ALZA: Decentralized Off-Chain Blockchain Payment System?
What Is ALZA?
Alza is developing a blockchain platform that can be used to build a wide variety of decentralized applications. The company claims that its product offers a significant improvement over existing blockchains, such as those used by Bitcoin and Ethereum, because it is considerably faster, much more scalable, and its distributed-proof-of-stake algorithm requires far less computing power than proof-of-work systems.
While the company mentions that it intends to hold an ICO eventually, it has not yet announced any clear details about this sale.
Who Is Behind ALZA?
Alza is the work of a small team of seven employees. All of the team members have strong backgrounds in software engineering; five are either current or former employees of Google. However, it's not clear if they have much experience in management or accounting.
The project has received some coverage from various websites that cover blockchain technology, though it hasn't yet attracted much mainstream media attention. The company has a relatively strong presence on social media, with approximately 7,500 Twitter followers and over 50,000 members in its Telegram group.
How ALZA Decentralized Off-Chain Blockchain Payment System Works
The main innovation offered by Alza's blockchain is its off-chain payment field; rather than requiring all nodes to verify a transaction, exchanges will take place in a smaller network that can verify them faster, and then be uploaded to the main ledger afterwards. This will allow many transactions to happen in parallel, making it much more appropriate for real-time business than other cryptocurrencies' blockchains which can sometimes take ten minutes before a given transaction is verified; while Bitcoin's network can handle 3 to 4 transaction per second and Ethereum's can handle about 15, Alza claims that its system can handle approximately 140,000.
The company states that all of these off-chain transactions will be double-checked against the main ledger before their final approval, which is important to prevent participants from double-spending across multiple side networks. By delegating transactions to these off-chain payment networks, Alza's unique blockchain can offer both remarkably fast transaction approvals and an extremely low – typically negligible – transaction fee.
The company is also planning to promote an ecosystem of products built using its platform; its exact contents will depend on the popularity of the platform, and the ideas it draws out of software developers. Creating a robust ecosystem will help to stabilize demand for the platform – and thus the platform's internal cryptocurrency – upon its release.
ALZA Service Details
Alza's blockchain platform isn't intended for end users, but rather for software developers who can use it to build a wide variety of decentralized applications; the company's FAQ page states that it will be appropriate for virtually any transactional activity, including cryptocurrency exchanges, games, content delivery systems, and more.
The company is still very young, and as of summer 2018, it is still just beginning to build its technology and plan for its release. The idea was born among Google employees in mid-2017, and they began to work on a proof of concept in March 2018. The test network is scheduled for release in October 2018, and the main network should be launched in July 2019.
The company's roadmap states that it hopes to hold an ICO in August of 2018, though its FAQ section notes that there are no specific plans for this yet, as the team is currently focused on research and development.
The ALZA.org most significant advantage is its development team; they are highly experienced engineers, and their project is sure to be a success from at least the technical standpoint. However, the company is entering a crowded market, and must compete with many blockchain platforms designed to attract developers who are working on decentralized applications; it's not clear which platforms will gain the most popularity.
Furthermore, the company has not mentioned any plans for its ICO as of June 2018, despite the fact that it was scheduled to begin in August; this could be a sign that the project is behind schedule, or that they are neglecting to communicate with eager investors. If the ICO does take place on time, investors should note that the project's main network won't be launched for approximately one year after the sale.