What is Amp (AMP)
Amp Protocol is a crypto project that runs on Ethereum's
blockchain, and ensures that payments can be made a lot faster. With this protocol, the execution of a transaction is made faster, more secure and cheaper. It's not just about transactions for making payments. All other types of transactions that take place on the blockchain, for example strike, can also be improved with Amp.
The moment you perform a transaction on the blockchain, it can take a long time to fully process the transaction. In some cases, this doesn't matter much, although there are plenty of situations where it is inconvenient. For example, consider paying with cryptocurrency in a physical store. It's not practical when you have to wait 20 minutes at the cash register for your Bitcoins to arrive at the store's address.
Amp does this by using the AMP token as collateral. When someone makes a transaction, the protocol will deploy AMP tokens to satisfy the transaction immediately. The recipient of the cryptocurrency is therefore sure that he will receive his payment, Amp gives this guarantee, and can therefore already give his product or service to the customer. Without the cryptocurrency actually being sent having been received.
What can be done with AMP?
Amp is a protocol that can be used in different ways. Not only applications can integrate the protocol, but also users can use the protocol individually. They also have the ability to strike AMP, so they contribute to the works of the protocol and earn a return.
Integration by dApps
Amp can be used for a variety of things. For example, it can be used as collateral for applications. The moment a dApp
decides to integrate Flexa into their application, Amp can be used to provide collateral in the form of AMP tokens. Amp will guarantee all payments made within the network, allowing users to make payments at lightning speed.
Staking of AMP
The AMP tokens offered as collateral come from the users. Anyone can strike AMP on the platform to contribute to the guarantee of payments. Staking AMP allows users to receive a return on their deployed tokens.
Using AMP as an Individual
Users also have the option to use Amp as an individual. This allows them to quickly use crypto exchanges. If a user wants to use a decentralized exchange (DEX)
, they will first need to move tokens to their external wallet. Over a blockchain like Ethereum, it can take a long time for these tokens to arrive. This can be detrimental to the trade someone would like to make.
With Amp, the user could provide a guarantee to the DEX. Users could then immediately make a new trade on the DEX. Once the tokens have arrived at the DEX, the collateral provided by Amp will expire.
What makes AMP unique?
Amp can be used on blockchains that support the protocol. Bitcoin, Ethereum and Dogecoin are some of these blockchains. This interoperability is already quite unique, but in addition there are a number of other features that set this project apart from similar solutions.
For providing collateral, Amp makes use of special 'collateral managers'. Anyone can create and deploy such a collateral manager. You can compare these managers with a kind of escrow account. They hold a certain amount of AMP tokens equal to the value of the total transaction. They also check when the payment has arrived at the address where the tokens are sent. Should the tokens never arrive, the AMP tokens will be sent to the recipient so that they have still received their money.
In fact, the users who strike AMP are not tying up the tokens in a smart contract
at all, as they normally do. In fact, they are using "token partitions," which is similar to a hard drive partition. Collateral managers can fulfill multiple rules and tasks within a smart contract, as long as it is connected to the same address. Tokens can therefore be deployed without users having to move them to a smart contract.
Which applications and projects use AMP?
A number of projects are already using the features offered by Amp. Users of these projects can perform transactions on the blockchain a lot faster, safer, and cheaper because of Amp. These are some of the projects that are using Amp:
Where and how to buy AMP (AMP)?
Amp's cryptocurrency is available for purchase at Coinmerce. Here you buy AMP tokens at low transaction costs and have a choice of payment methods. For example, you can buy AMP with iDEAL, SEPA, Bancontact, MyBank, Giropay. You do not have to pay any deposit fees at Coinmerce to make a payment.
Before you can buy AMP, you need an account at Coinmerce, which you can create here
. After you have entered your information, we will review your account. Once your account is verified, you can immediately purchase AMP.
In the menu, click on "Coins'' to view all coins on Coinmerce. In the search bar you can search for 'Amp', which will take you to the purchase page. You can also click here to buy AMP tokens.
How to store AMP (AMP)?
Amp runs on Ethereum's blockchain, and therefore the token can be stored in any Ethereum wallet. After you purchase AMP from Coinmerce, we move the coins directly to your personal Coinmerce wallet. Here the coins are safe; we keep the majority of the coins in cold storage.
Of course, it is also possible to store your AMP coins in your own hardware wallet. To do so, you will first need to verify the address of the wallet within your Coinmerce account.