What is Amp (AMP)?
AMP is a digital collateral ERC-20 token. It launched in September 2020 and operates as the collateral token of the Flexa network. Flexa is a merchant network that accepts low-cost digital payments in a fraud-proof manner, it also operates a payment app with the same name.
The supply of AMP is fixed at 100 billion tokens.
What are Amp’s key features and how does it work?
Payments on the Flexa network are guaranteed in real-time using AMP as collateral. This decentralizes risk, and merchant fees are used to autonomously open-market purchase AMP tokens. AMP tokens are unique since they feature smart contracts that are programmed to lock and release Amp as the collateral. In order to access the Flexa network, users must supply AMP to these specific smart contracts via meta-staking. This requires participants to stake AMP into pools that secure the network.
The collateral is held while the transactions made with other cryptocurrencies, such as Ethereum, are confirmed on the respective digital asset networks and settle the payment in fiat to the recipient. This solves a few issues in the crypto ecosystem, such as slow confirmation times on networks, price volatility, and broad adoption of crypto.
It is worth noting that the AMP token contract is immutable and collateral pools are permissionless so that participants can supply and withdraw foregoing any restriction on time, financial or competitive matters.
AMP can be described as a form of transaction insurance because if a transaction on the Flexa network fails as a result of lengthy transaction times, the AMP cryptocurrency steps in to offset those losses.
Flexa decentralizes transaction insurance, decoupling merchant settlement from the initial consumer payment to provide immediate finality-as-a-service, thus enabling payment functionality, applications, and communities to collectively stake AMP tokens on behalf of users.
What can AMP be used for?
The Flexa Network enables crypto-collateralized payments at brick and mortar vendors.
The network allows for supported cryptocurrencies like BTC, ETH, and others to be used to pay for goods and services, while the vendor receives payment in fiat.
Where can you buy AMP?
AMP can be bought from any of the CEXs and DEXs like Binance, Coinbase, Bybit, Uniswap.