Payment, in fact, is the positioning of the earliest cryptocurrencies, such as Bitcoin, Litecoin, etc., they all aim to create a peer-to-peer, decentralised, transparent and irreversible payment ecology. In this ecosystem, you can make peer-to-peer asset transfers, which are packaged by nodes and agreed upon by the whole network, which is considered as a successful transaction. Based on this characteristic, cryptocurrencies theoretically have extremely high payment potential.
If you are an investor in the cryptocurrency space, then you must have made a transfer of cryptocurrency. For example, if I use the Bitcoin network to transfer a fee to others, this process needs to be confirmed by N networks, and there is also a certain fee to pay (or the Ethereum network during congestion). It may also happen that the price of Bitcoin is $50000,45000 before you pay, and the price of Bitcoin instantly becomes $<>,<> after you pay, then it may be difficult for you to reach an agreement with the recipient. Sharp price fluctuations and the inefficiency of the current mainstream blockchain system have also become obstacles for cryptocurrencies in the payment sector. For cryptocurrencies, it is also difficult for the vast majority of merchants to recognise their value, and there is a certain liquidity gap between cryptocurrencies and cryptocurrencies, and the threshold for non-cryptocurrency professional investors to get involved in this space is too high.
Traditional transfers between cryptocurrencies are difficult to be regulated by semi-anonymous methods, and it is difficult for most protocols to introduce a reasonable KYC mechanism in the current DeFi sector, such as the highly applied DeFi sector. Therefore, although many cryptocurrencies themselves are positioned as payment, in terms of their own characteristics, there are dilemmas of low recognition, low efficiency and difficult compliance.
Payment, as a breakthrough, may be the best way for cryptocurrencies to get out of the circle
Fortunately, cryptocurrencies are gradually being recognized by some traditional financial institutions and governments, and boosted by giants in the technology and financial fields such as Musk, Goldman Sachs, Morgan Stanley, and Meitu. In particular, Tesla's CEO Elon Musk is a crazy Amway cryptocurrency maniac, and this has made more and more investors pay attention to the cryptocurrency space. Cryptocurrencies have their own financial properties, so they have excellent payment potential.
Payment is a frequent behavior in each of our daily lives, as long as we generate a tip, there must be a payment action. At present, the payment system is a commercial system built on the basis of legal tender, such as the US dollar, RMB, Japanese yen, Korean won, Thai baht, etc., different legal tenders, in fact, need some intermediaries to carry out cross-gateway settlement, and many current payment giants and banks are playing their own role to ensure the normal operation of the international payment system. The construction of a payment network system that can be settled in real time provides a reference for cryptocurrencies to become payment chips. And using payment as a breakthrough may be the best way for cryptocurrencies to get out of the circle.
At present, there are also many teams that are governing the injection of cryptocurrencies into the current financial payment system, among which the more outstanding ones are Alchemy Pay, which is currently advancing in the payment ecosystem.
Alchemy Pay's payment ecosystem
AlchemyPay is a payment consensus protocol system that completes the connection of funds in a decentralized manner. Alchemy Pay is the number one payment concept project in the DeFi space and the world's most adaptable decentralized crypto payment infrastructure.
To put it simply, AlchemyPay has built a payment hub that converts the assets of both parties to a transaction, regardless of whether the user is paying for fiat or digital currency.
Alchemy Pay has developed Asia's first cryptocurrency and fiat currency hybrid payment underlying technology solution, which can be compatible with all mainstream payment forms, compatible with all mainstream wallets, and adapt to payment solutions in all mainstream scenarios, realize the free exchange of digital currency and fiat currency, and realize the ecological connection between crypto payment and traditional payment. That is, you can receive conversions and payments from fiat currencies and digital currencies represented by Bitcoin at will.
In terms of specific features, AlchemyPay uses the simplest operation interface at the front end to allow the payee to realize cryptocurrency collection without too much learning, and can be compatible with mixed payment of fiat currency and cryptocurrency. AlchemyPay can be compatible with the instant exchange of different fiat currencies and different cryptocurrencies, which provides a basis for using cryptocurrencies as payment chips in payment business, after all, unlike fiat currencies, cryptocurrencies have poor stability, and even USDT has a large float. AlchemyPay is compatible with almost all mainstream payment forms such as POS, APP, Web, etc., which lowers the threshold for merchants to access AlchemyPay, and also makes the first model of traditional merchants no different from the traditional model.
Based on the above features, AlchemyPay is compatible with almost all scenarios such as offline retail, e-commerce, online entertainment, block trading, supply chain finance, and cross-border transactions. AlchemyPay has also built an infrastructure for cryptocurrency payments, and AlchemyPay, more like an aggregator in the payment space, aggregates traditional financial payments with cryptocurrency payments.
AlchemyPay is able to realize real-time payment redemption thanks to its own technology model. Based on the adaptation layer of the blockchain network, AlchemyPay's payment consensus protocol can be seamlessly deployed on various public chains, integrating LightningNetwork, RaidenNetwork, and StateChannelNetwork into an integrated network.
AlchemyPay supports many network protocols such as zero-block secure payment confirmation technology, fast routing algorithm, multiple tokens to reuse the same channel, intelligent balance of funds in the Lightning Network channel, support for various payment modes, including PULLPAY, combined payment, split, batch collection/payment, etc., and based on machine learning risk control, anti-fraud and quantitative transaction models to ensure the security of its own system. The smart contract template engine also lowers the threshold for business deployment of relevant business personnel, which greatly promotes the completion of multi-level business scenarios.
AlchemyPay can also provide payment interfaces for various applications, and currently serves game developers, wallet developers, DAPP developers, e-commerce platform developers, payment service developers, and industry application developers. From the perspective of the overall business scenario, it currently includes several sectors: payment, merchant network, DeFi and trusted assets.
Alchemy Pay's payment ecosystem is progressing
AlchemyPay has made good progress in the overall ecology, on the whole, AlchemyPay has integrated WeChat Pay, Alipay, Visa, Master, Dash, GrabPay, Nets and other fiat currency payment systems, and supports BTC, ETH, USDT, BCH, BNB and other mainstream digital currencies, compatible with ImToken, Trust and other well-known blockchain institutions to reach in-depth business cooperation on a global scale. Jointly build a digital currency payment ecosystem.
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