What is AltLayer? Information about the AltLayer project and the ALT token

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27 Jan 2024

What's special about the 45th Binance Launchpool project announced by Binance in the Rollup and RaaS (Rollup-as-a-Service) segment to help solve the scalability problem of other blockchain projects? Let's find out through this article

What is AltLayer?

Alt Layer focuses on improving and expanding the capabilities of rollups. Rollup is a technology that helps process transactions off-chain, increasing speed and reducing transaction costs on blockchains like Ethereum .

Specifically, AltLayer combines technologies from many popular rollup stacks such as OP Stack, Arbitrum Orbit, ZKStack, and Polygon CDK, and adds a restaking mechanism from EigenLayer . This restaking mechanism allows previously staked crypto coins to be reinvested into the network, enhancing the security and reliability of the system. This helps AltLayer not only rely on existing rollup technology, but also enhance cybersecurity and create a completely decentralized system.

AltLayer also offers a Rollup-as-a-Service (RaaS) product, which allows users, even those with no programming experience, to quickly create a custom rollup in just a few minutes.

AltLayer project.

How AltLayer Works

In AltLayer, rollups are "restaken" meaning they are backed by a more robust security network, through reusing assets that have been staked in the network. This creates an extra layer of security for rollups, while also making them more decentralized and secure in processing and confirming transactions.

The "retaken" rollups in AltLayer include a set of three main services, provided by three AVS (Actively Validated Services) components that operate in a vertical integration mechanism. These services include:

Verification of Rollup's State Correctness : The process of verifying the accuracy of the rollup state.
Faster Finality: Ensures transaction completion quickly.
Decentralized Sequencing: Distribute control over transaction ordering, towards decentralization.

As for Rollup-as-a-Service (RaaS), this functionality of AltLayer allows users, even those with no programming experience, to quickly create a custom rollup in just a few minutes. The product supports a wide range of chains and virtual machines, including EVM and WASM, as well as supporting various SDK rollups such as OP Stack, Arbitrum Orbit, Polygon zkEVM, ZKSync's ZKStack and Starkware.

Another important innovation of AltLayer is the idea of "ephemeral" rollups. These rollups can be deployed quickly to meet application demand spikes, and can then be retired by performing a final "settlement" on Layer 1.

In short, AltLayer not only significantly reduces development costs and time for development teams, but also encourages rapid innovation and experimentation in a completely open environment.

Main components of AVS in Retaked Rollup

AltLayer integrates three main components in its AVS (Actively Validated Services) system to provide a comprehensive and optimal 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.

How Retake Rollup works on AltLayer is through three AVS.

VITAL (AVS for Decentralised Verification)

VITAL is the heart of the decentralized verification system in AltLayer. It operates as a network of operators registered with AVS, whose task is to check and verify the accuracy of the status of rollups.

Diagram of how VITAL works.

VITAL operators use advanced algorithms and technology to detect and challenge any invalidities in the root of state, ensuring that every transaction and state change on the rollup is correct and accurate. transparent. This process enhances the safety and security of the entire AltLayer network, making it more trustworthy in the eyes of users and investors.

MACH (AVS for Fast Finality)

MACH plays an important role in providing solutions for completing transactions quickly. In the blockchain environment, "finality" is the condition after which a transaction cannot be reversed. MACH, through its AVS mechanism, enhances this capability by confirming and closing transactions in the shortest possible time. This not only enhances system performance but also provides certainty and trust to users when making transactions on the platform.

MACH's advantage in speed compared to Ethereum Finality.

SQUAD (AVS for Decentralised Sequencing)

SQUAD is a key component in managing the sequencing of transactions in a decentralized manner. In traditional blockchain systems, transaction ordering is often managed by a centralized entity, which can create risks of bias and unfairness. However, with SQUAD, AltLayer offers a new method in which transactions are arranged in a democratic and decentralized manner, helping to ensure fairness and transparency throughout the entire transaction confirmation process.

SQUAD operating model.

Rollup-as-a-Service (RaaS)

AltLayer's Rollup-as-a-Service (RaaS) is a unique service, designed to provide a simple and effective solution for deploying and managing rollups. This service includes the following key elements:

Ability to integrate multiple Rollup technologies : AltLayer RaaS supports a wide range of rollup technologies, from well-known stacks such as OP Stack, Arbitrum Orbit, to ZKStack and Polygon CDK. This allows developers to choose the most suitable technology for their project.
Extensive Support for Data Availability Layers and Settlement Layers : RaaS provides great flexibility in choosing data availability and settlement layers, thereby optimizing rollup performance and security.
No-code Dashboard : One of the highlights of RaaS is its no-code dashboard, which allows users, even those with no programming experience, to easily set up and customize their rollups. Users can adjust network and chain parameters, as well as choose middleware solutions such as bridges and RPC providers.
Extensible : AltLayer's RaaS is not limited to creating rollups but also supports extensibility and integration with different tools and services, which enhances the functionality and interoperability of the project.
Multi-chain and multi-VM (Virtual Machine) support: This ensures that AltLayer's RaaS service can operate on many different chains and is compatible with different types of virtual machines, such as EVM or WASM, scaling its applicability.

The layers that AltLayer provides.

Complete information about ALT tokens

ALT Token Key Metric

Token name: AltLayer.
Ticker: OLD.
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.

The project's ALT token also has basic applications such as participating in voting and being used for staking.

ALT Token Allocation

ALT Token Allocation.

ALT Token Vesting Schedule

Token Vesting Schedule.

ALT Token Sale

On January 19, 2024, Binance listed the ALT token on Binance Launchpool. Users were given the opportunity to stake BNB and FDUSD to receive ALT, with a maximum duration of 6 days.

The number of ALT allocated to each pool is as follows:

BNB pool: 400,000,000 TOTAL.
FDUSD side: 100,000,000 ALT.

This process provided an opportunity for users to participate in the distribution of ALT tokens through staking two different cryptocurrencies.

Team, Investors AltLayer

Team

The AltLayer project is led by a team with extensive experience in the field of Web3 and blockchain. Jia Yaoqi, who serves as CEO and Founder of AltLayer, brings a wealth of experience from his time at Zilliqua and as a consultant at Parity Technologies.

Core team of AltLayer.

Investors

Investors & Backers.

AltLayer has completed two funding rounds in the past. The first funding round took place on February 17, 2022. In this Seed round, AltLayer succeeded in raising a total of 7.2 million USD. This funding round was led by prominent investors such as Polychain Capital, Jump Crypto, and Breyer Capital.

By August 4, 2023, AltLayer continued to receive attention from the market when Binance Labs decided to invest. Although details about the amount raised and valuation of the project in this round have not been announced.

Altlayer ecosystem

AltLayer's ecosystem has huge names like Celestia, Arbitrum, Optimism...

AltLayer's ecosystem.

summary

Above is an overview of the technology, how it works and basic information about the AltLayer project. Rollup and RaaS are also one of the very hot narratives when it comes to solutions to solve the problem of safety and improve the transaction speed of other blockchains. Please follow MarginATM to update further information about AltLayer and the ALT token.