Crypto.com, the multidisciplinary cryptocurrency company, has partnered with Alchemy to help develop the former’s blockchain.
Having started out as a crypto debit card issuer and wallet, Crypto.com has evolved into a cryptocurrency exchange and digital asset service provider.
The next phase of the company’s evolution will see its native blockchain integrated into multiple exchanges and wallets – and Alchemy will provide the API and developer tools.
Crypto Champion Builds its Own Blockchain
Crypto.com is not the first cryptocurrency exchange to branch out into the blockchain business – Binance and Huobi have already made the transition – but Crypto.com Chain promises to be a little different.
Given that Crypto.com has already captured a tranche of the exchange market, and crucially serves as one of the leading fiat onramps to the cryptoconomy, it’s well positioned to secure adoption of its native blockchain from day one.
As the mainnet launch of Crypto.com Chain draws near, Alchemy has been enlisted to assist with building out the developer platform that will enable third parties to create applications.
The quality and availability of developer tools is seen as critical in bootstrapping new blockchains, and attracting projects to build on them which will in turn attract users.
Within blockchain developer circles, Alchemy is the industry leader, feted on account of its technology, which is utilized by more than 70% of all Ethereum applications.
Alchemy’s benchmark Ethereum API, which allows external platforms to pull data from the smart contract blockchain and vice-versa, will now be recreated on Crypto.com Chain.
The Battle for Blockchain Supremacy
There are now hundreds of blockchains on the market, with new arrivals catering for specific use cases, from enterprise applications to payments.
The fragmentation of blockchains has enabled developers to create distributed networks that are optimized to perform specific tasks efficiently.
Bitcoin’s slowness in terms of transactional throughput, for example, is countered by its strong security. Similarly, Ethereum’s high fees are a product of its unrivaled network effects when it comes to daily active users.
In throwing its hat into the ring in terms of blockchain development, Crypto.com will be taking aim at smart contract networks such as Ethereum, rather than Bitcoin, and will be focused on payments and financial services.
The company’s greatest asset is the 5 million users it has already onboarded to its ecosystem, all of whom have the potential to become users of Crypto.com Chain.
These are the sorts of numbers that other blockchains can only dream of, making Crypto.com well placed to secure adoption of its eponymous blockchain.
The blockchain that Crypto.com has been painstakingly developing is close to completion, with a dry run of its mainnet launch earmarked for January 18.
Already, there are tools in place for interacting with Crypto.com, including a custom block explorer where transactional data can be viewed.
With Alchemy now onboard, connecting to Crypto.com Chain via API will become significantly easier for third party developers.
Once live, Crypto.com’s blockchain will form a fast and scalable network that can route financial transactions anywhere in the world almost instantly.
The onus will then be on developers to create applications that utilize this ability and make use of the characteristics that are synonymous with blockchain, including open access, independent verification, and strong settlement assurances.