Looks like plain ol bamboo. The sheaths, are the elongated pointed leaf like covering on the node section. If you have cane under two years old, like pat said, it is thin walled, and weak, and floppy. Plus when it dries, will develop wrinkles in it. I wouldn't bother with that, for arrows, there are other neat projects you can make out of it though. Like quivers to fit on your bow, blow gun dart quivers, wind chimes, fishing poles, maybe even Tee Pee poles, gluing the dried sliced sections together, and making cutting boards, chop sticks, stakes, Thinned down for bow backings, whatever your imagination can think of for it. Bamboo is the most versatile wood (actually a grass) there is, plus it puts more oxygen into the atmosphere than any other plant. Neat stuff. Some varieties grow so fast, you can almost see them grow! There are a "LOT" of different species of bamboo, from ornamental, like the turtle back species, to timber species. There are bucket species, which get their name from the fact they are so wide, they make excellent buckets. Bamboo is the preferred material for scaffolding in Taiwan, and other Oriental places, because of it's strength, flexibility, and cheap cost. In fact there was a huge building being built, and a storm came up, and the steel scaffolding, was twisted, and blown down, while the bamboo was still intact! They have apprenticeships to learn to tie the poles together. Most of the varieties spread out and you have to keep them in check. They will send out runners. Nope, I would not bother with that patch for arrows.
Wayne