TL;DR
- Alchemy Pay launches its blockchain to integrate cryptocurrencies and fiat currencies into its payment infrastructure.
- The layer-1 chain, based on Solana Virtual Machine, aims to enhance the efficiency and security of on-chain transactions and external storage.
- The blockchain will allow users to pay fees in crypto or fiat, promoting a complementary and versatile system for users.
Alchemy Pay has announced the launch of its own layer-1 blockchain called Alchemy Chain, designed to optimize its payment infrastructure and integrate the use of cryptocurrencies and fiat currencies.
The new blockchain, built on a Solana Virtual Machine (SVM) architecture, will enable the company to offer a system that facilitates the interaction between on-chain transactions and external storage, benefiting users by enhancing transaction efficiency and security.
Unveiling launch plan for #AlchemyChain, an ultra scalable Layer-1 blockchain designed to unite fiat and crypto in a frictionless payment system.
⚡High-scalability adopts SVM
🔒Innovative Trusted PoA security
💸 $ACH & fiat supported for gas fees
⛓On-chain earnings to fiat… pic.twitter.com/sCgdIhAelG— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) October 28, 2024
Alchemy Chain aims to meet the needs of large-scale commercial applications by integrating layer-2 solutions that will allow for data synchronization and account mapping. This technology ensures higher scalability while minimizing redundant storage, optimizing both performance and infrastructure to support the growth of its user base.
To ensure transaction security and efficiency, the platform will implement a Trusted Proof-of-Authority (TPoA) system, which enables fast validation processes without compromising chain integrity.
One of Alchemy Chain’s key innovations is its flexibility for users to pay gas fees in either cryptocurrencies or fiat. Users will be able to choose to use the platform’s native ACH token or a fiat currency, reducing barriers and facilitating blockchain usage in various financial contexts.
Alchemy’s Entry into the Memecoin Market
Additionally, the chain will allow users to automatically convert their profits to fiat, promoting a seamless experience between digital assets and conventional money. This versatility in payment methods aligns with the company’s intent to create a system where cryptocurrencies and traditional currencies can operate complementarily.
Alchemy Pay also plans to enter the memecoin market by launching specific tools such as a platform known as Meme Launchpad and a Telegram bot for developers. These initiatives facilitate project creation within the chain, attracting developers interested in the crypto industry.
Lastly, Alchemy Pay’s recent integration with Samsung Pay also supports its goal of making cryptocurrencies accessible in daily transactions, allowing users to spend their digital assets on one of the most widely used payment platforms
