- Category: Decentralized Finance
- Coin Launched: September, 2020
- Resources: White Paper
- Official Website: Amp
- Reddit: Amp
AMP History / Information / Buying / Staking
Amp was developed to give the opportunity for decentralized collateralization of cryptocurrency transactions. The token was presented in September 2020 by the Flexa platform, which developed a new platform in collaboration with ConsenSys, the leading Ethereum software company.
HOW AMP WORKS
Amp (AMP) is the digital asset token used to collateralize payments on the Flexa Network, making them instant and secure. It is built on Ethereum in accordance with the ERC20 standard for tokens. AMP can be bought and sold for fiat currency or other digital currencies.
BENEFITS OF USING AMP
Some of the benefits of using AMP are:
The AMP network provides near real-time collateralization and transactions. In this way, the protocol is scalable to meet the needs of the growing digital economy.
The platform’s smart contracts have been audited and the protocol is open source. In this way, the community can vet the merits of the system. Open source projects are recommended over closed projects because users can verify every step of the process to ensure everything is above the board.
AMP users enjoy a high level of interoperability within the market. For one, the protocol was built on Ethereum, so it already has access to the entire ERC-20 ecosystem. Notably, Ethereum is the largest Dapp and token launch platform in the world. Additionally, AMP has a number of strategic partnerships. The protocol currently supports +25 different digital assets and works hand-in-hand with multiple top-performing networks such as Flexa, CoinGecko, Gemini, Sushi, and Uniswap.
The developers behind the AMP project wanted to ensure that the platform could function as a base for developers seeking more security in their own apps. As such, the network operates as a flexible and future-proof system in many ways.
CAN YOU STAKE AMP
AMP’s staking yield (currently 3.9%) creates an incentive for investors to buy and hold the token.
COINS SIMILAR TO AMP
Amp is considered a unique project and direct competition is from Visa, Mastercard, Amex and the banking systems.