- Alchemy Pay unveils new Layer 1 Chain focused on stablecoin payments.
- GENIUS Act fuels Alchemy Pay’s push for global stablecoin adoption.
- Alchemy Chain connects global and local stablecoins for instant borderless transactions.
Alchemy Pay has taken a big step forward in its plans for digital payments. The company has just released its official white paper for the Alchemy Chain project. This new document outlines the changes in which Alchemy Pay will transform its blockchain specifically to a special Layer 1 blockchain that is primarily designed in a way to support stablecoins.
GENIUS Act Spurs Alchemy Pay’s Global Stablecoin Payment Ambitions
Recently, the U.S. Senate passed the GENIUS Act which introduces new regulations to stablecoins. Stablecoins are digital currencies whose value remains fixed since they rely on a real-world currency, such as the American dollar. They make digital payments more rapid and trustworthy in comparison with the old payment systems.
Alchemy Pay is ambitious to become a leader of this new wave of stablecoins payments. The white paper describes the way the Alchemy Chain will present itself as a robust and safe network to carry out stablecoin transactions. It demonstrates the mechanisms of the chain in processing payments of individuals and companies of other nations. This will imply reduced and quick payments across the board.
The architecture design is one of the large elements of the white paper. Alchemy Pay describes how its network is going to be secure, with a limited time to execute and capable of processing a large number of payments simultaneously. The consensus mechanism which will keep the network operating smoothly has also been elaborated in the document.
The ecosystem strategy is another major component of the plan. This demonstrates that Alchemy Pay is encouraging developers, businesses and payment companies to develop on Alchemy chain. The aim would be to have a simple process of performing stablecoin payments globally.
It is also possible to observe a clear development roadmap in the white paper. In this road map, it is marked by the release of new tools and upgrades. It also rationalizes the potential community development with Alchemy Pay by supporting and giving grants to developers and partners.
Alchemy Pay Hints at Mainnet Launch, Developer Rewards and Partnerships
Alchemy Pay already operates in 173 countries and regions. It bridges the gap between the old and the new crypto world. The company hopes to correct large issues in cross border payments with the help of the Alchemy Chain. Transfer of money across borders is time-consuming and costly. Alchemy Chain is eager to alter that by ensuring that payments are seamless and instant.
The white paper demonstrates that Alchemy Chain will interlink various stablecoins. These are not only global ones, such as USDT or USDC, but also local, such as EURC or MBRL. The users will have the opportunity to switch between these coins in real-time. This is quite helpful to business and individuals who have to receive or send money in other currencies as the chain is very helpful.
In the future, Alchemy Pay will provide additional updates in the future. The group will discuss the release date of the mainnet and the ways on how to join. New partnerships and rewards to developers and early supporters will also be present.
Everyone is welcome to read the new white paper by Alchemy Pay. The company desires the developers, payment businesses, and organizations to contribute to the construction of the Alchemy Chain.
Concisely, the initiative of Alchemy Pay indicates that stablecoins are gaining an enormous role in the future of money. Alchemy Chain has a vision to enable global payments to be quicker, safer, and available to all people due to clear rules now being in place and new technology.
The post Alchemy Pay Shifts Focus to Stablecoin Blockchain with New White Paper appeared first on Live Bitcoin News.