Alchemy Pay has announced its plans for launching Alchemy Chain, a new Layer-1 blockchain. This news came via the company’s official account on X. Built on the Solana Virtual Machine (SVM) architecture, Alchemy Chain aims to meet the growing needs of Alchemy Pay’s operations. It seeks to revolutionize how crypto and fiat payments are integrated.
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 Enables Blockchain and Off-Chain Interaction
Alchemy Chain is specially developed to give a boost to payment structure. It makes the interaction between blockchain transactions and off-chain storage possible. The idea is to develop an environment in which fiat and cryptocurrencies can be integrated seamlessly.
The infrastructure of Alchemy Chain is highly scalable. It is especially designed for business use at a commercial scale. This design ensures the integration of the on-chain and off-chain activities can easily occur while maintaining their functionalities. It makes for high transaction velocity, which is beneficial as Alchemy Pay’s user base grows in size. TPoA is a unique consensus algorithm in the blockchain system, which is a part of the blockchain. This increases the credibility and efficiency of the transaction verifications process.
Additionally, Alchemy Chain will integrate optimal Layer-2 solutions applied to the blockchain platform. These solutions help to improve account mapping and the data synchronization process. This helps to eliminate redundancy, and therefore makes scalability as efficient as possible.
Alchemy Chain Aims to Promote Cryptocurrency Use
The $ACH token will be the utility token of Alchemy Chain. $ACH or fiat currencies will be allowed for payment of the gas fees. This feature makes it possible to instantly convert on-chain earnings to fiat, without the need to sell Bitcoin. Stablecoin revenue mechanism will also be implemented to provide users with the possibility to earn yields.
To assist the developers and the eco-projects, two key instruments will be launched on the Alchemy Chain. The technical complexity of launching meme-based projects will be reduced with the help of the Meme Launchpad.
For this reason, Alchemy Pay plans to integrate all of these things with Alchemy Chain. This project is a good example of how this company is focused on the use of cryptocurrencies in the performance of financial transactions. As a blockchain platform, Alchemy Chain wants to establish itself as a means of accepting crypto payments and promote the use of cryptocurrencies.
