Amp token emerged in 2020 and since then has made a 6X growth from $0.01 to $0.06, rising to the 63rd position on the CoinMarketCap list. The token serves as collateral in a rapidly growing Flexa payments network, has a community of stakers and real-world use cases.
The price dynamic of AMP was moderate throughout 2021, but many still consider it as an investment opportunity thanks to its features. Let’s see what potential AMP offers and what future it is facing.
What Is AMP?
AMP is an Ethereum-based token used as collateral in the Flexa network — a payment processing platform for online merchants that offers fraud-proof money transfers. To evaluate the Amp token and its potential, let’s take a closer look at Flexa.
What is Flexa? How does it guarantee secure payments?
Flexa offers payments with guaranteed security and settlement. Traditional bank payments involve middlemen and imply sending sensitive customer account information. Flexa eliminates these and processes payments with end-to-end encryption: for every transfer, there is a digital authorization code that no one can decrypt or reverse.
Once this code reaches the point-of-sale, the amount is transferred from a customer to the merchant. This guarantees that every Flexa-authorized transaction will be settled, eliminates chargebacks and unexpected reversals.
Amp token secures Flexa payments from software glitches and breaches
Despite all security measures, Flexa software can’t be 100% secure from hacks and glitches. This is where the Amp token comes on stage: Flexa network participants stake it, so the token is locked in a smart contract as collateral. Whenever an issue occurs with a payment, some AMP is released to reimburse it so that the merchant gets their funds anyway.
Why does the future look bright for AMP?
These are several reasons why AMP is considered by many as a good asset to invest in:
- Staking rewards. For staking AMP and taking the risk of compensating for the potential hacks and lags, the holders are rewarded in Amp tokens. That’s why investors are incentivized to buy the asset and stake it in the Flexa app.
- AMP can be used as a means of payment within Flexa. Since it’s compatible with a great number of digital coins, merchants and traders can be provided with instant confirmation for the exchange of any kind of asset.
- Staking rewards rise along with real-world adoption of Flexa. The more merchants leverage the payment network, the higher the staking yields — this is how rewards come from real-world use. So far, over 40k merchants across the USA and Canada leverage the Flexa network. The platform can be integrated into many online stores such as WooCommerce, OpenCart, or Shopify, which also adds to its use case.
Is AMP secure?
In summer 2020, ConsenSys Diligence and Trail of Bits carried out an audit of the AMP smart contract along with some related source materials and collateral management contracts. Both companies didn’t find any critical issues and provided some recommendations for developers that were later addressed.
Where can I buy and store AMP?
AMP is an ERC-20 token, so you can store it in any Ethereum-compatible Web3 wallet such as MetaMask or Trust Wallet. If you’d like to store it together with your entire crypto portfolio, choose Atomic Wallet or Exodus. For ultimate security, get a hardware wallet — Ledger or Trezor.
On ChangeNOW, you can buy AMP in just a few clicks with no signup and KYC. Get the token with 250+ other cryptocurrencies at competitive rates: we partner with multiple liquidity providers to pick the best rate possible at the moment of your exchange. No hidden fees are included.
AMP is a token that secures money transfers in the Flexa network — a platform that guarantees secure payment delivery and settlement. AMP is used as collateral in this system: whenever there’s an issue with a payment, its recipient is reimbursed in Amp tokens. This guarantees that merchants will receive the money no matter what happens.
Stakers earn rewards for making this scheme run, and more and more investors are joining the Flexa network. Because of the secure payment mechanic insured by Amp tokens, over 40,000 enterprises have started using Flexa in just 1 year.
Such rapid growth raises staking yields and attracts more stakers, which makes the network more robust. And the more robust the network, the more merchants it can serve. Thanks to this scheme, AMP has increased 6X in value since its launch in 2020. If the asset continues to demonstrate such a dynamic, we may see it even higher in the top cryptocurrencies list in the near future.
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