Alloy, protective layer and component

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Claimed is an alloy for use as a protective coating for gas turbine engine blades. The alloy composition is 0-6% silicon, 9-11% cobalt, 16-26% chrome, 7-15% aluminum, 0.1 - 0.7% yttrium or an equivalent metal from the group including scandium and rare earth elements, optionally including rhenium, silicon and or gallium; residue nickel.