Alchemy Web3 is a next-generation blockchain development platform that simplifies multichain Web3 development. Founded by Nikil Vishwanathan and Joe Lau, it aims to be the starting place for developers building a blockchain product.
If you have been wondering about what is Alchemy crypto used for, here is your answer. It is like the Amazon Web Services(AWS) of the Web3 and blockchain world. Alchemy has seen tremendous growth in just a few years and its valuation surpassed $10 billion in 2022.
By now, your curiosity about what is Alchemy in Web3 and why is Alchemy needed must have been piqued. In this article, we have answered all your questions regarding what is Alchemy blockchain used for, Alchemy products and Alchemy crypto.
What is Alchemy Web3 Used For?
Alchemy is a platform that makes the lives of Web3 developers easier. It simplifies the development of decentralized apps(DApps) by providing dependable network connectivity and node management endpoints.
Alchemy makes it possible to securely create and test DApps on the Ethereum mainnet as well as Layer 2 chains like Polygon, Arbitrum and Optimism. Its services and integrations are available in the form of APIs and the blockchain platform also offers security features such as address whitelisting.
Apart from that, Alchemy can be used for analytics, monitoring, alerting, logging and debugging purposes.
Core Services of Alchemy
Alchemy is like a one-stop destination for Web3 solutions. Therefore, it has several developer tools in its kitty. Some such services offered by Alchemy are:
Alchemy Supernode
The Alchemy Supernode is known for offering better scalability, reliability and data correctness. In a blockchain, developers generally have to choose between scalability and consistency as running apps directly on the nodes can result in greater latency and downtime.
Now, if you think about What is alchemy Web3 used for? here is the answer. It helps in resolving the scalability problem through dedicated distributed systems. Alchemy Supernode has a one-line infrastructure API that carries out all functionalities of a single node but with better availability and uptime.
Alchemy Build
Alchemy Build is a native suite of developer tools that helps in the quicker development of prototypes, debugging and shipping. It offers solutions for the identification of bugs in Web3 projects. For this, it has features like the Explorer, Debug Toolkit, Composer and Mempool Visualizer.
The Explorer is helpful for instantly browsing through historical requests to identify specific bugs and error patterns. The Composer enables the development of prototypes and the Debug Toolkit is used for faster scanning of recent requests and errors. Similarly, the Mempool Visualizer can be used to view the real-time transaction state in the Mempool.
Alchemy Monitor
Alchemy Monitor is a collection of dashboards and alerts to monitor app health and performance and user behavior. It is particularly useful as traditional data analytics tools do not necessarily support Web3 projects. Alchemy Monitor has features such as Command Center, Usage Analytics and User Insights for better monitoring of various Web3 solutions.
With the Command Center, developers can easily monitor apps for details like error rates, requests per second and response time in one location. Usage Analytics is important for reviewing the utilization of particular apps. Alchemy Monitor also offers insights into user behavior with the User Insights feature. It also sends out automated alerts to users if any error in the app is detected.
Alchemy Notify
What makes Alchemy successful is that helps in providing a user experience on Web3 apps that is actually demanded by users. Alchemy Notify, thus, can be used to send relevant notifications for significant Web3 events. Here, in-built notifications can be found for mined transactions, dropped transactions and smart contract events.
When prompt notifications are given out about mined or dropped transactions, users will not have to encounter issues like missed trades, lost auctions and disappearing tokens.
Alchemy Transact
Alchemy Transact offers services that enable sending transactions with better speed, reliability and cost-effectiveness. It can help in resolving issues of slow or cancelled transactions on Web3 platforms. Alchemy blockchain development platform, thus, provides more clarity into the transaction cycle and optimizes the transactions at each step.
Alchemy Transact’s Reinforced Transactions Engine can help prevent transactions from being dropped and avoid unwanted front running and arbitrage.
Alchemy API Collection
Alchemy blockchain development platform has an API collection for different Web3 use cases. It supports both EVM and non-EVM blockchains and enables enhanced functionalities for Web3 apps. Some prominent APIs here are:
Token API
This is used to make the process of requesting information about tokens easier. The information asked may include things like wallet balance or metadata. Token API, thus, can be useful for developers looking to build a platform that would need such information.
Transfers API
This API helps developers using the Alchemy blockchain to access historical transactions for particular addresses in their applications. It is, thus, a critical part of Alchemy’s API collection.
NFT API
The NFT API can be used for instant identification and verification of any non-fungible token(NFT) on the blockchain. This includes not just Ethereum but any supported blockchain such as Aribtrum and Polygon.
Transaction API
It is a collection of APIs that enables the quick and secure generation of transactions. Along with speedy Web3 app transactions, it also has advanced options such as gas usage optimization and private transactions.
Trace API
With this API, DApps can add the ability to get in-depth information about on-chain activities. This can be done both for the app itself and for other actors within the particular blockchain network.
Debug API
This is a rather ingenious API that helps users access insights and data related to transaction behavior. The Debug API provides developers with the necessary tools to correct errors and debug their apps.
Notify API
The Notify API enables developers to add the necessary capabilities to make their apps display real-time notifications about on-chain activities.
Transactions Receipts API
Transactions Receipts API gives users all transaction receipts for a specific block based on either block hash or number.
Alchemy Web3 API
This is often touted as an alternative to web3.js. It offers benefits such as strong WebSocket support and automatic retries and has been designed to work with Alchemy without any conflict. The Alchemy Web3 API supports multiple blockchains such as Ethereum, Solana, Polygon and Optimism.
Subscription API
With this tool, developers can access full transaction receipts for new unresolved transactions rather than getting just the hash.
What is Alchemy Crypto?
Alchemy Pay is a payment solutions provider that connects fiat and crypto economies for consumers, merchants and institutions. It has a native crypto token called ACH. ACH is an ERC-20 token that is used as payment for Alchemy’s services such as its APIs.
It has a maximum supply of 10 billion ACH tokens out of which 20% have been distributed to the team and investors. 40% of it is used for liquidity purposes and ecosystem development and 40% has been earmarked to be airdropped to users of Alchemy products. As of September 2023, ACH has a circulating supply of 6.7 billion tokens and its price has been hovering at $0.015.
The Bottom Line
This article will answer all your questions about Alchemy crypto, its uses and its success. It is an innovative platform that makes Web3 development easier. Alchemy addresses various concerns of Web3 developers such as scalability and interoperability problems and helps in providing an enhanced user experience.
It has a number of features that make it a valuable tool for DApp developers to create Web3 apps that would attract a wider user base and not just blockchain enthusiasts.