THE WORKING PRINCIPLES OF ALCHEMY
INTRODUCTION
As at 2018, the global electronic payment market was worth about $500 billion dollars. It is obvious that this market is growing at an impressive pace. At such, a lot of investors and platforms are trooping into the market even without having the necessary capacity. Alchemy is one of such as it is in this business to provide users and merchants with more value and premium services. Speed, low cost and reliability are some of the benefits that Alchemy provides. There is a team of industry experts, innovators and determined patners to maintain its efficiency and relevance. Cross-border payments can now be fast and secured.
HERE ARE SOME OF THE TECHNIQUES, METHODS AND PROCESSES THAT ALCHEMY EMPLOYS FOR THE GLOBAL PAYMENT SOLUTION
• Open source: Alchemy is a global open source ecosystem with open and scalable consensus protocols. This stimulates rapid development and change in the payment industry. It is a payment platform with efficient and friendly protocols that allows payment companies to adopt it. Sean MOSS-PULTZ is one of the scientists on the Alchemy team. He is the founder of the company which made the first open source mobile phone. With such personnels, it is certain that Alchemy would continue to provide unique open source protocols.
• Lightning network technology: Alchemy utilizes this technology to implement real time transactions of electronic payment. The payment requests for complex models and payment scenarios needs proper handling. This is why Alchemy uses the Lightning network with mobile service providers. This helps to relay services at a quick rate to meet the large network. Chaonan GENA is the leading developer of the lightning Network. He is an expert on consumer financial credit platform.
• Operational support for payment systems: Alchemy provides payment options for businesses and consumers to choose from. The platform provides support for large scale commercial applications. Alchemy supports different account types to suit different organizational structures. The platform is designed to appeal to diverse organizations and payment systems. It supports different cryptocurrencies as well. Several types of transactions are possible on the platform.
• Strong base of partnership: Alchemy is an innovative and progressive payment platform. It relies on several partners and participants in the ecosystem. Developers play an important role in the ecosystem. The developer community includes application developers, DAPP developers and member marketing developers. There are also other partners at the user and merchant’s end
• Alchemy Token: ACH is the token used in the Alchemy network. It is used for new merchant access and onchain governance as deposits. ACH has a total volume of 10 Billion without secondary offerings. Only 2.5 billion will be available at the beginning and 1.8 billion will remain on lock. ACH holders get most of the commission income from the platform. ACH token is mostly used in paying participants like merchants and payers. 80% of the income goes to ACH holders and the rest is for development and running costs. The platform executes money transfers via nodes. Each merchant runs the nodes and are incentivized with ACH token bonus after every transaction. The ACH also has uses in governance. It is used as an anchor coin for the tokens by the eco-partners. After a partner joins the platform and then uses its protocol. The patner would have to Protocol usage fee. This payment is in ACH tokens. This token anchors external stable coins for easy calculation of service fees. In the platform’s Lightning Network, provider nodes are required for the fast routines. These nodes must hold ACH tokens to function. All the patners in the ecosystem gets rewards in the form of ACH tokens. The users, merchants, eco-partners all get ACH tokens.
• Distribution of funds: For a high level of sustainability, the funds from Alchemy are efficiently distributed. 40% of the funds are meant for developing the platform. 5% of the funds are for creating payment network security system. 25% goes into technology projects that can improve the Alchemy ecosystem. Operational expenses of the platform take 10% of the funds. The last 20% is shared equally between ensuring policy compliance in different regions and marketing activities.
CONCLUSION
Alchemy creates payment protocols for easy and convenient payment. It is a platform that supports different payment systems and patners to provide global payment solutions. This requires several technologies and methods as highlighted above.
USEFUL LINKS
Website: https://www.achpay.org/alchemy_english.html
Whitepaper: https://www.achpay.org/static/files/V3.8_WP-E_Alchemy_20190906.pdf
Telegram: https://t.me/alchemy_official
Twitter: https://twitter.com/Alchemygps
Facebook: https://www.facebook.com/AlchemyGPS/
AUTHORS DETAILS
Bitcointalk username- Uju4real
Bitcointalk profile link- https://bitcointalk.org/index.php?action=profile;u=2202971