AMP: Decentralizing payments
The AMP token is a project whose potential has many people excited, even among the most conservative of crypto-investors. One even went so far as to say getting in early on AMP was like investing in the wheel in 50,000 BC. Starting this week, you too get your hands on some by buying on ZebPay. Let’s find out why this token (and its network!) is such a big deal.
When Amp is used as collateral, every asset becomes a fast and secure medium of exchange.
Speaking of ancient times, I remember ecommerce before cash-on-delivery changed the game. Yes, I’m THAT old.
Back then, security was a massive concern. Few people wanted to risk sending their hard-earned money over the Internet to a person they didn’t know, to purchase a product they had never seen. Even worse, you needed to put your bank account or credit card details online first, to even begin the purchase process. The worst case scenario was then not just losing your money in one purchase, but also having your entire bank balance go missing.
This fear threatened the future of ecommerce, until PayPal appeared on the scene.
Since 1998, PayPal has given customers alternative ways to send and receive money online. It let you pay for things online with a bank account instead of a credit card and kept your payment information hidden from merchants. You could use PayPal as a middleman between your bank and the end merchant, keeping your payment information secure.
However, PayPal is still a centralized entity. What if you introduced blockchain to this problem, meaning you could use a decentralized network to act as a middleman instead?
Meet AMP and the Flexa Network
Much like PayPal, the Flexa network enables fast and fraud-proof payments for merchants all over the world.
Flexa uses AMP as collateral, meaning that it can secure payment authorizations while using any underlying digital asset. That asset could be whichever token you choose – Bitcoin, Ether, Litecoin, etc. This solves a few issues that have plagued the crypto ecosystem like slow confirmation times on networks, price volatility, and broad adoption.
The collateral AMP is released once the transaction is confirmed. This release allows the end merchant to receive their payment in fiat money.
In the project’s own words:
$AMP is a digital collateral token that provides instant, verifiable assurance for any real-world application.
AMP’s supply is fixed at 100 billion tokens. The AMP token is up 581.7% in the last one year, and currently trading at ?3.28.
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