The gateway to borderless finance opens with the launch plan of Alchemy Chain — a Layer1 blockchain purpose-built for high scalability in payments, seamlessly integrating on-chain business with off-chain storage to foster a more reliable ecosystem. Now, we are proud to introduce its kernel design.
To elevate consumer payment experiences in Web3 scenarios to the simplicity of everyday purchases, Alchemy Chain’s mission is clear: eliminate barriers between Web2 and Web3 payments. Its chain abstraction approach ensures the smooth coexistence of cryptocurrency’s financial equity with the accessibility and familiarity of fiat currencies, creating a unified payment landscape.
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Alchemy Chain: Layer1 blockchain built for high scalability in payments
Elevated from leading crypto payment solution provider Alchemy Pay, Alchemy Chain embodies a robust payment gene, with a high-performance, privacy-priority and low cost features that suits the payment need.
Alchemy Chain functions as a robust payment ecosystem that integrates multiple innovative components. By adding token utility for the ecosystem growth, incorporating Trusted Proof-of-Authority for enhanced security, Block-wing for optimized data management, the ACH Ramp Protocol for seamless fiat-to-crypto conversion, and a Layer 2 solution with account mapping for scalability, Alchemy Chain provides a robust foundation for developers and businesses.
Expanding $ACH Utility with Gas Fee Options
To enhance user benefits and foster a positive feedback loop within the Alchemy Chain ecosystem, new utility scenarios are being introduced for the $ACH token. Leveraging a chain abstraction framework, these scenarios allow users to pay gas fees seamlessly using either $ACH or fiat currency, bridging the gap between traditional and blockchain-based payment systems. This flexibility enhances usability and encourages broader adoption.
To further boost Alchemy Chain’s appeal and strengthen the ecosystem’s value proposition, a stablecoin revenue mechanism is being integrated into the design, creating additional incentives for participation and driving long-term ecosystem sustainability.
Innovative Trusted Proof-of-Authority Mechanism
Trusted Proof of Authority (TPOA) is an enhanced version of the Proof of Authority (PoA) consensus mechanism, specifically designed by Alchemy Chain to bolster transaction security and trust.
PoA is a consensus algorithm that relies on a select group of validated nodes to process and verify transactions based on their identity and reputation. TPOA takes this concept further by supervising these nodes to operate compliantly and securely with established credibility, such as bringing in some regulatory bodies or compliance partners.
To ensure the integrity of the network, Alchemy Chain implements a trusted computing design. This involves rigorous authentication and verification processes to confirm the identity and status of network nodes. By guaranteeing the trustworthiness of the validating nodes, TPOA significantly reduces the risk of unauthorized access, manipulation, and fraudulent transactions.
In essence, TPOA combines the efficiency of PoA with an added layer of trust and security, making it a robust choice for transaction processing and payment systems.
Block-wing Design: Offloading Data for High Performance
To accommodate the high volume and varied size of payment transactions, Alchemy Chain employs a specialized storage solution called Block-wing. Recognizing that large datasets in payment scenarios can hinder blockchain performance, Block-wing effectively offloads voluminous transaction data to external storage.
When a transaction exceeds the blockchain’s optimal data capacity, its details are transferred to Block-wing and stored off-chain. A unique identifier, known as a Content Identifier (CID), is generated for this data, ensuring its traceability and integrity. This CID is then linked to the corresponding user account on the blockchain.
By separating large transaction data from the main blockchain, Block-wing significantly enhances the network’s processing speed and efficiency without compromising data security or accessibility. Users can verify transaction details at any time using the CID, while benefiting from swift on-chain payment confirmation.
Bridging Web2 and Web3 with Ramp Protocol
Alchemy Chain differentiates itself from other blockchains by seamlessly Integrating traditional fiat currencies into the blockchain ecosystem. This capability is crucial for bridging the gap between Web2 and Web3 payments, enabling developers to create applications that cater to both worlds.
The ACH Ramp Protocol is the cornerstone of this concept and a vital tool for achieving chain abstraction. It provides a developer-friendly SDK for effortless incorporation of fiat-to-token and token-to-fiat conversion functionalities. By utilizing external price feeds for accurate currency exchange rates, ACH Ramp Protocol ensures secure and transparent transactions. All conversions are recorded on the blockchain, providing a verifiable history.
Account Mapping Layer2 Solution
Alchemy Chain offers a Layer 2 solution designed to empower developers and merchants to create their own business-specific blockchains (Layer 2) built on top of the Alchemy Chain mainnet. Unlike traditional roll-up approaches, Alchemy Chain provides a robust account mapping mechanism and data interaction interface.
This solution enables seamless mirroring and migration of data from the mainnet to Layer 2, ensuring data consistency and integrity. By maintaining identical business logic across both layers, developers can benefit from the scalability and efficiency of Layer 2 while retaining the security guarantees provided by the mainnet.
In Conclusion
In conclusion, Alchemy Chain is a comprehensive payment ecosystem with a chain abstraction approach to simplify the payment experience, and also leverages a combination of innovative technologies to facilitate secure, efficient transactions.
At its core is a Trusted Proof-of-Authority consensus mechanism, ensuring secure and efficient transaction processing. Block-Wing, a specialized storage solution, optimizes performance by handling large transaction data off-chain. ACH Ramp Protocol facilitates seamless fiat-to-cryptocurrency conversions for developers. Alchemy Chain also supports Layer 2 scaling through an account mapping solution, allowing for the creation of custom blockchains while maintaining data integrity and security.
Alchemy Chain aims to make the everyday use of cryptocurrencies more commonplace, contributing to the advancement of the entire ecosystem. Stay tuned to our official X post and Medium channels for the latest updates on Alchemy Chain!
About Alchemy Chain
Alchemy Chain is a Layer1 blockchain purpose-built for high scalability in payments, seamlessly integrating on-chain business with off-chain storage to foster a more reliable ecosystem. Serving as a comprehensive payment platform, Alchemy Chain incorporates Layer 2 solutions, featuring account mapping and seamless data synchronization for faster settlements. Through innovative approaches such as Trusted Proof-of-Authority, Block-Wing, ACH Ramp Protocol, and Layer 2 solutions, Alchemy Chain revolutionizes the blockchain payment landscape by enhancing security, optimizing performance, and enabling scalable development for dApps and transactions.
