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How was AMP created? And why is it described as a universal collateral token? Find out on Young Platform.

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Amp (AMP): Trend & Price

What is Amp? 

AMP is defined as a universal collateral token designed to streamline and secure value transfers through the Flexa Network. Some blockchain transfers, such as those for bitcoin, take some time to confirm. This protects against the risk of double spending, but it does make some cryptos impractical as payment solutions. This is where the AMP token comes into play, acting as a transaction guarantor that accelerates the payment process. In fact, when a payment is made, an amount of AMP slightly larger than the transaction amount is locked into a smart contract to ensure the seller receives payment. But where do these AMPs come from? They are generated by smart contracts where AMP holders stake their tokens.

Why follow Amp? 

Staking with AMP provides rewards by allocating 1% fees that sellers pay for receiving payments through the Flexa Network. Although mainly used for staking and collateralisation, the audited protocol intends to extend its application beyond the crypto sphere, thus providing collateral for transactions involving any asset type. In a nutshell, AMP’s role in the network is that of a utility token with governance as well as staking functions. 

How was it created?

AMP is closely linked to Flexa, a network offering fraud-proof payment services. Tyler Spalding is one of the main founders of the project, and AMP was created precisely to safeguard the network’s security performance. Today, part of AMP’s features are integrated with Flexa. The team comprises some 20 employees and is based in New York. The AMP token project was founded in 2018, and in spring 2022 it announced an agreement to integrate 10 digital currency ecosystems, including Argent, Leap, Litewallet, Dash Wallet, Nighthawk, Valora and Airgap. 

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