The Alchemy decentralized payment network will consist of the following features:
• An open and scalable Alchemy consensus protocol for the purpose of establishing payment industry norms and promoting changes in the payment industry generally.
• The project will use lightning network technology to attain real-time transaction of the already existing electronic payments.
• It will provide the most comprehensive support for different cryptocurrency payments for businesses and consumers to select.
• The project will have an offline/online one-stop order. There will also be seamless integration with mainstream smart POS and swift access to various applications for online SDK/Plugin/API.
• It will have a decentralized infrastructural network, operation and governance networks including custody, dispute arbitration, credit scoring, risk control, clearing, anti-fraud, among others. These will help to greatly improve operational efficiency and also minimize the costs of operation.
• There will be basic payment functions and solutions for large scale commercial applications.
• PUSH PAY, PULLPAY; combined payment, targeted payment, subscription payment and other types of account systems.
• There will be a simple, visual standardized smart contract market that will help minimize the threshold for commercial use of smart contracts.
• There will be self-involving communities and open ecosystems which will attract more innovational technology companies to become part of the community and promote the development of the payment industry’s public chain.
• The platform will also provide perfected localization compliance and anti-money laundering programs for various regions and countries.
There are some challenges with current electronic payment which I tend to face on an almost daily basis as a small business owner. Elimination of such issues will be possible with the implementation of a project such as Alchemy. Below are some of those problems:
• The prices of transacting across borders are extremely high, and there is also a very high rate of inefficiency.
• Trust is an issue of concern as it lacks completely in current electronic payment. It’s impossible to proceed with a large number of transactions due to a lack of trust between two parties.
• The centralized giants in the electronic payment industry tend to come up with opaque rules for both the merchants and the consumers.
• The issue of centralization consequently brings about a lack of privacy, and neither parties involved are assured of security.
• Currently, processing of transactions through electronic payment systems is quite lengthy, and this causes disputes in some instances between my customers and me. This has happened to me on several occasions.
• What follows is an extremely long and cumbersome process of trying to reconcile with the customer, which is not what any business owner out there wants for their customers. The process of clearing and settlement of such disputes is also frustrating.
CONCLUSION.
Alchemy is the solution to all of these problems with their state-of-the-art technological integrations which will bring the payment industry a new wave of development. This is a project which will help introduce the rest of the world to cryptocurrency. Blockchain is slowly but surely becoming a part of our daily lives and Alchemy is here to help that become a reality. The rights of payment need to be returned to the merchants, the customers, and the market. That is the power of decentralization!
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Author: entot berot
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