imagealphablending() allows for two different modes of drawing on truecolor images. In blending mode, the alpha channel component of the color supplied to all drawing function, such as imagesetpixel() determines how much of the underlying color should be allowed to shine through. As a result, gd automatically blends the existing color at that point with the drawing color, and stores the result in the image. The resulting pixel is opaque. In non-blending mode, the drawing color is copied literally with its alpha channel information, replacing the destination pixel. Blending mode is not available when drawing on palette images. If blendmode is TRUE, then blending mode is enabled, otherwise disabled.
Note: This function was added in PHP 4.0.6 and requires GD 2.0.1