What Is Amp (AMP)?
Amp is an open-source, decentralized protocol that provides collateral as a service. Amp is described as the new digital collateral token offering instant, verifiable assurances for any kind of value transfer. Using Amp, networks like Flexa can quickly and irreversibly secure transactions for a wide variety of asset-related use cases.
The project, which launched in 2020, aims to provide a fast, efficient, and secure transaction platform. It claims to solve a number of network problems, including slow confirmation times, price volatility and broad adoption.
Amp claims to offer a straightforward but versatile interface for verifiable collateralization through a system of collateral partitions and collateral managers.
Collateral partitions can be designated to collateralize any account, application, or even transaction, and carry balances which are directly verifiable on the Ethereum blockchain.
Collateral managers are smart contracts that can lock, release and redirect collateral in these partitions as needed in order to support value transfer activities.
Amp supports a wide variety of use cases for collateralization, and also introduces the concept of predefined partition strategies, which can enable special capabilities such as collateral models through which tokens can be staked without ever leaving their original address.
Who Are the Founders of Amp?
Amp's parent company is Flexa, a blockchain payments company based in New York that specializes in FinTech and builds a future with more efficient, secure and affordable real-world payments. Flexa was co-founded in 2018 by Trevor Filter, Zachary Kilgore and Tyler Spalding.
Spalding, who serves as Flexa’s CEO, launched the Amp project with help from the Flexa team. He holds a bachelor's degree in Mechanical Engineering and a master's degree in Aerospace, Aeronautical and Astronautical Engineering from the University of Illinois at Urbana-Champaign. He attended Harvard Business School, and in 2011 graduated with an M.B.A from MIT. He has been investing and launching blockchain projects since 2011.
Spalding is also the co-founder & CEO of Tastebud Technologies, and the former CTO of Raise.
What Makes Amp (AMP) Unique?
The entire Amp ecosystem is open-source and decentralized, which helps the platform to decentralize risk to its users through smart contracts; and helps customers to integrate value transfer and assets. The Flexa network and the AMP token therefore act as insurance by protecting buyers and sellers from fraudulent activity and possible losses.
Through Flexa, a seller (or merchant) pays a commission for accepting payments in crypto. If there’s a problem with a transfer, the network will reimburse any costs to the merchant. If a merchant doesn’t receive the required crypto assets, then the amount of AMP necessary to cover the losses is liquidated, while the staked AMP tokens act as collateral.
The Flexa network, in conjunction with the AMP token, offers a unique and decentralized solution for crypto transactions, where investors can buy AMP, stake tokens, receive passive income, and merchants are able to accept almost instant and insured payments.
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How Many Amp (AMP) Coins Are There in Circulation?
The AMP token is deployed on the Ethereum blockchain as an ERC-20 token. It is also on Solana (SOL) and NEAR Protocol (NEAR).
At the time of writing, there are over 42B $AMP (42%) in circulation, out of a maximum supply of 99,444,125,026 coins. To reduce the risk of volatility, AMP’s supply is fixed and non-inflationary.
How Is the Amp Network Secured?
AMP is built on Ethereum's blockchain, which is secured by a proof-of-stake (PoS) consensus mechanism. The Amp smart contracts have been audited by ConsenSys Diligence and Trail of Bits.
Where Can You Buy Amp (AMP)?
Amp (AMP) is currently available on Binance, Coinbase Exchange, KuCoin, Uniswap, Gemini, SushiSwap, Bittrex, Huobi, Gate.io, Crypto.com Exchange, LBank, Bitrue, WhiteBIT, XT.COM and more.
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