Alchemy launches publicly
Technology

Jay-Z, Coinbase backed blockchain developer platform launches publicly

Alchemy describes itself as a ‘quiet giant’ in the industry given that its tools are already used by 70% of top Ethereum applications

A blockchain developer platform that’s backed by the likes of Coinbase, Alphabet Chairman John Hennessy, Stanford University,  Charles Schwab and even Jay-Z has launched publicly.

Alchemy has gained substantial momentum during its closed beta phase—and according to the company, it now provides infrastructure and tools for 70% of top Ethereum applications. The platform is also a big player in the decentralized finance space, and said its technology supports 60% of the total assets locked in DeFi protocols, an estimated $2.8 billion.

The public launch means that its services will no longer be reserved for big blockchain companies, but available for all developers who are building on the ETH network. Alchemy offers free plans for smaller users, and the cost grows with usage.

“We are thrilled to publicly launch our platform for all developers,” Alchemy co-founder and CEO Nikil Viswanathan said. “This brings Alchemy one step closer to its mission of supercharging the next technological paradigm shift and enabling developers to bring the benefits of blockchain to the world.”

The company’s offering consists of four flagship products. Alchemy Supernode is an Ethereum API that delivers “the reliability, scalability, and speed needed to run world-class applications on the blockchain.” Alchemy Build allows products to be prototyped, debugged, and shipped with fewer errors. An all-in-one dashboard enables developers to track an app’s health and performance, as well as user behavior. Finally, a real-time push notification engine enhances the user’s experience with “engaging alerts for all critical blockchain transactions and events.”

Some of these products were launched in recent weeks—a sign that Alchemy is aggressively expanding its range to appeal to a broader cross-section of crypto and blockchain-based businesses.

A sleeping giant?

In a news release on Aug. 11, Alchemy went to great lengths to describe itself as a “quiet giant” in blockchain development—and pointed to how high-profile brands such as Microsoft were quickly superseded by agile upstarts such as Amazon Web Services whenever there was a big technological shift. The company believes it has an opportunity to pick up where AWS left off, at a time “where blockchain and cryptocurrency have introduced a new computing paradigm.”

But does this mean that Alchemy could end up being superseded itself one day? The company doesn’t think so.

“With its dominant position within the blockchain developer and infrastructure layer, Alchemy is trend-proof as it will keep functioning behind-the-scenes powering billions of dollars in transactions,” the company said. “However the ecosystem develops, from tokens, to DeFi, to enterprise solutions, Alchemy’s developer platform enables innovation and scale in all these areas.”

Maker, Dapper Labs, Circle, Aave, 0x, Kyber Network and MyEtherWallet are among Alchemy’s customers. Kyber co-founder Victor Tran said: “We’ve extensively tested every node solution and Alchemy is far and away the best. The Alchemy engineering team has woken up at 5am to help our developers build and ship products faster—best customer service we’ve ever had.”

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C Sephton is a journalist with an interest in cryptocurrencies, personal finance, and financial inclusion—as well as the challenges the crypto industry faces in achieving mainstream adoption. He owns cryptocurrencies.