Alchemy: Traditional payments are popular among traders.

Alchemy

Alchemy is a leading cryptocurrency payment solution and technology provider in Asia Pacific that provides online and offline merchants with a fast, secure and convenient hybrid crypto-fiat hybrid payment system and solution.

Alchemy Global Payment Solutions Limited's vision (Alchemy is the brand name of Alchemy Global Payment Solutions Limited while ACH is a Token issued by Alchemy, and is used as an abbreviation below.) Is to provide open source protocols and a fast product development platform for ecosystem partners to help them with a fast, secure, convenient, flexible and fast-growing global payment solution based on decentralization, smart contracts, and consensus mechanisms from blockchain technology. Through Alchemy's rich experience and its environmental partners in mobile payment applications, the team is confident to lead the payment industry technology application in the blockchain era and use solutions where traditional payments are popular among traders.

VISION

Alchemy envisions that backed by decentralization, smart contracts and consensus mechanism of blockchain, Alchemy would enable payment industry players to embrace the new era of payment technology by fully utilizing a series of open source protocols and open R&D platforms to improve the efficiency of cross-border payments; to provide merchants and customers with a faster, more secure, more convenient, and more flexible global payment solution.

Goal

The Goal of Alchemy is to design the payment protocol through community consensus, to build a decentralized, trust powered infrastructure, to expedite the penetration of cryptocurrency into our daily life; and most important to return the rights of payment to the merchants, the customers and the market

We've applied the following technology and measures to achieve decentralization:

Decentralization of currencies

Decentralization of Technical Infrastructure

Decentralization of Operational Mechanism

Problems

The Problems of Existing Electronic Payments The existing electronic payments are controlled by centralized industrial giants, causing numerous problems such as complicated and blurry rules, discretional rights, inefficient dispute management and high fees, etc.

The traditional electronic payment ecosystem involves too many intermediate links and there are many problems. e.g:

Cross-border transactions are costly and inefficient

Items of expenses

A large number of transactions cannot be proceeded because there is no trust between the two parties, and the centralized giant does not provide guarantee services and payment channels

Opaque access rules for merchants / consumers

Serious security and privacy issues

Long processing of transaction disputes

Cumbersome process of reconciliation, settlement and clearing

Overall, the existing blockchain payment problems can be roughly classified into the following categories:

Lack of basic payment functions for large-scale commercial applications

Lack of operational support systems needed by commercial applications

Infrastructure issues of blockchain technology

The Alchemy payment network solution for the payment scenario of transnational centralized collection is:

To facilitate this need, the transnational company opens Alchemy Hierarchy of accounts. The accounts are then set according to the company’s hierarchical architecture. Accounts of each level support sub accounts of various types (which are set according to the needs of accounting subjects), for example to support the "parallel payment-collection" model (which is commonly used in financial management of a group) then separate accounts for collections and payments can be set up for companies at each level.

Hierarchy of accounts supports hierarchical authorization management models through which managers of the higher-level accounts could then set permissions for managers of lower-level accounts. For example, account permissions are limited to collection instead of payment, or to conducting restricted payments for designated accounts.

When accounts at all levels of Hierarchy of accounts activate proactive collection permissions, accounts of higher levels can regularly conduct automatic collections to accounts for lower levels within valid durations. This explains how the automatic concentration of assets is accomplished in a multi-level system.

Comparison of existing blockchain platforms

Payment is one of the popular application areas of the blockchain, and many innovative projects have emerged.

They can be roughly divided into the following categories:

X-border remittances by working with traditional financial institutions: Ripple, Stellar; • Wallet issuers: Circle, Bitpay;

Providers for daily micropayments: Request, Nano;

Cryptocurrency acquiring aggregators: Coingate, Coinpayments, Pundix;

Decentralization ecosystem for crypto currencies: COTI, Graft;

Payment solutions focusing on unique use cases: Pumapay, uTrust

The Technological Advantages

Alchemy payment consensus protocol can be deployed on various public block schains, for example, Bitcoin, Ethereum, Stellar, EOS, Vite, etc., and at the same time, integrating Layer 2 payment solutions including Lightning Network, Raiden Network and State Channel Network.

Alchemy provides offline cryptocurrence acceptance solutions for smart POS and mobile devices,

online cryptocurrency payment gateway, and

fast access to various applications for online APIs, SDKs 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 online and offline subscriptions.

Offering payment and settlement solutions from crypto to fiat and from fiat to crypto.

Providing an integrated solution for the State Channel Network.

The table below refers to the comparisons between Alchemy Vs Existing Blockchain Payment Platforms. Alchemy focuses on providing payment protocols and open source development platforms that enable payment companies to adopt it with faster and reasonably priced services.

The Ecosystem

Alchemy has an extensive online and offline ecosystem partner network covering payment companies, industry solution providers, developers, merchants, etc. We work with our ecosystem partners to build and run our business model.

In what way does Alchemy’s payment system represent a tokenized ecosystem?

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).

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.

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.

Based on Alchemy, make an offline solution decentralized for the interaction between fiat and cryptocurrency, and empower partners who have business networks / resources.

Alchemy can reward its payment ecosystem participants by issuing and distributing tokens, which come from the transaction profit and the token reserve.

The experience of building an Alchemy system is divided into three stages:

Stage 1: Technical shock
Stage 2: Unlimited possibilities
Stage 3: Focus and implementation

Business Expansion

Alchemy is collaborating with ecosystem partners to softly launch applications in various scenarios, for example, online entertainment industry, cross-border payment, offline payment acceptance, etc., in order to test the business model of Alchemy and optimize the Alchemy crypto payment solutions .

Alchemy Token

ACH
ACH Nodes and Node Benefit
The Use of ACH

ACH Token Allocation

2.5 billion ACH tokens will be released at the start and 1.8 billion will be locked. 5.1 billion ACH tokens will be distributed to participants through the growing network and transaction mining. 6% of the total no. of tokens are locked in Alchemy payment network as lubrication to ensure flowability.

The actual distribution is found below:

Alchemy Team: 18%
Private placement and IEO: 18%
Ecosystem Incentives: 5%
Consulting Fees: 2%
Network mobility: 6%
Mining (Payment rewards): 51%

ACH Distribution

6%: Network Mobility
2%: Consulting Fees
5%: Ecosystem Incentives
18%: Alchemy Team
51%: Mining (Payment Rewards)
18%: Private Placement & IEO

Distribution of Funds

R&D:

Security: 5%
Policy: 10%
Operation: 10%
Marketing: 10%
Alchemy Fund: 25%

Product Roadmap

Q1-Q3 2019

P1: Smart POS integration for accepting payments in cryptocurrency
P2: Payment acceptance on Lightning Network MVP
P3: PULLPAY MVP
S1: Offline payment acceptance solutions for cryptocurrency
S2: POC Merchant for offline payment acceptance

Q4 2019

Q4: Magento, WordPress, WooCommerce, Prestashop, Opencart, Zencart, etc. Shopping Cart Payment Plugin
P5: PULLPAY V0.5
Q6: Bitcoin P2P Purchase APP v0.5
S3: Merchant POC for online payment
S4: Online digital entertainment solutions v1.0 is released

Q1 2020

Q7: Alchemy Hub v0.5 is released (support Raiden Network and State Channel)
Q8: Alchemy Hub APP V0.5 is released (support Raiden Network and State Channel)
Q9: Bitcoin P2P Purchase APP v1.0
Q10: PULLPAY V0.8
C1: Community working group of Alchemy consensus protocol is establishedC2: Alchemy Consensus Protocol v0.5 is released

Q2 2020