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With traditional payment networks, transactions can be slow and insecure especially as we entrust them to intermediaries. Even with the introduction of blockchain technology, security and speed cannot seem to be maintained simultaneously. There will always be a sacrifice of one to achieve the other. Amp crypto token aims to solve the issue once and for all through an innovative decentralized solution that promises you both speed and security.
To understand the working of AMP, it is crucial to know about a crypto payments platform —Flexa Network. Co-founded by Tyler Spalding, Trevor Filter, Zachary Kilgore and Daniel C. McCabe in 2018, Flexa is an open network that facilitates the instantaneous payment of crypto both online and in merchant stores. SPEDN is an app developed by the payment protocol through which users can make crypto payments in Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and more at over 40,000 merchants in the US and Canada. FlexaCoin (FXC) was the native token of the Flexa Network.
On Sep 8, 2020, Flexa Network announced their upgrade from FXC to the Amp token. Why AMP? Crypto security for merchants during a transaction is one predominant issue. Merchants will want to know if the crypto payment they have received is confirmed. Presently, proof of work (PoW) blockchain confirmations required for this can take up to several hours. If we switch to proof of stake (PoS) blockchains, the transaction finality time may be faster, but the networks are more vulnerable to attacks.
The Amp project seeks to address both speed and security issues with its native token AMP which is used to collateralize asset transfers. How exactly does it do so? Let's discuss.