It is a fact that many enterprises and organizations are using blockchain technology in their operations to create trust, security, and permanent records. The adoption of cryptocurrency as an alternative payment means has further enhanced the use of blockchain technology.
Many blockchain-based applications are being developed from time to time. However, some problems are faced in developing blockchain-based applications or software packages.
Major problems in application development
For a long time, Decentralized Applications (dApp) have been created using Web 2.0 infrastructure, meaning the use of multiple servers managed by a load balancer. Using Web 2.0 presents many problems for developers and the development of many applications. This is because every node has its block, transactions, and logs. As a result, applications cannot treat nodes indistinguishably as every node stores the data out of sync resulting in several problems.
As you may realize, these asynchronous actions of nodes lead to data inconsistency and crashing of applications. The only way to solve this problem would be for developers to choose between scale, reliability, and data accuracy. For an average engineer or developer, this cannot be an option. But faced with reality, one of these essential aspects has to be sacrificed.
With Web 2.0, entities resort to the self-hosting of nodes, which is expensive and time-consuming. For example, it can take up to six months to build the required infrastructure for self-hosting nodes. It also needs thousands of dollars to set nodes for interpreting and writing blockchain.
Worse off, the nodes may not be able to support a great scale. This results in applications that are slow and have many bugs. Also, they experience a lot of downtimes and high network latency. It is on the backdrop of these problems that Alchemy comes up with its innovation, the architecture for Web 3.0, which eliminates these problems. So what is Alchemy?
Background information about Alchemy
Alchemy was founded in 2017 by Nikil Viswanathan and Joe Lau. Its headquarters is in San Francisco, United States of America.
It is an application development platform, offering different entities the room to outsource its services. Companies can develop applications that are scalable and completely decentralized. This means such organizations can avoid creating time-consuming and costly nodes used for building decentralized applications.
The role of Alchemy in the blockchain ecosystem is clear. It enables decentralized finance (DeFi) projects to be created and run on its nodes or infrastructure. What developers only need is to pay Alchemy a fee to access its tools and hardware to access the relevant blockchain data.
Many big companies outsource application development architecture from Alchemy. A few notable ones are Maker, Ox, MyEtherwallet, dYdx, and Aave. The list of its users is growing continuously.
Alchemy offers reliable services and features to its users. To achieve this, it provides tools for analytics, monitoring performance, tracking usage, logging, and debugging connected software packages. In the case of a web 2.0, these functions can only be carried out by many different platforms. Thus Alchemy saves its users time and cost by aggregating all these services in one stop.
Let us look at a few of its outstanding features. First, it has an all-in-one dashboard, allowing a user to check applications’ health and performance from one center. It can also monitor the behavior of users and get real-time alerts from a single dashboard.
Using the Alchemy Notify feature, developers can send push notifications to users about mined, delayed, or dropped transactions. Users can also be notified of aspects such as earned interest, burdened tokens, and any other important activity in real-time.
As you can see, Alchemy enables the data required to develop and launch applications to be available when needed. The developer can track his/her progress in real-time and make immediate changes.
The truth is that Alchemy is the first and widely known and used the blockchain developer platform. Its supernodes are designed for Web 3.0. The supernodes ensure that accurate, real-time data in sync with every part of the system exists.