Press release. Singapore, September 22, 2021 – Alchemy Pay is in use Chainlink price information Enable users to buy cryptocurrencies on a decentralized exchange (DEX) and use Alchemy Pay’s ERC-20 utility token ACH to directly obtain loans from the leading DeFi lending platform from the wallet.
Chainlink Price Feeds helps ensure that when users use ACH to purchase assets directly through wallets on DEX such as Uniswap, Sushiswap, and ForTube, and when they use ACH to secure DeFi loans, they will receive a fair market exchange rate.
“Accurately sharing the value of ACH across the entire ecosystem is critical to the success of our payment gateway solution,” said John Tan, CEO of Alchemy Pay. “The accuracy of Chainlink’s price information is supported by the powerful technology that Chainlink has deployed to prevent downtime and manipulation.”
Since the price of an asset is not an inherent data feed on the blockchain, a solution is needed to extract it from the blockchain (off-chain) and then transfer it to the chain when users conduct transactions involving different cryptocurrencies Above for referenceIt is important that asset prices reflect the weighted average of trading volumes in all trading environments, not just one exchange, to prevent inaccuracies. The Chainlink decentralized oracle network acquires and delivers prices, not a centralized entity.
Following the initial integration of Alchemy Pay in 2020, Chainlink has become a key component of the Alchemy Pay payment gateway system. In order to use Alchemy Pay’s payment convenience service, the retailer promises ACH on the Internet. By collateralizing ACH, retailers can use the Alchemy Pay system to accept cryptocurrency in their online and physical stores, and Alchemy Pay converts it into legal currency required by the merchant. The transaction on the system is completed within a few seconds, and the cost is about 30% of the traditional payment system.
Alchemy Pay connects with merchants through major platforms such as Shopify, Binance and QFPay, which have more than 2 million touch points worldwide.
Chainlink has helped protect the tens of billions of value in DeFi and CeFi. Some of the benefits of Chainlink Price Feeds include:
- High-quality data — Chainlink price obtains source data from many high-quality data aggregators to generate price data aggregated from hundreds of exchanges, weighted by transaction volume, and removed outliers and suspicious transaction volume.
- Secure Node Operator — Chainlink Price Feeds are protected by independent, security-reviewed, anti-witch oracle nodes. These nodes are run by leading blockchain developers, and their reliability records are also high even under conditions of high oil prices and extreme network congestion. outstanding.
- Decentralized network — Chainlink Price Feeds are distributed at the data source, oracle node and oracle network levels, providing strong protection against downtime and tampering.
- Economies of scale — Chainlink Price Feeds has benefited from economies of scale, in which more and more oracle networks that allow multiple projects to use and fund a shared oracle network are used to obtain commonly used data sets. This enables DeFi projects to obtain high-quality data quality and strong oracle security at a fraction of the total cost of traditional feeds.
“Our hybrid encrypted fiat currency system provides encryption and fiat currency for daily digital payments (large or small) in a single system,” Tan said. “This requires ACH tokens that are accurately represented at all times. We can rely on Chainlink. ”
Chainlink is an industry standard for building, accessing, and selling oracle services required to support hybrid smart contracts on any blockchain. The Chainlink oracle network provides a way for smart contracts to reliably connect to any external API and use secure off-chain computing to support feature-rich applications. Chainlink currently has tens of billions of dollars in funding in DeFi, insurance, gaming, and other major industries, and provides global enterprises and leading data providers with a common gateway to all blockchains.Learn more about Chainlink by visiting Chain link Or read the documentation docs.chain.link. Discuss integration, Contact an expert.
About Alchemy Pay
Alchemy Pay is the inventor of the world’s first hybrid fiat currency and digital currency gateway solution for businesses and investors. Alchemy Pay supports merchant networks, developers, and financial institutions to seamlessly accept cryptocurrency and fiat currency, and promotes the adoption of blockchain technology by allowing consumers and institutions in the fiat currency economy to easily access cryptocurrency investment and DeFi services. Today, Alchemy conducts business in 18 countries and regions, and has established connections with more than 2 million merchants through cooperation with industry giants such as Binance, Shopify, Arcadier, and QFPay.
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