What is Alchemy Pay?
Source: AlchemyPay
Alchemy Pay (ACH) is a hybrid payment solution that focuses on seamless connection between cryptocurrencies and fiat currencies, aiming to break down the barriers between traditional finance and decentralized finance. As the world’s first blockchain-based hybrid payment system, Alchemy Pay combines the convenience of traditional payments with the security of blockchain technology, enabling multi-currency transaction payments and supporting instant conversion between fiat currencies and cryptocurrencies.
Since completing the pre-minting and launch of 10 billion ACH on September 4, 2019, Alchemy Pay has been committed to building a global encrypted payment ecosystem, creating a multi-level payment solution through various applications such as cross-border payments, online and offline business payments, and corporate payments, allowing more enterprises and consumers to easily transact between cryptocurrency and fiat currency.
The core goal of Alchemy Pay
Alchemy Pay’s core goal is to seamlessly connect the cryptocurrency and fiat worlds through a decentralized payment network, supporting users to use cryptocurrency for payments in various transaction scenarios, while allowing merchants to seamlessly receive fiat currency, and providing fast, low-cost, and secure transactions with the support of blockchain technology.
The operating principle of Alchemy Pay
Alchemy Pay operates by using a technology called the Lightning Network for quick settlements, supporting both PushPay and PullPay modes to handle a variety of business transactions more flexibly. These technologies allow merchants to accept Bitcoin (BTC), Ethereum (ETH), ACH, and other mainstream cryptocurrencies, automatically converting them into corresponding fiat currencies for settlements, reducing the costs and time of traditional cross-border payments.
Alchemy Pay’s product features and use cases
Alchemy Pay provides the following core functions:
- Smart POS supports bidirectional payments in both cryptocurrencies and fiat currencies, integrates NFC, prepaid cards, and Lightning Network for fast settlement.
- Cryptocurrency Payment Gateway: Provide online and offline payment solutions, including SDKs, plugins, APIs, and payment gateways, allowing merchants to quickly deploy cryptocurrency payment functionality.
- In-app payment SDK: Developers can easily integrate Lightning Network-based payment SDK to achieve instant cryptocurrency payments.
- Cross-border payments: Alchemy Pay supports cross-border payments in multiple countries worldwide, reducing fees and accelerating transaction speeds through decentralized settlement.
- Credit and lending: Alchemy Pay provides a blockchain-based credit scoring system to help merchants and individuals access unsecured digital currency loans more conveniently.
- Local currency exchange: Supports users to easily convert cryptocurrencies into local fiat currencies, especially suitable for cross-border remittances and travel consumption.
Alchemy Pay’s diverse applications cover online e-commerce, physical retail stores, gaming and entertainment industries, credit loans, and cross-border remittances, providing more flexible and efficient payment methods, allowing users to more easily use cryptocurrencies for consumption globally.
Alchemy Pay token economics
Utility - 62%
This part of the token allocation is mainly used to incentivize various participants in the Alchemy Pay ecosystem, including enterprises, consumers, DeFi users, etc. The specific allocation is as follows:
1. Enterprise Transaction Rewards - 40%
- For businesses that reward transactions for goods or services using the Alchemy Pay payment channel.
- Lock-up period: Starting from the first token listing date, it will start to be released linearly on a monthly basis after 7 months, and will be fully released in 60 months.
2. Consumer Transaction Rewards - 11%
- To incentivize consumers to use the Alchemy Pay gateway for transactions.
- Lock-up period: Same as the enterprise trading reward, the linear release will start 7 months after the first token listing date, and will be fully released in 60 months.
3. DeFi Transaction Rewards - 11%
- Used to reward users who transact within the Alchemy Pay DeFi ecosystem.
- Lock-up period: Similarly, it will start releasing monthly after 7 months, and will be fully released over 60 months.
4. Transaction Mobility - 6%
- Retained for the timely transfer and use of ACH tokens.
- Lockup conditions: No trading is allowed in the secondary market unless a 1:1 token replacement is conducted.
5. Enterprise Partners - 5%
- To incentivize early enterprise partners to promote application scenarios and contribute to the ACH community construction.
- Lock-up period: Released in stages according to the milestones agreed upon by both parties.
Stakeholders - 38%
This part of the tokens is mainly allocated to various holders related to the ecosystem construction and development, including team members, early supporters, advisors, etc. The specific allocation is as follows:
1. Team - 18%
- Reserved for the Alchemy Pay team for market expansion and operational growth.
- Lock-up period: Starting from the first token listing date, it will be linearly released monthly after 7 months, and will be fully released in 60 months.
2. Early Supporters (Backers) - 18%
- Used to raise early-stage development, marketing, and operational funds for projects.
- Lock-up period: Depending on the agreement, the lock-up period ranges from 8 months to 56 months.
3. Advisors - 2%
- For consultant advisory, industry network expansion, and other resource support.
- Lock-up period: Starting from the first token listing date, it will be linearly released monthly after 7 months, and will be fully released in 24 months.
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Summary
Alchemy Pay is committed to becoming a key bridge connecting the fiat and cryptocurrency worlds, enhancing the convenience and security of cross-border payments and online and offline transactions through innovative payment solutions. ACH, as the core driving force of the ecosystem, not only promotes the circulation of payments but also plays a key role in ecosystem governance and network rewards. In the future, Alchemy Pay will continue to expand its payment network, driving global innovation in cryptocurrency payments.
