Alchemy Pay to Deploy on Polygon zkEVM Chain
Luisa Crawford Sep 05, 2023 12:05
Alchemy Pay is partnering with Polygon to integrate its payment services on Polygon's zkEVM chain, allowing users to convert local fiat currencies into cryptocurrencies. This zero knowledge scaling solution combines Ethereum Virtual Machine and Ethereum L1 security, reducing transaction costs and increasing throughput.
Alchemy Pay is partnering with Polygon (MATIC) to deploy its payment services on Polygon's new zkEVM chain. Alchemy Pay will serve as one of the first fiat-crypto on-ramp providers for the zkEVM ecosystem, allowing users to easily convert their local fiat currencies into cryptocurrencies.
Polygon zkEVM is a zero knowledge scaling solution that combines Ethereum Virtual Machine (EVM) with Ethereum L1 security, reducing transaction costs and increasing throughput. It inherits Ethereum security, offers lower costs compared to L1 and better finality than other L2 solutions, and aims for similar throughput to PoS. Polygon Labs' breakthroughs aim to achieve full EVM equivalence while offering better performance.
Developers building on this new chain can integrate Alchemy Pay's direct-to-customer plugin into their decentralized applications (dApps) with minimal hassle. Alchemy Pay already supports a wide range of payment methods, including Visa, Mastercard, Discover, and Diners Club, across 173 countries. It also supports mobile wallets and domestic transfers in developing markets.
zkEVM is a Layer 2 solution for Ethereum, designed to handle more transactions at lower costs. The use of cryptographic zero-knowledge proofs (ZK-Rollups) ensures transaction validity and quick finality.
Developers can use the same tools and code that they use on the Ethereum network, making it easier to migrate or develop new projects. The network inherits the security features of Ethereum, as transactions are grouped into batches with zero-knowledge proofs attesting to their validity.
This partnership aims to make it easier for both developers and end-users to engage with blockchain technology. Lower transaction fees and higher throughput make it a more attractive option for developers and users alike. Jack Melnick, Head of DeFi BD at Polygon Labs, expressed excitement about the project, stating that Alchemy Pay acts as a "user-friendly gateway to the crypto spaces for users."
Overall, this collaboration between Alchemy Pay and Polygon's zkEVM chain could be a significant step forward in improving the accessibility and usability of blockchain technology. It combines the strengths of a leading fiat-crypto payment gateway with a scalable, secure Layer 2 solution.
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