Alchemy

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Partner BlockShow Asia 2019

Alchemy is a leading hybrid-crypto-and-fiat mobile payment company in Asia.

Alchemy crypto logo

About Alchemy[edit]

The positioning of Alchemy is to provide open-source protocols and rapid product development platforms for our ecosystem partners to have access to fast, secure, convenient, flexible and fast-growing global payment solutions. These payment solutions are built based on the decentralization, smart contracts and consensus mechanisms from blockchain technology.

The differentiators of Alchemy are found in three aspects: The team, the technological advantages and the ecosystem.

Alchemy Team[edit]

Each core team member possesses over a decade of experience in the payment industry and has an in-depth understanding of the market demand, pain points and trends of the payment industry. The entrepreneurial spirit, experiences in developing payment solutions and operating the payment system from zero to one, industry insights and business networks have set a solid foundation for the success of Alchemy.

Technological Advantages[edit]

  • Alchemy payment consensus protocol can be deployed on various public blockchains, for example, Bitcoin, Ethereum, Stellar, EOS, Vite, etc., and at the same time, integrate Layer 2 payment solutions including Lightning Network, Raiden Network and State Channel Network.
  • Alchemy provides
    • offline cryptocurrency acceptance solutions over smart POS and mobile devices,
    • online cryptocurrency payment gateway, and
    • fast access to various applications for online API, SDK, and mainstream plugins, for example, wordpress, magento, zencart, etc.
  • Pioneering in PULLPAY protocol in the payment industry: Supporting blockchain to reauthorize two payment methods — PULLPAY and lightning network PULLPAY — to meet the needs of various scenarios in the online and offline subscription.
  • Offering payment and settlement solutions from crypto to fiat and from fiat to crypto.
  • Providing an integrated solution for State Channel Network.

Alchemy Ecosystem[edit]

Alchemy has an extensive online and offline ecosystem partner network covering payment companies, industry solution providers, developers, merchants, etc. The team works with the ecosystem partners to build and run a business model.

Alchemy Use Cases[edit]

  1. Based on the Alchemy payment consensus protocol (Alchemy), partners can offer merchants a cryptocurrency bill payment solution, including SDK, Plugin, API and/or Gateway (one-stop rapid access).
  2. The supply and demand strategy based on Alchemy’s quantitative transaction risk model, the real-time dynamic exchange rate, payment, currency conversion and network mobility manages the risk caused by the large fluctuations of the cryptocurrency.
  3. Based on Alchemy, the two-layer network expansion schemes such as Lightning Network and Raiden Network are integrated and optimized to compete with fiat payment, accelerate payment and improve experience, and popularize cryptocurrency.
  4. Based on Alchemy, make an offline solution decentralized for the interaction between fiat and cryptocurrency, and empower partners who possess business networks/resources.
  5. Alchemy can reward its payment ecosystem participants by issuing and distributing tokens, which come from the transaction profit and the token reserve.

Alchemy Work Principle[edit]

When a customer checks out at the cashier counter, the cashier will key in the payment amount in local currency (say SGD500) on the Alchemy Hybrid Merchant APP. Upon confirming the payment currency with the customer (in crypto or fiat), in this case, the customer pays in BTC, a QR code will then be generated on the Alchemy Hybrid Merchant APP along with payment amount in BTC (approximately 0.0932 BTC). The customer scans the QR code with their crypto wallet and the transaction is completed.

See Also on BitcoinWiki[edit]

Sources[edit]