AMP crypto is described as the new digital escrow token that offers instant and verifiable escrows for any type of value transfer. Using AMP, networks like Flexa can quickly and irreversibly secure transactions for a wide variety of asset-related use cases. Read on to learn more about AMP crypto.
What is AMP crypto?
Amp is an open source platform with an ERC-20 token built on Ethereum. It serves as a collateral asset to enable quick and secure investments in the practical market. With smart contract features designed explicitly for escrow, Amp assists users in decentralizing risk.
Amp offers a unique collateral split mechanism designed to improve staking contract compatibility. Amp tokens can be pledged as collateral without the need for transfers to another smart contract using such partition algorithms and maintaining asset escrow while increasing the reliability of the staking collateral. It is distinguished on the basis of two technologies: escrow managers and collateral token partitions.
Collateral managers are escrow-type smart contracts that can lock, release, and divert collateral into partitions as needed to facilitate value transfer operations. Anyone in apps can utilize escrow managers with Amp value transfers at any time, or escrow accounts are handy.
Escrow token partitions are generally used to escrow any account, transaction or application whose deposits can be inspected on the Ethereum blockchain instantly. With Amp token contracts, token partitions can be maintained individually, allowing multiple escrow managers to enforce rules on separate, single regions connected with the same virtual address. Individuals can invest tokens in this way without sending them into a smart contract.
What is Flexa network?
Flexa network, is a financial technology (FinTech) company based in New York created by Daniel McCabe, Trevor Filter, Ryan Records and Tyler Spalding. Tyler Spalding is the CEO and face of the company.
Spalding has a wealth of experience and an impressive resume, having served in senior roles at NASA and Lockheed Martin. Previously, the native token of Flexa network used to be FXC token, but in 2020, AMP token was launched and users could exchange their FXC tokens for AMP at 1:1 ratio.
Flexa Network and AMP crypto
On September 30, 2020, the Flexa network, which has a decentralized finance (DeFi) application called Flexa Capacity, stopped accepting Flexacoin (FXC) as digital collateral and destroyed the Flexacoin token contract. Instead, Flexacoin token holders were able to migrate their tokens to AMP tokens at a 1:1 ratio. Since then, Flexa Capacity network rewards are distributed based on the number of AMP tokens held, which are now also used as collateral on the platform.
Flexa prides itself on being a leader in digital-only payments and claims to be the fastest and most secure payments network in the world. They are able to confirm merchant transactions almost instantly, ensuring payment authorization while the underlying asset remains unconfirmed, thanks to the use of Amp partitions as escrow pools.
How does AMP crypto work?
AMP works as a crowdsourced escrow that completely decentralizes payment risks and in turn offers staking rewards with every successful transaction. Flexa differs from traditional bank payments in that it involves intermediaries and reveals sensitive information about the customer’s account.
Flexa overcomes these loopholes by processing payments with end-to-end encryption, as with each transaction a digital authorization code needs to be decrypted by users. Once this code is decrypted, the amount is transferred from the customer to the merchant. In this way, Flexa eliminates the chances of chargebacks and reversal of payments.
Flex model
Flexa’s model benefits both parties involved in a transaction. On the one hand, it brings a practical utility of crypto assets to the real world, thus allowing cryptocurrency to be used as money. On the other hand, it benefits merchants in several ways, as it provides cost reduction, faster settlement and elimination of fraud. It also allows them to explore and gain access to the growing cryptocurrency market.
Flexa makes it possible to deduct an equivalent amount of crypto (be it bitcoin, ether, etc.) from the user’s digital wallet in the process of a payment transaction. Basically what this means is that if a customer wants to buy an item worth $10 and wants to pay for it using BTC, the customer can easily use Flexa to pay for the item and $10 in BTC will be charged instantly.
Another positive aspect of Flexa is that it can guarantee payments in many different currencies. This means that it pays traders in digital currency (which is convertible) or in their fiat currency of choice. In short, Flexa enables fast and secure payments at the lowest fees, offering merchants a meaningful alternative to traditional payment networks. Because of its unique features, in just one year, over 41.000 companies started using Flexa.
AMP token A
MP is the digital asset and native escrow token of the Flexa payment network. The AMP token makes payments instant and secure on the Flexa network. It was initially built on Ethereum and in accordance with the ERC-20 standard for tokens. AMP tokens can be bought or sold for fiat currencies or different digital currencies. It has an active community of stakeholders. It also has several real-world use cases.
After its launch in 2020, the AMP token saw rapid growth from $0,01 to an all-time high of $0,12. This was achieved due to the exponential growth in the number of Flexa users. The total supply of AMP is set at nearly 100 billion (99.440.733.928 to be exact).
As the AMP token is compatible with a large number of digital currencies, users can receive near-instant confirmation on any transaction. The AMP token being an ERC-20 token can be stored in any Ethereum compatible wallet such as Metamask and Trustwallet as well as other wallets.
Bottom Line
In short, Amp is a digital escrow token that aims to simplify the payment transaction process by allowing immediate settlement in a three-step process. By staking AMP tokens, users can secure any type of transaction of value, including loans, property sales, digital payments, and fiat currency exchange.
With the use of escrow pools, risk offloading is decentralized, making the Amp incredibly secure and ideal for real-world use cases that require tamper-proof networks. Finally, Amp rewards network validators upon completion of asset transfers, encouraging honesty, transparency, and security through rewards and incentive models programmed into its smart contracts. In short, Amp offers an innovative and secure solution to facilitate financial transactions.
