KEY TAKEAWAYS
- Alchemy Chain launches as a Layer1 blockchain, aiming to integrate on-chain business with off-chain storage for enhanced scalability in payments.
- The platform introduces Trusted Proof-of-Authority to improve transaction security and Block-wing for optimized data management.
- Alchemy Chain bridges Web2 and Web3 payments, offering a seamless fiat-to-crypto conversion through the ACH Ramp Protocol.
- The $ACH token utility expands, allowing gas fee payments in both $ACH and fiat, promoting broader adoption.
The gateway to borderless finance is set to open with the launch of Alchemy Chain, a Layer1 blockchain designed for high scalability in payments. This new blockchain aims to integrate on-chain business with off-chain storage, fostering a more reliable ecosystem. The kernel design of Alchemy Chain has been introduced, highlighting its mission to simplify consumer payment experiences in Web3 scenarios.
Alchemy Chain seeks to eliminate barriers between Web2 and Web3 payments. Its chain abstraction approach ensures the smooth coexistence of cryptocurrency’s financial equity with the accessibility of fiat currencies, creating a unified payment landscape. More details about this launch can be found here.
Innovative Features and Mechanisms
Alchemy Chain, elevated from the crypto payment solution provider Alchemy Pay, embodies a robust payment ecosystem. It integrates multiple innovative components, including Trusted Proof-of-Authority for enhanced security, Block-wing for optimized data management, and the ACH Ramp Protocol for seamless fiat-to-crypto conversion. Additionally, a Layer 2 solution with account mapping is included for scalability.
The $ACH token utility is being expanded with new scenarios that allow users to pay gas fees using either $ACH or fiat currency. This flexibility bridges the gap between traditional and blockchain-based payment systems, enhancing usability and encouraging broader adoption. A stablecoin revenue mechanism is also being integrated to boost the ecosystem’s value proposition.
Trusted Proof-of-Authority and Block-wing Design
Alchemy Chain introduces Trusted Proof-of-Authority (TPOA), an enhanced version of the Proof of Authority consensus mechanism. TPOA is designed to bolster transaction security and trust by supervising validated nodes to operate compliantly and securely. This mechanism reduces the risk of unauthorized access and fraudulent transactions.
To accommodate high transaction volumes, Alchemy Chain employs Block-wing, a specialized storage solution. Block-wing offloads large transaction data to external storage, enhancing the network’s processing speed and efficiency without compromising data security. Users can verify transaction details using a unique Content Identifier (CID), ensuring traceability and integrity.
Bridging Web2 and Web3 Payments
Alchemy Chain differentiates itself by integrating traditional fiat currencies into the blockchain ecosystem. The ACH Ramp Protocol is a cornerstone of this integration, providing a developer-friendly SDK for fiat-to-token and token-to-fiat conversions. This protocol ensures secure and transparent transactions, with all conversions recorded on the blockchain.
Furthermore, Alchemy Chain offers a Layer 2 solution that empowers developers to create business-specific blockchains. This solution maintains data consistency and integrity across layers, allowing developers to benefit from scalability while retaining security guarantees.
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