The Core Business System of Alchemy

Alchemy’s core business system includes the Account System and the Payment Business System.

Alchemy’s Core Business System

The Account System covers Standard Account, Merchant Account, Corporate Account and Smart Contract Account.

1 The Account System

• Standard Account: mainly meets the requirements of daily use of ordinary users. Standard Accounts can be classified into cryptocurrency accounts, credit accounts, point accounts, coupon accounts, and other cryptocurrency asset accounts depending on the asset type (subject).
• Merchant Account: For those who primarily run online/offline services. The merchant account is divided into: a point account issued by the merchant, a coupon account issued by the merchant, a credit account, a cryptocurrency account, and a membership account.
• Corporate Account: An account primarily for corporate users. The Corporate Account supports a multi-level account system to meet the needs of the enterprises’ multi-level management system. The Corporate Account types are divided into corporate credit account, cryptocurrency account, and corporate asset-backed security accounts
• Smart Contract Accounts: Support for complex transactions and community governance, including decentralized dispute resolution, credit rating, decentralized exchanges, cross-chain transactions, clearing settlements, etc. Smart contract accounts are divided into credit contracts, escrow contracts, decentralized dispute processing contracts, credit rating contracts, decentralized transaction contracts, cross-chain transaction smart contracts, merchant bond contracts, Clearing contracts, settlement contracts, security fund contracts, network access / exit contracts, etc.

The same user can have multiple types of accounts, such as a business, which can have standard accounts, corporate accounts, merchant accounts, and smart-contract accounts to meet the needs of different business scenarios.

2 The Payment Business System

Alchemy’s payment service supports the PUSHPAY mode of active payment and the PULLPAY mode of withholding.

• PUSHPAY mode: The payer actively initiates a payment request and authorizes the payment with the private key held in hand. It’s similar to the online payment mode of online banking.
• PULLPAY mode: The payer authorizes the payee to automatically debit the designated account in advance, and the payee initiates the debit request at the subsequent payment, and does not require the payer to re-authorize the private key. It’s similar to the current pay-as-you-go (withholding) model.

Based on these two models, the Alchemy payment business system offers a wide range of payment types, including:

• Cryptocurrency payment
• Credit payment
• Points payment
• Combination payment
• Guarantee payment
• Directed payment
• Subscription payment (withholding)
• Bulk collection/payment
• Splitting check
• Transfer
• Trans-border payment