What is AltLayer? Information about the AltLayer project and ALT token
AltLayer is the 45th Binance Launchpool project announced in the Rollup and RaaS sector, aiming to address scalability issues faced by other blockchain projects. What makes AltLayer stand out?
1. What is AltLayer?
AltLayer, is the 45th Binance Launchpool project, focuses on enhancing and expanding the capabilities of rollups. Rollup is a technology that processes transactions off-chain, increasing transaction speed and reducing costs on blockchains like Ethereum.
Specifically, AltLayer combines technologies from popular rollup stacks such as OP Stack, Arbitrum Orbit, ZKStack, and Polygon CDK, and adds a restaking mechanism from EigenLayer. This restaking mechanism allows for the reinvestment of previously staked crypto assets into the network, enhancing the security and reliability of the system. This not only allows AltLayer to rely on existing rollup technology but also strengthens network security and creates a fully decentralized system.
AltLayer also offers a Rollup-as-a-Service (RaaS) product, allowing users, including those with no programming experience, to quickly create a custom rollup in just a few minutes.
2. How AltLayer works
In AltLayer, rollups are 'restaked,' meaning they are supported by a more robust security network through the reuse of assets staked within the network. This creates an additional layer of security for rollups while making them more decentralized and secure in processing and confirming transactions.
The rollups 'restaked' in AltLayer consist of a set of three core services provided by 3 Actively Validated Services (AVS) components operating in a vertically integrated mechanism. These services include:
Verification of Rollup's State Correctness: The process of verifying the accuracy of the rollup's state.
Faster Finality: Ensuring quick transaction finalization.
Decentralized Sequencing: Distributing control over transaction sequencing, aiming for decentralization.
Regarding Rollup-as-a-Service (RaaS), this feature of AltLayer allows users, including those without programming experience, to quickly create a custom rollup in just a few minutes. This product supports various chain types and virtual machines, including EVM and WASM, as well as different rollup SDKs such as OP Stack, Arbitrum Orbit, Polygon zkEVM, ZKSync's ZKStack, and Starkware.
Another significant innovation of AltLayer is the concept of 'ephemeral' rollups. These rollups can be quickly deployed to meet the sudden surge in application demand and can then be removed by executing a final 'settlement' on Layer 1.
In summary, AltLayer not only significantly reduces costs and development time for development teams but also encourages rapid innovation and experimentation in a fully open environment.
3. The key components of AVS in the Restaked Rollup
AltLayer integrates three main components within its AVS (Actively Validated Services) system to provide a comprehensive and optimized solution for rollups. Each of these AVS components has specific roles and functions, working closely together to create a secure, efficient, and decentralized blockchain environment.
3.1. VITAL (AVS for Decentralised Verification)
VITAL serves as the core of the decentralized verification system within AltLayer. It operates as a network of registered operators with AVS, tasked with verifying and validating the accuracy of the state of rollups.
The operators within VITAL utilize advanced algorithms and technologies to detect and challenge any invalidity within the root of the state, ensuring that all transactions and state changes on the rollup are accurate and transparent. This process enhances the overall security and transparency of the AltLayer network, making it more trustworthy in the eyes of users and investors.
3.2. MACH (AVS for Fast Finality)
MACH plays a crucial role in providing a solution for fast transaction finality. In the blockchain environment, finality is the condition where transactions cannot be reversed. Through its AVS mechanism, MACH enhances this capability by confirming and settling transactions as quickly as possible. This not only improves the system's efficiency but also provides certainty and reliability for users when conducting transactions on the platform.
3.3. SQUAD (AVS for Decentralised Sequencing)
SQUAD serves as a pivotal component in managing the decentralized sequencing of transactions. Traditional blockchain systems typically have a centralized authority that controls transaction sequencing, which can lead to bias and unfairness risks. However, with SQUAD, AltLayer introduces a new approach where transactions are sequenced democratically and in a decentralized manner, ensuring fairness and transparency throughout the transaction confirmation process.
4. Rollup-as-a-Service (RaaS)
AltLayer's Rollup-as-a-Service (RaaS) is a specialized service designed to provide a simple and efficient solution for deploying and managing rollups. This service encompasses the following key elements:
Integration of Multiple Rollup Technologies: AltLayer RaaS supports a variety of rollup technologies, ranging from popular stacks like OP Stack, Arbitrum Orbit, to ZKStack and Polygon CDK. This enables developers to choose the most suitable technology for their projects.
Diverse Support for Data Availability Layers and Settlement Layers: RaaS offers high flexibility in selecting available data layers and settlement layers, optimizing performance and security for rollups.
No-Code Dashboard: A notable feature of RaaS is the no-code dashboard, allowing users, including those without programming experience, to easily set up and customize their rollups. Users can adjust network and chain parameters, as well as select middleware solutions like bridges and RPC providers.
Scalability: AltLayer's RaaS not only facilitates rollup creation but also supports scalability and integration with various tools and services, enhancing project functionality and interaction capabilities.
Multi-chain and Multi-VM Support: This ensures that AltLayer's RaaS can operate on multiple chains and is compatible with various types of virtual machines, such as EVM or WASM, extending its application capabilities.
5. ALT Token Details
5.1. ALT token key metrics
Token name: AltLayer.
Ticker: ALT.
Blockchain: Ethereum, BNB Chain.
Contract:
+ Ethereum: 0x8457CA5040ad67fdebbCC8EdCE889A335Bc0fbFB.
+ BNB Chain: 0x8457CA5040ad67fdebbCC8EdCE889A335Bc0fbFB.
Token type: Utility, Governance.
Total Supply: 10,000,000,000 ALT.
Circulating Supply: 1,100,000,000 ALT.
ALT token of the project also has basic applications such as participation in voting and being used for staking.
5.2. ALT Token Allocation
Treasury: 21.5% (equivalent to 2,150,000,000 ALT)
Protocol Development: 20.0% (equivalent to 2,000,000,000 ALT)
Investors: 18.5% (equivalent to 1,850,000,000 ALT)
Team: 15.0% (equivalent to 1,500,000,000 ALT)
Ecosystem and Community: 15.0% (equivalent to 1,500,000,000 ALT)
Binance Lauchpool: 5.0% (equivalent to 500,000,000 ALT)
Advisors: 5.0% (equivalent to 500,000,000 ALT)
5.3. ALT token release schedule
The ALT token allocation schedule is designed to ensure the stability and sustainability of the ecosystem. You can track the vesting schedule on platforms such as Token unlocks, Cryptorank...
5.4. Token sale
On January 19, 2024, Binance listed ALT token on Binance Launchpool. Users had the opportunity to stake BNB and FDUSD to receive ALT, with a maximum duration of 6 days.
The allocated amount of ALT for each specific pool was as follows:
BNB pool: 400,000,000 ALT.
FDUSD pool: 100,000,000 ALT.
This process provided an opportunity for users to participate in the distribution of ALT tokens by staking two different types of cryptocurrencies.
6. AltLayer project team and investors
6.1. Team
AltLayer project is led by a team with extensive experience in the Web3 and blockchain fields. Jia Yaoqi, who serves as the CEO and Founder of AltLayer, brings a wealth of experience from his time at Zilliqa and as an advisor at Parity Technologies.
6.2. Investors
AltLayer has completed two fundraising rounds in the past. The first fundraising round took place on February 17, 2022. In this Seed round, AltLayer successfully raised a total of $7.2 million. Renowned investors like Polychain Capital, Jump Crypto, and Breyer Capital were in charge of this fundraising round.
On August 4, 2023, AltLayer continued to attract market interest when Binance Labs decided to invest. However, details regarding the amount raised and the project's valuation in this round have not been disclosed.
7. AltLayer ecosystem
AltLayer ecosystem includes prominent names such as Celestia, Arbitrum, Optimism...
8. Closing thoughts
Above is an overview of the technology, operation, and basic information about AltLayer project. Rollup and RaaS are also among the hottest narratives when it come to providing solutions to address security issues and improve transaction speed on other blockchains.
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