Jay Z-Backed Ethereum App Platform Officially Opens Doors to Public

Initially operating under a private mode, Alchemy is now open for public use to equip any companies or startups looking for the proper tools to build smart contract-based projects. A smart contract system basically removes the necessity of an intermediary, operating on a computer program that automatically executes and controls events according to the terms of a drafted agreement. 

Speaking about their blockchain startup to Bloomberg, co-founder Viswanathan said: 

“We are all here because we believe that blockchain will be as powerful as the Internet.” 

Ethereum Blockchain Wins

As Alchemy is being created based on a DeFi business model, this entails that a centralized corporation is not needed to manage and oversee operations. Ethereum is the main technology that is being leveraged for decentralized applications on Alchemy blockchain platform. 

Though big fans of Bitcoin, co-founders Viswanathan and Lau explained that Ethereum’s programmable capabilities enabled their blockchain startup dream to come to life, with computer programs as well as Ethereum’s native crypto Ether operating on the chain. Speaking to Bloomberg, Alchemy co-founder Viswanathan said: 

“The real moment for us was Ethereum. We saw that and said,’oh my god, that’s the future.” 

Ethereum has been increasingly leveraged by many firms and is reported to be the most dominant platform employed by all European blockchain startup firms. 

According to a survey by Leadblock Partners, Ethereum is an easy choice for real estate companies, as the blockchain network offers robustness, scalability, and overall stable architecture for smart contracts and programs to operate on.