In order to understand the need for AMP coin in Flexa network, let us understand how it works. It is a collateral token designed to decentralize the risk in the payments, thereby reducing the assurance cost from existing networks. What is AMP Coin?ĪMP is an Ethereum based ERC20 token. Flexacoin holders were able to swap their coins to AMP in a 1:1 ratio. Since the technology behind Flexacoin does not support staking, the team introduced AMP coin. Checkout the list of cryptocurrencies supported by Flexa network.įlexa held the ICO of Flexacoin in 2018 followed by the release of apps (including SPEDN & GEMINI) supporting Flexa network. With the use of authorization code, complete payment amount is transferred from the customer’s account balance and converted by Flexa network at a lightning fast speed with 100% settlement guarantee. Before understanding AMP, it is important to take a look at the Flexa network and its features. McCabe, Trevor Filter, Tyler Spalding and Zachary Kilgore in 2018. In order to spur the adoption rate and mitigate the uncertainty surrounding cryptocurrencies, we have AMP that brings the solution to the table.īefore you get confused, AMP and AMPL are two different projectsĪMP project is the creation of New York based Flexa network Inc. However, they’re lacking in mass adoption because of the reasons shared above. Too good to be true? Let’s find out –Ĭrypto transactions are picking up the pace by challenging the traditional payment methods including cash to cash transfer. It can power digital transactions at your local store, offer faster settlements, instant conversion to fiat and has friendly apps. To overcome such limitations and encourage mass adoption, here comes the AMP coin. Despite the benefits, why is it failing to replace fiat currency and drive mainstream adoption? Well, the answer is hidden in high gas fees, poor UI and inability to seamlessly convert cryptocurrency into fiat. Any individual transacting in cryptos has total control over his/her finances. There are tons of cryptocurrencies powering digital wallets and are used in peer to peer transactions in a decentralized environment.Ĭryptocurrencies are fast, secure and completely decentralized. With blockchain comes the crypto revolution. After rockets, blockchain has become the prime technology of the century.
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