Alchemy: Crafting the best payment protocol
MicaleFalcon 
Market innovation has always been considered an important tool for achievers. Cryptocurrency and blockchain are technologies that are standing on a complex technical ground. The developers are extremely talented programmers making the most cumbersome technological platforms in the industry. The technical factors are making the technology a safe place for the users. But to craft the best payment system, it needs more than security. At Alchemy, decentralization and large-scale commercial usability has been given more priority for the advancement of the digital asset industry.
Alchemy already designed the platform in such a way that the wallets, technical structures, and operational infrastructures of the currency will be decentralized. The current electronic payment giants Visa, Mastercard, and others, for instance, created a set of rules to govern in a centralized manner. So users face many problems regarding security, clearance, and reconciliation. So decentralization of the payment system was expected to be developed by a newcomer in the crypto industry, which will be done by Alchemy. The decentralization of currency will be guaranteed by Alchemy as traditional centralized networks use FIAT as legal options for transactions. The centralized networks use the option to keep their power over the settlement of the transaction. This creates large disputes and problems for the users. By using the Alchemy platform, users can use the decentralized ecosystem to liquidate assets like tokens, cryptocurrencies, fiat currencies, digital assets, etc. So not one single currency will dominate the transactions; rather, users can use more options and flexibility.
Another advantage of the design of Alchemy is that the infrastructure will be architected in a decentralized fashion. The product will have five layers: the core layer, the access layer, the product layer, the solution layer, and the blockchain network layer. The layers will help the Alchemy platform to ensure consistency with a decentralized architecture. To ensure better operational experience, a grading system will be launched. The grading system will standardize the daily tasks such as automated execution of smart contracts. Other services that will be provided are onboard merchant process, decentralized clearinghouse, decentralize dispute system, decentralized exchange, and many others. Since Alchemy will provide quality of the operational services, the cost of the protocol will decrease sharply.
To meet the great commercial demands, Alchemy is equipping itself with applications like complex account system, Pushpay and Pullpay models, complex transaction, and reasonable business structure for payment services. Previously, many commercial users tried electronic payment methods but failed to offer the desired service from the providers. The large electronic payment houses fail to understand the market need. To fulfill the vision of the mass adoption of the cryptocurrency digital payment system has to be designed in such a way that the previous errors made by electronic payment gateways have to be ignored. Firstly, supporting accounting structures that are complex in nature has to be ensured. Commercial users need hierarchy accounts, escrow accounts, credit accounts, and high-frequency hotspot accounts. Using these accounts, users can utilize the payment-collection parallel model or payment consolidation. On the other hand, merchants can use the Pushpay model where the payer initiates the payment and the Pullpay model where the payee is the initiator.
The discussion about crafting the best payment protocol can be endless. But by providing a decentralized product with the passion for serving large commercial base has made Alchemy the number one choice for the users. The two priorities mentioned by Alchemy automatically give the users an upper hand in security, cost, and efficiency.
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