Part Status Check: Amp Token (AMP)
AMT Token (AMP (OTC:)) is a digital asset designed to decentralize risk in financial transactions. It functions as a digital collateral to enable instant and verifiable collateral for any form of transfer of value.
Since the outcome is often uncertain while transactions await confirmations, AMP tokens act as collateral for any cryptocurrency transaction made through the Flexa crypto payment network. In other words, it ensures that the value of the transfer will remain unconfirmed.
AMP was created by Flexa, the world’s first pure digital, fast and fraud-proof payments network.
Project Status AMP was created by crypto payment company Flexa and is the primary open-source token powering Flexa’s network. It aims to solve the problem of transaction security and ensures that transactions have a completely digitally secure forum from source to settlement.
AMP is an ERC-20 token with a fixed supply, and is therefore non-inflationary.
The token was introduced in 2020 and replaced Flexa’s previous native token, FlexaCoin (FXC), which could not be upgraded with new features.
By the end of 2021, more than 41,300 sites in the United States and Canada were using the Flexa network.
The AMP protocol powers a fully autonomous collateralization system.
The AMP token offers on-chain staking operations, direct interfaces to open source extensible collateral managers, and more.
The token is designed in such a way that any holder can use it regardless of the blockchain’s consensus mechanism or the type of asset used.
AMP can be used for staking on the Flexa network with no blocking period.
Stage of development The AMP testnet was launched in August 2020. Two security audits were published in the same year.
Flexa added support for anti-fraud Lightning Network payments in 2021, enabling compliant and anti-fraud bitcoin transactions.
Fundraising: Flexa was funded by 3 private sales of FlexaCoin (FXC) in early 2018, 2019 and again in April 2019, raising a cumulative total of $14.1 million.
Roadmap There is no roadmap for AMP since 2020.
Rumors are circulating that Flexa may announce a partnership with Shopify (NYSE:) around summer 2022.
Team The co-founders and team behind Flexa, and by extension AMP are: Daniel McCabe, Trevor Filter, Zachary Kilgore and Tyler Spalding.
CEO Tyler Spalding has over 20 years of technology experience, having previously served as CTO of the world’s largest gift card marketplace, “Raise”, and an engineer for the US Air Force, Spece Alliance and NASA. Daniel McCabe, a graduate of MIT and Harvard, has also worked with NASA and Lockheed Martin (NYSE:).
New York-based Flexa has up to 10 known employees.
Main investors: venture capital companies: – “Pantera Capital” and “Access Ventures”. Fintech investors: – ‘1kx’ and ‘Robot Ventures’.
Community AMP social media accounts: Twitter (NYSE:) (44.6K), Reddit (44.3K), Facebook (NASDAQ:) (8.9K), Telegram (4.2K), Discord (1K)/
Social media followers have often complained about the Flexa team’s silence regarding updates on its future development plans. Concerns have also arisen over the company’s lack of progress.
Maximum Supply: 92,547,638,199 amps
Circulating power: 42.23 billion AMPs
Market capitalization: $1.2 billion
Record level (ATH): $0.120813 (June 2021)
Lowest level (ATL): $0.00250501 (Nov 2020)
Markets Available for purchase on 55 cryptocurrency trading platforms, including the largest centralized crypto exchanges.
Wallets Various crypto wallets that support the ERC-20 token standard.
Asset allocation Half of the AMP token supply is allocated equally to the merchant development fund (25%) and the developer grant (25%). 20% of the supply is allocated to the founders and employee pool, with 20% for token sales and 10% for the network development fund.
The total number of unique addresses that hold AMP assets in the network has increased by more than 16% over the past three months.
- AMP is a token with strong fundamentals; it was created to solve a serious transaction security problem, and the use case of the token is very relevant and unique because AMP provides a way to ensure the security of assets in ongoing transactions.
- The team behind the AMP token and the Flexa payment network is strong and highly experienced, especially on the technical side of operations. Flexa has a rapidly growing list of partners and merchants worldwide that support Flexa payments, and dozens of crypto options. It should be noted that the token is young and needs more time to achieve wider adoption.
- Valid concerns are being raised towards AMP over the prolonged silence regarding its development progress and future plans. Some concerned backers have addressed Flexa’s slow progress while working in a highly regulated environment, and their lack of public announcements outside of completed deals.
- With a current market cap of $1.2 billion, the AMP token can be considered a mid-sized market cap crypto. Being a relatively young token, AMP has room for growth, especially in terms of future market adoption.
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