#Amp reddit verification

Collateral managers are similar to escrow or custody accounts designed with distinct rules and specifications that are customized to match a variety of use cases. In order to act as collateral for asset transfers, Amp seeks to offer two innovations collateral manager and token partition. These revenues are then utilized to buy AMP tokens on the open market for autonomous distribution to collateral contracts. This payment is the sole acceptance cost for Flexa’s finality-as-a-service and fraud-eradication services. The whitepaper states merchants in the Flexa network are charged a nominal percentage-based fee for each transaction made.

#Amp reddit verification

The primary expenses associated with the issues of funds verification and payment fraud are avoided by requiring each transaction to be completely collateralized.ĪMP is an Ethereum-based token that deploys the ERC-20 standard. Flexa relies on decentralized collateral to unconditionally and quickly guarantee all merchant transactions without relying on external protocols or network players. Amp was created as a new, distinct token, and it was migrated from Flexacoin at a 1:1 ratio. Represented by AMP, it is the primary collateral token that aims to secure retail payments on the Flexa network, a digital payment platform with applications staked with Amp to allow spending capacity. Amp seeks to deliver speed without sacrificing security by acting as collateral for asset transactions.

Because of the inevitable tradeoff between speed and security, it has been challenging to use cryptocurrencies in the real world. On the other hand, waiting for many confirmations may not be feasible in many real-world circumstances, such as payments when time is of importance. The more confirmations the receiver waits for with cryptocurrency transfers, the more irreversible the transaction becomes. Amp aims to act as a global clearing layer for transfers, unlocking assets that would otherwise have to wait for approvals before being used.Īccording to the whitepaper, the key to enabling worldwide digital payments is effectively eliminating the uncertainty associated with attaining transaction finality. With smart contract capabilities designed specifically for collateral, Amp seeks to assist in decentralizing risk for users. Simply, collateral is the asset being used as security. Amp (AMP) is a digitized collateral and asset token that allows for the instant settlement of transactions in any real-world application.