March 05, 2018 5:55 AM
Previously announced proposed acquisition, Arcology, releases new details for plan to build a better blockchain platform to support growing global demand for enterprise solutions
VANCOUVER, BC, CANADA (March 5, 2018) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE – FWB: C5B – OTC: BKLLF) announces that Arcology (http://arcology.network) 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.
Our Mission: To empower blockchain technologies with capital and experience to create exponential value.
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.
For further information, please contact:
Telephone: 1 (778) 806-5150
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.
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.