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- 1 Alchemy Pay is built on open-source protocols and rapid product development platforms for crypto-fiat bridging systems.
- 2 They are built to facilitate global payment solutions.
Alchemy provides secure, fast, convenient, scalable, and flexible payment solutions to participants in both fiat and crypto ecosystems. It is based on the decentralized smart contracts and consensus mechanisms of blockchain technology.
The platform makes payment solutions easy and accessible to all by providing cross-border acquisition, for multi-level distribution it provides enterprise collecting solutions.
They play an important role in building a bridge between the old world of fiat currency and the new world of cryptocurrency. They have combined traditional payment programs with blockchain and decentralized ledger technologies.
Features of Alchemy Pay
- Open and scalable consensus protocols for easy transactions.
- Lightning network technology for real-time transactions.
- Comprehensive support for cryptocurrency payments in a variety of transaction scenarios.
- Fast access to necessary SDKS, plugins, and APIs for online offline buying.
What Problems Does it Solve?
It solves the Fiat Complexity: There are several challenges when it comes to fiat currency. There are many intermediary links to negotiate in the process and it comes with its costs and fees. Trusting each intermediary is difficult. Alchemy comes to facilitate the evaluation, establishment, and maintenance of trust.
The overall reconciliation, settlement, clearing, and dispute resolution involve many steps and take time. Alchemy solves this with fast transactions. It includes PushPay and PullPay. PushPay is an auto ACH transfer from payer to payee which is initiated by the payer. Pull Pay involves the authorization of the payee to initiate and complete the process. It is used in metered services like utility payments and taxi (ride) services.
Support Functions for commercial applications: Organized and intelligent operational support for the functions is as important as the technical foundation. Support functions can be automated to a limit. Constant adjustments must be made as accounts are frequently created and closed and put in different hierarchies as organizations change and adapt to markets.
Performance issues with cryptocurrency itself: The main issues with cryptocurrency are liquidity, volatility, cross-chain payments, etc. Alchemy solves these problems by proper implementation through its well-designed structure.
The Aim
Alchemy aims to facilitate financial empowerment, dependability, and transparency for individuals. It bridges the gap between crypto and fiat payment systems. It is built with the mission to make blockchain services accessible with fiat currency and make fiat-based services and value accessible with cryptocurrency.
They have the following aims:
Decentralization: Decentralization helps bring the users and merchants closer together and reduces transaction costs. Alchemy Pay payment network permits access to different assets without the need for expensive and time-consuming trust procedures.
Meets the needs of large commercial applications: The payment network includes the PushPay and Pull Pay payment models to meet the needs of large commercial applications. It also supports complex business models. That includes customer-to-customer (C2C), customer-to-business (C2B), and business-to-business (B2B) models.
Enhance security and trust: It enhances security and trust by providing better support for payment service flow. It also provides smart contracting tools for Dapps and developers.
Low Cost and High Efficiency: The payment network is low cost and has high efficiency. Operational tasks like merchant onboarding, IT support integration, customer service, risk management, and fraud are included for higher and scalable efficiency.
Ecosystem for Alchemy Pay
The ecosystem of the payment network comprises user payment service, merchant payment service, transaction channel, and application development. The user payment service includes clients and consumers. Amongst this are card issuers, high-trac apps, high-trac websites, and digital wallets.
The merchant payment services include POS HW vendors, POS app vendors, payment gateway providers, and merchant Ops SW providers. The transaction channel comprises transaction service networks that include cryptocurrency and asset issuers, credit payment service providers, exchange/liquidity providers, and stablecoin service providers.
The application development comprises the developer community that includes the payment protocols, web functions, apps, and dApps, financial SW, marketing apps, and games.
ACH Token
ACH is an ERC-20 utility token. It was premined at its cap of 10,000,000,000 tokens on September 4, 2019. It supports a comprehensive crypto-fiat transaction infrastructure, facilitating smooth exchange between major currencies and major exchanges.
The market cap of ACH is $150,931,476. The circulating supply of the coin is 7,046,124,855 ACH. The total supply of the coin is 10,000,000,000ACH. The fully diluted market cap is $214,124,914.
It was first listed on the Huobi exchange on September 7, 2020. In the ecosystem, the tokens can be pledged, staked, rewarded, and accumulated. It is used to pay fees by participants.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
