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What is AMP Token?

Amp (AMP) is an open-source collateral Ethereum-based token that provides immediate, verifiable assurances for any transfer.

Full description of AMP Token

Amp (AMP) is an open-source collateral Ethereum-based Token (?) that provides immediate, verifiable assurances for any transfer. It is possible to secure transactions with Amp for different use cases. 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. The projects can use Amp for the protection of their transactions and for the creation of networks that can initiate and implement transfer immediately and without interruptions. The token is decentralized so the potential for the integration of new assets and value transfers is huge. Amp features low volatility but continuously grows in value that demonstrates an excellent result of its utility. The crypto-economic model of the token is clear and transparent. When experts examine such characteristics as the dynamic growth of the platform, the stability of rates, and Staking (?) composition, they highly evaluate the prospects of the network. Thanks to steady market buying pressure and low-cost cash flow, Amp’s collateral value continues to increase. Amp platform and technology The developers of Amp tried to avoid sophisticated tools, rebasing mechanisms, and artificial constraints relying mostly on simplicity and transparency of financial primitives such as fixed supply and rudimentary staking mechanics. Complicated algorithmic models with numerous assets are not employed either. The emphasis is made on reliable collateral of a high quality that features self-sustaining parameters for the creation of a better utility. Amp offers a simple yet universal interface for verifiable collateral across collateral sections and collateral managers. While sections can be assigned to any account, application or transaction, and for transfers that can be directly verified on the Ethereum blockchain, managers provide smart contracts that can block, release and redirect collateral in those sections as needed to support the transfer of value. The Amp smart contracts are audited by famous security companies such as ConsenSys Diligence and Trails of Bits. The open-source code of the platform can be easily checked and integrated into the third-party application or a platform. Amp has become the first project that provided the opportunity of staking collateral and maintaining custody for their assets for the network users. Such a partition scheme along with modular collateral management alleviates the introduction of the Flexa network to users and contributes to its mass adoption and decentralization. The members of the ecosystem staking Amp can stake tokens and earn rewards thus providing efficiency of the system that is fundamental for innovative token networks, which are necessary to defy the traditional financial system. Amp token The token was developed on the basis of the Flexacoin network with the goal to alleviate innovations in the lending sector of the decentralized industry. The supply of the Amp token was created via the burning of the existing supply of Flexacoins. The coins were exchanged at a rate of 1:1. Since Amp is supported by its literal use without employing external assets, the modeling of its economic foundation was essential for creators. As a result, it was revealed that the business model employed by Amp is more cost-efficient in comparison with the business models, widely used in the industry now. Being collateral, the token provides the insurance for the retail payments conducted within the Flexa ecosystem. The members of the community can stake Amp using wallets and apps within the network to deliver spending capacity. Merchants have to pay a small fee for each transaction that is actually lower than the interchange rate. The proceeds received from them are used for the purchase of the Amp tokens for their further autonomous distribution to collateral contracts. The members of the ecosystem get the rewards that depend upon the number of tokens staked in the system. Thanks to a successfully implemented business model, the spending throughput is constantly growing thus affecting the value of the whole network and the Amp token, in particular. The private sale of the Amp token was conducted in November 2020. The list of participants who invested in a project includes Robot Ventures II, Barry Sternlicht, Volkert Doeksen, and Douwe Lycklama. The members of the ecosystem can earn rewards using the products built on Amp, for instance, Flexa Capacity. AMP can be bought on such platforms as Gemini exchange, Bittrex, Poloniex, Uniswap (V2), Sushiswap, and others. Any ERC20-compliant Wallet (?) is suitable to store and manage the Amp tokens. Amp team The token was developed by the Flexa team that worked together with the ConsenSys team to implement the project. Tyler Spalding, CEO of Flexa, informed that the team worked over the platform for half a year with a full understanding of the value of innovations implemented on a large scale. It is expected that the developers will deploy their projects on the basis of the Amp platform.
  • Exchange symbol (?): AMP
  • Cryptocurrency type (?): Token (?)

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 Source: NOMICS