- Alchemy, a widely used Ethereum dApp building toolkit, launches its public suite allowing all developers on Ethereum to build dApps using the platform.
- The platform launched back in 2017 and has attracted some big-name investors and institutions in the past three years.
The blockchain development startup, Alchemy, raised a $15 million Series A funding round from a range of investors and institutions, including PayPal founder - Peter Thiel, Coinbase, Stanford University, Jay Z, and Will Smith vying to bring improved development kits on Ethereum.
According to a blog post on the launch, tools provided by Alchemy are used by over 70% of the top startups and projects currently running on Ethereum. Of these, a total of 60% of all decentralized finance (DeFi) smart contracts run through the platform.
The entities using these tools are as diverse as the investors. The company launched its closed beta platform three years ago, in a bid to provide tools capable of building skyscrapers. Since, top development teams such as Maker, Kyber Network, 0x, Dapper Labs, and CryptoKitties are all running or accessing nodes connecting them to Ethereum data.
Now every developer will be able to do so with the launch of the public blockchain tools. Speaking on the launch, Alchemy co-founder and CEO Nikil Viswanathan, said the platform aims at "bringing the magic of blockchain to the world.
Alchemy and other blockchain software development kits such as its rival, Infura, depend on hardware services such as Amazon and Google to provide tools for blockchain developers. While this reduces the decentralization properties of blockchains, it provides an easier route for startups to focus on providing the best services to retail customers.
Alchemy offers a vast set of tool kits, including Supernode, Build, Monitor, and Notify to which Alchemy co-founder and CTO Joe Lau likened to having power tools instead of hammers and nails.
"We use Alchemy Supernode to subscribe to updates for transactions that we've submitted through Alchemy, and then to consolidate that with internal data. This has helped us improve our reliability and UX." Graeme Boy, Director of Engineering at Dharma, one of the blockchain projects using Alchemy.
Nikil states the company facilitated over $7.5 billion worth of transactions on Ethereum over the past year.