ALCHEMY: AN INNOVATIVE PAYMENT SYSTEM ENABLING USE OF OPEN-SOURCE PROTOCOLS, R AND D INFRASTRUCTURES

anderhart (43)in #blockchain • 5 years ago

PROJECT BACKGROUND:

The problem faced by existing Electronic payment architectures
Before now, we have a series of electronic payment infrastructures in existence, but amongst other problems they possess a very disturbing one which is the fact that it is centralized, governed by a central body, giving rise to the establishment of incoherent rules, poor management, and high fees, etc.
To mention a few of the numerous problems posited by these already established systems of payment, we have:

Costly cross-country deals and undertaking
Poor deals and undertakings processing time for a large number of orders
Poor security and privacy system
Inefficient system to settle disputes associated with marketplace deals.
Lack of basic payment functions for large scale deals and undertakings
The poor operational support system used for this large scale deals: the focus of the existing payment infrastructure is on the technical part but doesn’t pay close attention to a support system, which is an integral part of the whole system. The support system ensures optimum service quality and is a source for various innovations.

ALCHEMY
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Vision:

A vision of decentralization, smart contracts, and a working consensus, alchemy will improve the payment industry by fully enabling the use of open-source protocols and open R and D platforms to increase cross country payment efficiency, to provide faster and secure payment deals.

Goal:
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The goal is to redesign the payment architecture through a consensus that involves the community of users, making it decentralized, to make the use of crypto currency integrate with our daily lives.

Features of Alchemy
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Decentralization
It is high time payment methods got decentralized and free from the grip of centralized payment architectures like MasterCard, Visa, etc. and it will achieve this by employing the following technology:
• Decentralization of technical infrastructure: the architecture of alchemy is comprised of five layers: solution layer, access layer, product layer, and the blockchain network layer. Each of them working separately with the decentralization protocol and they are defined through an open ACH payment consensus protocol to ensure its consistency.

• Decentralization of currencies
• Fiat has been the means of exchange thus providing autonomous power to centralized institutions. Alchemy provides access to many assets that can be liquefied which includes digital assets, credit service providers, etc; this is also a means of providing various options for transactions not limiting it to one form of currency, giving option power to users.
• Decentralization of Operational Mechanism
Large Scale commercial application
Alchemy is essential to large scale commercial applications because it supports complex account infrastructure.
• Complex account infrastructure support: complex accounts such as escrow accounts, joints account, etc
• Complex payment models support: payment models can be divided into two: PUSHPAY and PULLPAY. The former as the payer as payment initiator while the later as the payee as the payment initiator.
• Support for complex transaction
• Reasonable support for a payment service flow
• Employments of smart contracts: alchemy employs smart contracts to its payment system giving it the automatic feel. Although the deployment of this will require expertise, alchemy will ensure it is user-friendly allowing non-users to freely edit and create combinations to adapt to their needs.

Security and Trust
Screenshot_2019-10-27 Microsoft Word - Alchemy AFI White Paper 517 Updated - Renew 2018 08 06 docx - Alchemy AFI Whitepaper[...](2).png
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Through the credit scoring system, alchemy is building an ecosystem driven by trust. This is a top priority feature as fraud, site phishing, privacy exploitation are a major plague in the online transaction.
Sustainable Evolution
As payment architecture, the system is keen on evolution; it will be achieved by continuous innovation through community consensus. First, of its kind, alchemy runs an open ecosystem hence participants to specialize also incentives are applied to ensure maximum profit and participation.
ALCHEMY TOKEN
ACH
Ach is the official system token. Basically, it is required for a deposit of new merchant access and on-chain governance. Merchants and payers alike collect ACH token bonuses through paying.

USE OF ACH
The most important use is that holders receive income distribution through it.
Use in government
• For real-time transaction: customers enjoy low fees for real-time transaction
• Escrow deposit: both parties will guarantee deposit in ACH
• Protocol fee: partners who join will use ACH to pay any protocol fee
• Arbitration fee: disputes are settled using the token, those involved must hold a certain amount to avoid a “no-interest-attacks”.
• Incentives: users and merchants alike who contribute to share data will be rewarded with ACH.
THE TEAM:
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