What is Amp?
AMP serves as a collateralized token that can be used to make instant cryptocurrency transactions. In this Amp review, we take a closer look at the history, features and tokens of this protocol.
AMP addresses a gap in the market where there is a delay between when payments are made and when those transactions are processed and finalized when using cryptocurrencies as payment
This cryptocurrency is used on the Flexa network, which is run by a FinTech company based in New York that enables modernized digital payment systems and crypto integration with existing payment systems for merchants that are primarily based in Canada and the United States.
By using the Flexa network, AMP can be allocated to a transaction to compensate merchants for failed payments and operates as both a cryptocurrency and a protocol that is constantly being developed to accommodate more use cases.
Who created Amp?
The Amp protocol was created by the Flex team, led by CEO Tyler Spalding, in collaboration with ConsenSys and it was launched in 2020.
Tyler Spalding is the founder of both the popular Flexa Network, as well as the Amp protocol and its cryptocurrency. He specializes in cryptocurrency, blockchain technology, smart contracts, mobile product development and more.
He is also the author of more than 50 technology patents and was previously an engineer at the United Space Alliance, the United States Air Force, NASA Mars Crew Module, and the NASA Space Shuttle Program.
What are the Features of Amp?
The Amp protocol uses smart contracts that are specifically designed for collateral and the protocol is tested and audited on a regular basis to ensure that transactions are secure and the network is reliable.
AMP is non-inflationary and can be used to transfer any kind of digital asset to secure a transaction.
This protocol is designed to be future-proof, open-source and flexible so that it can easily be used by merchants and consumers, and so that developers can deploy customized collateral managers and apps without hassle.
There are many ways to spend, use and earn Amp. It can be staked and purchased on several major exchanges and also works with Zapper.
Not only is Flexa a secure and efficient network, but it is currently used by more than 40,000 merchants in the US and Canada, which means that the use cases for Amp are growing exponentially.
Amp’s smart contracts are audited by ConsenSys Diligence and Trails of Bits, which are renowned security companies that ensure compliance with industry regulations and standards.
What is the AMP token?
AMP is native to the Amp Protocol and it is an ERC20 collateral token that runs on the Ethereum blockchain.
When sending or receiving AMP to and from ERC20-compatible wallets, Ether is required to pay for gas.
There is a fixed supply of AMP, making it a non-inflationary cryptocurrency with a maximum supply of 92.55 billion coins.
How to buy AMP
The easiest way to obtain AMP tokens is by purchasing them from an online exchange, such as Binance.US, Poloniex or Uniswap.
Follow these steps to buy AMP:
Step 1: Create an account with your preferred exchange
Step 2: Follow the online application process and verify your account
Step 3: Log in to the client portal and fund your account
Step 4: Go to the exchange or P2P page (if P2P is available)
Step 5: Search for the token using the search bar and confirm the transaction
What are the best AMP wallets?
This cryptocurrency runs on Ethereum and can be stored on any wallet that complies with ERC20 standards.
Based on research, we recommend using these wallets:
- Trust Wallet
- Guarda
- Atomic Wallet
Trust Wallet is free to download and use, and supports a total of more than 160,000 coins and digital assets, which can easily be traded and managed directly from the wallet.
The non-custodial Guarda software wallet offers multi-currency support and it can also be used to earn interest by staking digital assets and rewards users through a referral program.
Atomic wallet is free to use and beginner-friendly and offers multi-currency support for more than 300 cryptocurrencies that can be traded using the built-in exchange.
Conclusion
What we like most about the Amp protocol is its flexibility, adaptability and usability. This is a unique protocol with many use cases and many more to come.
It has evolved into a trusted and popular collateral system, essentially serving as a safety net for both merchants and consumers, within the span of 2 years – and its now part of a growing network that is used by more than 40,000 merchants in the United States and Canada.
We look forward to seeing where the future takes the Flex Network and its innovative Amp protocol, and hope that more countries will recognise its value!
We hope that this Amp review answers some of your questions about this protocol.
Good luck with your trading!
FAQ:
What is Amp?
AMP serves as a collateralized token that can be used to make instant cryptocurrency transactions.
Who is the founder of Amp?
The Amp protocol was created by the Flex team, led by CEO Tyler Spalding, in collaboration with ConsenSys and it was launched in 2020.
What token does Amp use?
AMP is native to the Amp Protocol and it is an ERC20 collateral token that runs on the Ethereum blockchain.
How to buy AMP?
The easiest way to obtain AMP tokens is by purchasing them from an online exchange, such as Binance.US, Poloniex or Uniswap.
What wallets can I use on Amp?
Based on research, we recommend using these wallets:
- Trust Wallet
- Guarda
- Atomic Wallet
