet of things, equity trading, privacy applications and beyond.