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In this article, we will explore what Amp Coin (AMP) is and how it functions.
What is Amp Coin (AMP)? Amp (AMP) is a token used to facilitate quick and efficient payments based on cryptocurrency. Cryptocurrency networks, also known as the blockchain trilogy, suffer from competing demands such as security, scalability, and decentralized management. Security and scalability often contradict each other because transactions become most secure when confirmed with many approvals, but these approvals can take time. This is not practical for transactions such as payments.
Built on Ethereum, Amp aims to facilitate faster transaction times by providing collateral in the form of AMP tokens while waiting for network approvals. It works through a partner payment network
called Flexa.
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Flexa integrates with standard point-of-sale and online systems to allow sellers to accept payments in cryptocurrency. Since AMP collateralizes all payments, sellers instantly verify the supporting funds for transactions. They have confidence in fund accuracy even if the blockchain hasn’t yet confirmed transaction certainty.
In addition to being used as collateral for guarantees, the AMP token is the main reward form for users who collateralize their AMPs to the network. Additionally, it takes on a role that helps guide the development of the project in the management of the Amp community.
How was AMP developed?
The development of the Amp token is the result of a collaboration between the blockchain development organization ConsenSys, also known for developing the MetaMask cryptocurrency wallet, and the Flexa payment network.
How does AMP work?
The Flexa provides a framework for facilitating payments between customers and sellers. The Software Development Kit (SDK) powers applications that can be used for such payments, like SPEDN.
AMP Stacking
Amp uses a traditional finance-like model also known as staking to collateralize payments through Flexa. Staking is an arrangement in which an agent acts as an intermediary for two parties engaged in financial transactions.
How is AMP used?
The Amp token (AMP) is an ERC-20 token based on Ethereum. Its main purpose is to serve as a collateral asset.
Coin distribution
There is a maximum supply of 100 billion AMP tokens. At launch, 25% of the total supply of FXC tokens (later to become AMP) was allocated to the merchant development fund, 25% to developer grants,
20% to the founding team and employees, 10% to network development fund, and 20% to be sold in token sales.
The Basics of Amp
- The Amp token (AMP) is used as a decentralized collateral for the Flexa payment network.
- Flexa provides a framework that allows merchants to instantaneously accept payments from crypto users, regardless of the time needed for blockchain transaction confirmations.
- Staking AMP in collateral pools provides backend collateral for Flexa-based payments, assuring merchants that these payments are guaranteed; Providing this service allows stakers to earn AMP as a
reward.
Where to Buy AMP?
AMP is listed on major exchanges like Binance and Kucoin. You can register on these exchanges with our discounted registration links and start buying and selling AMP assets.
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