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Amp

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Discover Amp's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Amp?

The Amp token (AMP) is an Ethereum-based ERC-20 token used as decentralized collateral for the Flexa payment network. It facilitates fast and efficient crypto-based payments by providing collateral for transactions, ensuring merchants receive payment even if blockchain confirmations take time. AMP holders can stake their tokens to provide collateral and earn rewards in the form of additional AMP tokens.

How is Amp used?

The crypto Amp (AMP) is used primarily as a collateralization asset for the Flexa payment network. When users stake their AMP tokens, they provide collateral for transactions on the Flexa network, ensuring that merchants receive payment even if the blockchain transaction confirmation takes time. This collateralization process allows for fast and secure transactions, providing a layer of security for both buyers and sellers.

How do I store Amp?

To store AMP tokens, you can use various types of wallets that support the ERC-20 standard on the Ethereum blockchain. Here are some options:

Software Wallets
  • MetaMask: A popular Ethereum browser extension wallet that supports AMP and dApp connectivity.
  • MyEtherWallet: An open-source Ethereum wallet accessible via browser plugins or mobile apps.
  • Atomic: A multi-asset desktop wallet allowing buying, exchanging, and staking AMP via built-in services.
  • Exodus: A reputable desktop and mobile wallet for managing AMP and other major crypto assets with staking support.
  • Trust Wallet: A highly secure open-source mobile wallet solution for ERC-20 tokens like AMP with dApp browser integration.
Hardware Wallets
  • Ledger: A leading hardware wallet range offering AMP support, dApp integration, staking, and robust security.
  • Trezor: An established hardware wallet brand providing AMP compatibility, offline security, and connectivity with web-based wallet apps.
  • CoolWallet Pro: A Bluetooth hardware wallet for AMP offering wireless dApp connectivity alongside offline storage.
  • SecuX V20: A touchscreen hardware wallet with support for AMP, staking capability, and high usability.
Mobile Wallets
  • Coinbase Wallet: A popular mainstream multi-asset wallet with support for ERC-20 tokens including AMP.
  • AlphaWallet: An Ethereum-optimized wallet tailored for tokens like AMP while supporting DeFi and CeFi apps.
  • imToken: A feature-rich Ethereum wallet for mobile offering AMP support, DEX connectivity, NFT support, and staking options.
  • Rainbow: A highly-rated wallet for Ethereum assets and tokens with an emphasis on design and user experience.
  • Opera Touch: A crypto wallet built into the Opera Touch mobile browser, enabling convenient access to ERC-20 tokens including AMP.
Web/Exchange Wallets
  • Coinbase: A major US exchange with support for AMP as both a tradable asset and a storable wallet token.
  • Guarda Wallet: A secure and user-friendly platform for managing cryptocurrencies, tokens in a non-custodial manner.
Other Options
  • Flexa Capacity: A secure way to hold AMP tokens while staking and earning passive income.
  • Kriptomat: A platform where you can buy and store AMP tokens securely.

These wallets offer varying levels of security, staking capabilities, and user experience, allowing you to choose the best option for your AMP token management needs.

How to buy Amp?

To buy Amp (AMP) tokens, follow these steps:

  1. Sign up for an account:

    • On Gemini, create an account through their website or download the app from the App Store, Google Play, or Galaxy Store.
    • On Coinbase, create an account to buy and sell Amp on their secure crypto exchange.
    • On Changelly, select the crypto you want to purchase, the fiat currency, and your country of residence to get started.
    • On Securities.io, compare crypto exchanges that offer Amp (AMP) trading and create an account on the chosen exchange.
    • On Binance, register via the website or app to open an account and verify your identification.
  2. Verify your account:

    • On Gemini, go to the "My Account" tab and follow the instructions for verification.
    • On Changelly, verify your identity with their providers to ensure secure transactions.
    • On Binance, verify your identification before using the platform.
  3. Link a funding source:

  • On Gemini, link a funding source such as wire and bank transfers, ACH transfers, Apple Pay, Google Pay, debit card purchases, or crypto transfers.
  • On Changelly, select a payment method like credit or debit card, bank transfer, Apple Pay, or Google Pay.
  • On Binance, choose a payment method such as credit card, debit card, bank deposit, or third-party payment channels.
  1. Purchase Amp:

    • On Gemini, select the amount of Amp you want to buy and choose a payment method.
    • On Changelly, enter the required wallet address details and confirm your payment.
    • On Binance, select Amp and your preferred payment method, then confirm your order.
  2. Store your Amp:

    • On Gemini, your purchased Amp will be available in your account.
    • On Changelly, your Amp will be sent to your crypto wallet.
    • On Binance, you can store your Amp in your personal crypto wallet or hold it in your Binance account.

Remember to always follow the specific instructions and guidelines provided by each platform, and ensure you understand the fees and risks associated with buying and holding Amp tokens.

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History of Amp

The history of Amp (AMP) dates back to its launch in 2020. Amp is an open-source, decentralized protocol designed to provide collateral as a service, ensuring fast and efficient value transfer. It aims to solve network problems such as slow confirmation times, price volatility, and broad adoption by offering a straightforward yet versatile interface for verifiable collateralization.

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How Amp works

The Amp token (AMP) is a digital collateral token built on the Ethereum blockchain. It plays a crucial role in facilitating faster and more secure transactions within the Flexa payment network. Here's how it works:

Flexa Payment Network

Flexa provides a framework for merchants to accept immediate payments from crypto users, despite the time it takes for blockchain transaction confirmations. When a customer makes a payment, Flexa generates a unique barcode called a "flexcode" that the merchant scans to receive the payment. This process occurs independently of the actual blockchain confirmations.

Amp as Collateral

Amp works behind the scenes as an escrow account, providing collateral to ensure that payments are guaranteed. Anyone can create a collateral manager, which is an escrow account with customizable specifications for different settings. Pools of staked AMP tokens provide the financial promise of not-yet-confirmed blockchain transactions. Once transactions are confirmed, the AMP token collateral is released and made available to collateralize another transfer.

Staking AMP

Holders of AMP can stake their tokens through the Flexa Capacity network to provide collateral to the larger system. This staking process does not involve transferring tokens to a smart contract; instead, users conditionally allocate tokens as collateral without losing custody. By staking AMP, users can benefit from small fees charged to merchants for using the Flexa payment network. These fees are used to buy AMP tokens on the open market and redistribute them to stakers based on their contribution to collateral pools.

Token Distribution

There is a maximum supply of 100 billion AMP tokens. The initial distribution allocated 25% to a merchant development fund, 25% to developer grants, 20% to the founding team and employees, 10% to a network development fund, and 20% to be sold in token sales.

Governance

AMP tokens can also be used in governance of the Amp token community, allowing holders to participate in decision-making processes.

Security and Compliance

Amp is an open-source, decentralized protocol that offers collateral as a service. It aims to bridge the gap between real-world businesses and crypto payments by creating a payment system backed up by collateral assets. This ensures that both buyers and sellers are protected from fraudulent activity and potential losses.

Use Cases

AMP tokens serve a crucial role in securing transactions on the Flexa network. If a payment confirmation on the Flexa network encounters an issue, the required amount of AMP is liquidated in real-time to cover the losses, ensuring that the merchant is not left out of pocket. Additionally, AMP tokens can be staked to earn rewards, incentivizing people to participate in the AMP ecosystem and provide collateral.

Future Potential

The potential of value exchange using AMP tokens might expand to include loan distributions and real-world assets, such as property or luxury art, in the future. This could further increase the adoption and utility of the AMP token.

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Amp's strengths

The Amp token (AMP) has several strengths that make it an attractive investment opportunity:

  1. Collateralization: Amp serves as a collateral asset, enabling fast and secure investments in the practical market. It helps decentralize risk through its unique collateral division mechanism, which improves staking contract compatibility.

  2. Staking: Amp tokens can be staked through the Flexa Capacity network, providing collateral to the larger system. This staking mechanism allows users to maintain full custody of their tokens while earning small fees charged to merchants for using the Flexa payment network.

  3. Security: Amp tokens are designed to secure transactions, making them faster and safer to execute. This security feature is particularly valuable for transactions involving online wallets, fiat money exchange, loan payments, and real estate deals.

  1. Scalability: Built on Ethereum, Amp aims to facilitate faster transaction processing while waiting for blockchain confirmations. This addresses the blockchain trilemma by balancing security, scalability, and decentralization.

  2. Adoption: Amp is supported by various platforms, including Chainlink, MoonSwap, Yield, and DODO, which helps reduce volatility as its functionality spreads.

  3. Governance: Amp tokens can be used in governance of the Amp token community, giving holders a say in the direction of the project.

These strengths contribute to Amp’s potential for growth and its appeal to investors seeking a secure and scalable cryptocurrency.

Amp's risks

Amp (AMP) is a cryptocurrency token designed to mitigate risk in digital asset transactions. Despite its innovative approach, Amp is not immune to various financial risks. Here are some key risks associated with Amp:

  1. Market Volatility: As a collateral token, Amp's value can fluctuate significantly due to market conditions, affecting its ability to provide stable collateral for transactions.

  2. Risk of Instant, Irreversible Transactions: Amp's primary application is in facilitating instant transactions. However, this also means that any errors or malicious activities during these transactions can result in significant financial losses.

  3. Dependence on Smart Contracts: Amp's risk management relies heavily on its smart contracts. Any vulnerabilities or failures in these contracts can compromise the entire system and lead to financial losses.

  1. Decentralization Risks: While Amp aims to decentralize risk, it still relies on a network of participants and stakeholders. Any disruptions or failures within this network can impact Amp's ability to manage risk effectively.

  2. Competition and Adoption: Amp operates in a competitive space, and its success depends on widespread adoption. If other collateral tokens or risk management solutions gain more traction, Amp's value and utility could be negatively impacted.

  3. Regulatory Risks: As a cryptocurrency token, Amp is subject to evolving regulatory environments. Changes in laws or regulations could impact Amp's operations, value, or even its legality in certain jurisdictions.

  1. Security Risks: Like any digital asset, Amp is vulnerable to security threats such as hacking, phishing, or other forms of cyber attacks. These risks can result in the theft or loss of Amp tokens, compromising their value and the integrity of the system.

  2. Liquidity Risks: Amp's liquidity can be affected by various factors, including market conditions, trading volumes, and the availability of buyers and sellers. Low liquidity can make it difficult to buy or sell Amp tokens, leading to financial losses.

  3. Token Supply and Distribution: Amp's token supply is capped, but its distribution and allocation can impact its value and market dynamics. Any imbalances in token distribution or changes in supply can affect Amp's financial performance.

  1. Development and Team Risks: Amp's success depends on the continued development and maintenance of its ecosystem by its team. Any issues with the team, such as conflicts or departures, can impact the project's progress and value.

These financial risks highlight the importance of thorough research and due diligence before investing in Amp or any other cryptocurrency token.

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Amp's ecosystem

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Amp’s team

  • Tyler Spalding: Co-founder and CEO of Flexa, the company behind the AMP token. He has been involved in crypto since 2011 and has lived through several market cycles.
  • Trevor Filter: Co-founder of Flexa and Head of Product. He has been involved in the development of the Flexa Network and the AMP token.
  • Zachary Kilgore: Co-founder of Flexa, along with Tyler Spalding and Trevor Filter.
  • Eli Noto: Part of the Amp Foundation core team, involved in the development and growth of the AMP ecosystem.
  • Daniel C. McCabe: Co-founder and CEO at Flexa, commenting on the SEC lawsuit regarding AMP.
  • Bubby: Developer Advocate at the Amp Foundation, involved in community outreach and education.
  • Roberto Beltramini: Joined Flexa’s merchant sales team to help grow merchant adoption.

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