Alchemy - Global Cryptocurrency Payment Pioneer💡

jamesndungu (61)in #alchemy • 5 years ago (edited)

When we talk of an electronic payment system, it’s basically a mechanism of carrying out transactions or paying for goods and services via an electronic medium without using a check or your local currency. I would like to introduce to you a platform that I came across just the other day which focuses on introducing blockchain technology into the online payment systems industry.

As we all know, blockchain technology offers numerous benefits which all work in the favor of the end consumer. On blockchain technology powered platforms, the power is given back to the end user.

The electronic payment system is a way of making transactions or paying for goods and services through an electronic medium without using a check or fiat, also called the online payment system. This is a form of payment which has grown in popularity among business owners for their customers. Over time, payment processing devices have been introduced in a bid to increase, improve, and offer secure electronic payment transactions.

Owning a small business, I can totally relate to the convenience of electronic payment systems. Some of the benefits of this system include:

✅ Transactions are made in just a matter of minutes which makes it extremely efficient and effective, as I don’t have to waste my customers’ time.

✅ The entire transaction cost is greatly lowered, which means more customers for my business.

✅ Adding payments to my company’s website was simple, and it only took me a few minutes to start processing online payments.

✅ The security of electronic payment systems is relatively better compared to cash payments.

As much as this form of payment is popular, I have come to see various issues that are affecting this entire space. I am talking about the fact that the electronic payment network has become a centralized giant. It has become a playground for the ‘giants’ to implement strict and complex rules and access mechanisms.

The rate at which corruption is spreading on this network is alarming, which is resulting in these payment innovations being less efficient, complications in payment rates and extremely high risks. However, there has also been the development of the cryptocurrency ecosystem and various industries which thrive on the powerful blockchain technology.

There may be a solution to these challenges that are plaguing the electronic payment network globally thanks to blockchain technology. I am all for the project that I am about to tell you about because it will undoubtedly improve the running of my small business.

ALCHEMY SOLUTION.

This project has the objective of providing open-source protocols and rapid product development platforms for the participants of the ecosystem to assist them in having fast, convenient, secure, flexible and fast-growing global payment solutions.

These payment solutions will be based on decentralization, consensus mechanisms, and smart contracts all from powerful blockchain technology. The Alchemy team and it is eco partners guarantee that this is the project that will help the entire payment industry technology shift to the era of blockchain technology and use the solutions where conventional payment is used most by merchants.

The success of this project lies in the fact that it is being run by a team of professional and highly experienced individuals who are deeply informed about the payment industry and operational experience. This project will take my small business to the next level while at the same time ensuring full satisfaction of my customers.

I am talking of Alchemy, a project with the main aim of availing open source protocols and rapid product development platforms for all the participants of the platform to have swift, convenient, secure, flexible and fast-growing global payment solutions.

Alchemy will be driven by major characteristics courtesy of the fact that it will integrate blockchain technology. Payment solutions on Alchemy will be based on decentralization, consensus mechanisms and smart contracts.

Alchemy’s payment solutions will assist the entire payment sector to switch to the all-powerful blockchain technology and apply them where traditional payment is used by a majority of merchants currently.

ALCHEMY will offer the following solutions.

• Decentralization. Alchemy ensures the decentralization of payment networks through the integration of decentralization of cryptocurrency wallets, decentralization of technical infrastructure as well as relevant operation and governance mechanisms.

• Alchemy will help meet the needs of large-scale commercial application through supporting complex account infrastructure, complex PUSHPAY and PULLPAY payment models, complex transaction types and more reasonable business flow for payment services.

Alchemy will be an ecosystem that thrives on security and trust through the implementation of a credit scoring architecture.

Alchemy will be an open ecosystem where sustainable evolution is allowed. Participants of the ecosystem will be allowed to focus on what they are good at.

The decentralized operational support infrastructure will ensure that the Alchemy ecosystem achieves low cost and high efficiency.

Alchemy believes that the platform would enable the payment industry players to adopt the new era of payment technology through utilizing a series of open source protocols and open R&D platform to help improve the efficiency of cross border payments. All this will be backed by decentralization, smart contracts and consensus mechanism of blockchain technology which Alchemy is all about. The main objective of the Alchemy platform is to offer merchants and customers a faster, more secure, more convenient and more flexible global payment solution.

TOKEN.

The entire Alchemy system will run on its own native token called the ACH token

CONCLUSION.

The payment industry is currently being faced with the challenge of difficulties when it comes to cross border payments. It is usually required of one to pay excessively high service fees as well as well as wait for long periods of time just to get the transaction done. Alchemy is coming in to solve this problem and re-establish efficiency in the payment industry by implementing features of the powerful blockchain technology. Alchemy ecosystem is going to improve both online and offline payments throughout the globe upon its launch into the market.

Alchemy is the project that you need to focus on, especially if you want to be part of the blockchain technology community. Your business will have access to hybrid payment solutions which will allow you to accept fiat and crypto payments in a simple, swift and secure manner regardless of whether it is online or offline. Imagine getting paid in your local fit currency without a settlement risk?