360 Blockchain Inc (CSE:CODE, OTCMKTS:BKLLF) is confident its prospect firm Arcology's development will be on-schedule and on-budget as it announced the hiring of three experienced engineers to boost the process.
Arcology is a hierarchical blockchain that uses machine learning and Artificial Intelligence (AI) to eliminate inefficiencies that hinder current platforms.
Ship first code in coming weeks
As reported last month, the company is building its blockchain ecosystem based on Ethereum’s code.
Today, 360 said Arcology had hired Dr Dave Xiang, Cody Yang and Grant Zhang as senior developers.
"This engineering team was drawn from top talent pools in the fields of artificial Intelligence, machine learning and biologically inspired adaptive network design. They will report to Laurent Zhang, Arcology's founder and lead scientist."
Zhang said the firm expected to release initial performance tests and ship its first code in the coming weeks.
Dave Xiang is a world-class algorithm scientist who has developed AI-based data abnormality detection software that's used by Apple, IBM and Intel and other Fortune 500 companies, it revealed.
Cody Yang, as a systems architect and R&D manager at Fairlink Century, led the team that built the world's first experimental blockchain-based inter-aircraft communication system, it added.
Last but not least, Grant Zhang is an accomplished software engineer specializing in cross-platform system analysis, design and development.
He will spearhead development of the high-performance network modules that are critical to Arcology's SaaS business model, said 360.
"With this team in place, I'm confident that Arcology's rapid development will continue to be on-schedule and on-budget," said George Tsafalas, 360's chief executive.
"We're proud to lead the investment in Laurent's exciting new enterprise."
Vancouver-based 360 Blockchain has said previously that Arcology’s new approach to blockchain architecture "will solve the problems that currently limit Ethereum’s enterprise adoption, including speed, scale and transaction costs".
360 Blockchain has the option to earn up to 51% of Arcology by providing development funding.
After analysing several blockchains, including Bitcoin, Dash and EOS, Arcology decided that Ethereum offered the source code that’s best-suited for the improvements Arcology will bring.
“Though it has known faults that Arcology will fix, Ethereum is stable and has proven itself versatile enough to accommodate new technology," said Laurent Zhang.
Shares in 360 added 5.88% to C$0.090 each.