The AMP Coin has found a home within 2 main applications: Flexa Network and SPEDN. In February 2023, Spalding formed the Ampera Foundation, a fully-independent, not-for-profit organization working towards the future growth and development of AMP. Flexa Coin investors were able to swap FXC tokens for AMP tokens at a 1:1 ratio, and AMP was born.
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The team opted for a full rebrand and migrated the FXC token to the ERC-20 token standard on Ethereum. However, as the project developed, it soon became apparent that the existing smart contracts couldn’t support the complexity of a collateralized payment network. This began in 2018 with the launch of Flexa Coin (FXC).
Spalding envisioned a digital collateral token that could provide instant, verifiable assurances that would give real-world users a sense of trust in the crypto space.
Tyler Spalding, who serves as Flexa’s CEO, launched the AMP project with the support of the Flexa team. Flexa, co-founded in 2018 by Trevor Filter, Zachary Kilgore, and Tyler Spalding. The story of AMP is intertwined with the evolution of the Flexa Network, a blockchain payments company based in New York. This incentivizes people to participate in the AMP ecosystem and provides collateral.
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.īut if AMP is simply used to shore up payment issues for merchants, what is the benefit of holding AMP tokens? In addition to securing transactions, AMP tokens can also be staked to earn rewards. When staked to a partition, AMP tokens are ready to collateralize a transfer, providing instant, verifiable assurances for transactions.įirst and foremost, AMP’s main use case is to secure transactions on the Flexa network, a digital payments network that allows merchants to accept a variety of cryptocurrencies. They are the backbone of the collateralization process, acting as insurance for any value transfer. What are AMP Tokens Used For?ĪMP tokens serve a crucial role in the AMP ecosystem. What has AMP supporters so bullish about the Ampera protocol is that in the future, value exchange might also include loan distributions and real-world assets, like property or luxury art. Today, the potential of value exchange is limited to digital assets like Bitcoin (BTC), Ethereum (ETH), and AMP coin. This system ensures that both buyers and sellers are protected from fraudulent activity and potential losses. If the merchant doesn’t receive the required crypto assets, then the amount of AMP necessary to cover the losses is liquidated, with the staked AMP tokens acting as collateral. If there’s an issue with the transfer, the network will reimburse any costs to the merchant. This means that AMP can provide a secure and efficient platform for any form of value exchange. They can lock, release, and redirect collateral within these token partitions as needed to support value transfer activities between accounts. This process involves using collateral pools, decentralizing the risk of asset transfer, making it particularly suitable for fraud-proof networks and real-world applications.Ĭollateral managers, on the other hand, are handled using blockchain smart contracts. When AMP is staked to a partition, it’s been prepared to collateralize a digital currency transfer. In keeping with the ethos of decentralized finance, all balances and transactions are visible on-chain, creating a trustless environment. Imagine Ampera as a kind of safety net that guarantees both sides of a digital asset transfer uphold their end of the agreement. But what does that even mean? Think of Ampera protocol as a tool that people can use to make sure that when they send or receive money, everything goes smoothly and safely.
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