Alchemy: A blockchain based Payment System Infrastructure

romanbank (45)in #blockchain • 5 years ago

INTRODUCTION

The world is now migrating from a cash system to a cashless ecosystem. What this means is that in due time, the entire world will adopt to be using cryptocurrency as means of exchange which will replace our normal cash. As the revolution hit the ground more, there is a need for new technology to make new things function. Take for example, you don't expect to have the same technology for a cash system and a cashless system. So new infrastructure are needed to make the cashless system viable. Alchemy has taken the stand to build a decentralized payment system for crypto ecosystem. Though, there are already existing payment system for crypto space, but the platform discovered that there are still some deficiencies which need to be addressed; and again, more effective and efficient payment system is needed in this crypto ecosystem.

ALCHEMY

The Alchemy platform want to works on principle of decentralization, algorithm consensus mechanisms and smart contract to build a payment system for crypto ecosystem. The Alchemy technology is centered on open source protocols with an advanced development which will make users enjoys a swift payment system. This are features that differentiate Alchemy from other payment system. The developers want to build an incomparable, secure, flexible, fast and easy to use payment system.

SPECIAL FEATURES ABOUT ALCHEMY PAYMENT SYSTEM

The Alchemy payment system is quite different than other payment system in this space. The Alchemy payment system will be built on public chain and integrate layers. This will make it possible for the system to make both offline and online payment gateway. Users will be able to make a cryptocurrency payment at point of sale (POS), online and even with their mobile phones. The Alchemy payment system will be designed to make it compatible to access various online applications authorizing a digital payment methodology.

The Alchemy payment infrastructure permits an intra transaction i.e a fiat to crypto or crypto to fiat payment is permitted. In summary to this section, the Alchemy payment system permits both online and offline payment. So the Alchemy platform is to provide payment solution different companies, merchant and industry running a business model.

The Alchemy infrastructure can not be compared with other crypto payment system because Alchemy payment gateway supports;

Real time dynamic exchange rate
Currency conversation
-Network mobility that can supersede price fluctuation
Fiats payment
Centered on all the popular cryptocurrencies
Fast payment
Incentives to those that use it for executing payment etc.

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DIFFERENT BETWEEN ALCHEMY AND TRADITIONAL PAYMENT SYSTEM

Alchemy is a decentralized payment gateway that is different from the centralized payment system. The centralized payment system are not transparent nor secured. There are so many manipulations going on underneath that the users or the merchant won't be aware. However, it is a different case with Alchemy payment system. Alchemy payment system is fully decentralized, transparent, secured, and more trustful.

WHY MUST WE USE ALCHEMY PAYMENT SYSTEM?

Apart from being a secure infrastructure, the Alchemy payment gateway can be used to execute a payment smoothly, quickly and accurately. The users can use it to process a payment and get to the other end in seconds, receiving the exact amount being sent.

ALCHEMY TOKENOMICS

The platform further launched its own utility digital currency, which will be universally accepted and used for enjoying services within this ecosystem. The ALCHEMY token will be used for services charges, incentives and many more.
In my next article, I will reveal more about the token details.

THE ALCHEMY TEAM

The team are people that already have experience in the payment industry with more insight about the demand of people. The team are very intelligent, very active and all reliable. Take out this time to meet them.