AMP cryptocurrency: utility, benefits for investors, where to buy
By Yuliia Rokytska 1518 24 Aug 2022
AMP is a cryptocurrency responsible for fast and secure cryptocurrency payments in various online and offline stores connected to the Flexa network. Read more about the application and other features of the token in our material.
What is AMP crypto?
AMP is an ERC20 collateral token, an essential part of the Flexa payment network ecosystem that accelerates and secures the processing of crypto transactions. Its services are used by over 40,000 U.S. retailers, allowing people to make purchases in various cryptocurrencies. The asset appeared in 2020 and raised $6 million during initial sales.
AMP’s supply is limited to 100 billion coins. According to the project’s tokenomics, 10% of the tokens are for network expansion, employees and founders own 20%, the other 20% are locked up, and the remaining 50% is divided between developers and the vendor funds.
AMP has an open-source code. This is done so that developers can create apps using the token to protect transactions.
The cryptocurrency provides fast and instant payments in other digital assets. Vendors integrate Flexa and AMP staking into their infrastructure so that customers can pay with the crypto in real-time, without long waiting times for transactions to occur. Individuals can also use the token to secure any transactions.
Where to buy AMP? The token is traded on all popular trading platforms. For example, you can buy it on Uniswap, CoinGecko, Gemini, WhiteBit, and other exchanges.
What is the utility of AMP?
Since the cryptocurrency is a collateral token, its main utility lies in protecting the transferred assets and guaranteeing that the transaction will be performed. AMP decentralizes risk using smart contracts specifically designed to secure payments. Essentially, the asset insures sellers and other users against loss.
It also allows transactions to take place instantly, eliminating long waits. If you’ve ever had to transfer BTC or ETH, you know that transactions are displayed in your wallet in a few seconds, but they take a long time to confirm. Flexa, with its AMP token, solves this problem.
The company charges a 1% fee for its services. If the buyer accidentally makes multiple payments or any other difficulties appear, Flexa reimburses the costs.
What is the best way for an investor to use AMP?
The above-described system works by using AMP staking. Any investor can buy tokens and lock them into the Flexa network to generate passive income. However, you have to consider that you will assume the risk that some of the coins may be used to compensate for losses. This is similar to how MakerDAO and the MKR token function.
Staking operates by using smart contracts that freeze assets while the transaction is being verified. After that, the funds become available for use again.
The more retailers and individuals use Flexa’s services, the higher the percentage yield of staking. Notably, the profit is based on actual use, not token inflation.
To start staking AMP, you need to register on the Flexa network and connect a cryptocurrency wallet to your account. Afterward, you should look at the interest rates and terms and then select the sum of money for staking. The amount of funds will be displayed in a new window; the only thing left is confirming the lock to accrue passive income.