Important crypto space investors are betting on a new startup called Alchemy, which aims to become the Microsoft of the Blockchain.
Stanford University and Silicon Valley are investing in a new Blockchain startup called Alchemy.io, which is projected as the next “Microsoft” of Blockchain.
Alchemy was founded two years ago by Stanford graduates, Nikil Viswanathan and Joe Lau. The company aspires to finally build the definitive use case for the Bitcoin or Ethereum networks, and currently already serves important companies in the Blockchain world; including Augur, 0x, Cryptokitties, Kyber and the Opera browser.
In the same way that companies like Microsoft, Apple and Google were the bridge to facilitate the massification of technologies such as the computer and the Internet, Alchemy wants to promote this leap for Blockchain. Now, important players in the world of technology are realizing the potential of this startup.
In a first collection series, Alchemy has raised USD $15 million from investors that include Stanford University, Coinbase and Samsung. In addition to others such as Yahoo founder Jerry Yang; LinkedIn founder Reid Hoffman and Chris Kelly, the former legal head of Facebook Inc.
Alchemy: the Microsoft of Blockchain
Viswanathan and co-founder and technical director Joe Lau saw an opportunity in the crypto ecosystem in 2017, when Bitcoin’s price and popularity skyrocketed. But before Alchemy, academics directed a university social application called Down to Lunch, which allowed its users to invite their friends to lunch at the same time.
In fact, at that time, the team was advised by executives from Google, Microsoft and Facebook. And they developed their products with feedback from personalities such as Mark Zuckerberg, Steve Ballmer and Larry and Sergey. Now, the team is applying this knowledge to boost Alchemy within the Blockchain technology space.
With this objective, Alchemy is developing solutions focused on facilitating the adoption of Blockchain among companies. It works by replacing the nodes that companies use to read and write Blockchain with a faster and more scalable decentralized architecture. It also provides tools for the analysis, monitoring, alerts, registration and debugging of software connected to cryptocurrencies.
In the opinion of Yerry Yang, the founder of Yahoo, this startup is already achieving the proposed goal of facilitating the adoption of technology. In an interview with TechCrunch, Yang commented:
“For any new technology, infrastructure and development tools are required that allow for wider development and adoption of applications. We have seen this in previous technology waves like the PC and the web. Alchemy is trying to do the same for the Blockchain space… they have the opportunity to significantly accelerate the entire blockchain industry. “
The potential of Blockchain
From the vision of the team behind Alchemy, the global expansion process that Blockchain will have will be similar to that of technologies such as computers and the Internet. Important leaders and investors in the industry have also seen this potential and have presented important purchase offers to the startup.
However, its developers have stated that for them “selling the company for hundreds of millions of dollars is not a success.” Its objective is another, and it is to revolutionize the industry.
In order to explain the potential of the Alchemy project, Viswanathan commented:
“We are in 1972. Who used computers? Only computer companies. For 2019, the whole world. In 1992, who used the web? Internet companies only. For 2019, the whole world. In 2019, who uses a Blockchain?… ”
These technological changes occur every 20 or 30 years. If it is a massive technological change, we have the opportunity to build a truly fundamental company in space. It is not about money.
The company recognizes that they still do not have all the land gained and that there are many challenges to achieve these objectives. Among them, convincing developers, especially established companies, to delegate an important part of their infrastructure to Alchemy.
In addition, another challenge that does not escape the table for Viswanathan is the time of explosion of this market and the threat of competitors with greater force. “The biggest threat is the speed with which crypto will become a mass market,” he admits.