What is AltLayer?

Could you elaborate on the concept of AltLayer? I've heard it mentioned in the cryptocurrency community but am not entirely clear on its purpose and functionality. Is it a new blockchain protocol? Does it aim to improve upon existing ones? What specific advantages does AltLayer offer over traditional blockchain systems? Furthermore, what is its adoption like within the cryptocurrency ecosystem, and are there any significant partnerships or use cases that highlight its potential? Thank you for your insights into this intriguing topic.