ALCHEMY: PIONEERING A PAYMENT CONSENSUS PROTOCOL FOR BLOCKCHAIN.
Trades are significant to the global economy, because they are one of the primary sources of income all over the world. Therefore, getting them rightly is something that must be done, and done immediately. The evolution of payments is yet to end. It had started with the use of slates of information in Venetian times, down to the use of cowries and exchange of items in the pre-colonial era, otherwise called “trade by barter.” It had continued until the 20th century when paper money took over the stage. One could have believed the use of paper notes or money would be the end of the evolution of payments, but the debut of cryptocurrencies set the dice rolling once again. Cryptocurrencies have made giant strides in the last decade of inception and have been tipped to be “the future of money;” a status the currencies are working tenaciously to attain.
THE PAYMENT CHALLENGES IDENTIFIED BY ALCHEMY
ALCHEMY is a blockchain-based project and payment consensus protocol that aims at repositioning payments facilitated via the network for the better. For a concise understanding of its functionalities, it had highlighted some of the loopholes in the conventional payment systems, as well as in the blockchain-enabled payments.
For the conventional payment structures, which are the electronic methods of payments, it hinted that cross-border remittance is still a hassle. Merchants and retailers alike that operate in many regions would have to battle it out over the exchange rates of the regions they operate, as well as the high fees and the longer duration it takes to settle payment disputes.
Blockchain payments on the other hand, have been looked upon to be the “savior of global payments” but are yet to overcome some of its challenges. On the list of problems are the dwindling fortunes of blockchain infrastructures like cross-chain payment; the lack of the primary payment functions needed for larger user bases and commercial applications; as well as the lack of operational supports systems that could have increased the service quality of the platform.
ADDRESSING THE CHALLENGES VIA THE ALCHEMY PLATFORM
ALCHEMY promises to be the bridge that would solve the payment challenges in both the electronic and the blockchain payment networks. In light of those propositions, it would be ideal to look at the features or the working frameworks that it intends to use in achieving the drive for a universal payment protocol for the blockchain network.
*Opportunities abound for Multiple Currencies
It’s been a battle of sorts between fiat currencies and cryptocurrencies. The latter has been trying to wrestle power from the former, because it promises to be better. While that milestone is not out of place, it’s important to note that both can do wonders when they combine. That informs the reason behind the open framework operated by ALCHEMY.
The users can not be limited to a specific currency. Instead, they can use many currencies as they want, including but not limited to cryptocurrencies, fiat currencies, and tokens. The platform also supports the uses of Points of Credit service providers.
It’s no news that payments and indeed many of the transactions via the blockchain technology are facilitated via the smart contract technology. It helps to automate tasks and underwrite the same for record-keeping.
Now, the ALCHEMY platform has changed the scenario for the better. Against the backdrop of the conventional smart contract in many areas like the inability to meet commercial stability and “techy” aspect that makes it hard to use, the platform has decided to make it a lot easier. Now, the platform allows professional engineers to deploy the smart contracts on the platform for automating payments. It also offers something similar to the end-users, especially the non-technical ones, for them to edit and create combined smart contracts to meet their needs.
*Open Ecosystem for Sustainable Evolution
The last but not the least of the features offered by ALCHEMY is the open framework it uses for the ecosystem. It is a dedicated attempt at making every participant to feel at home. Besides, the open governance model empowers the end-users to use the community consensus to bring in innovations that would stir the platform to greater heights. Besides, it is feasible as the end-users are closer to the market or target audience and understand the yearnings of the same better.
The community-like model of operation and the decentralized payment consensus protocol as instituted by ALCHEMY are thought-out plans to take the blockchain payment system to greater heights. With the varieties of use cases, and the possibilities of massive adoption, it may not be out of place to posit that ALCHEMY would pioneer the growth of a new blockchain and decentralized payment system.
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