This offers some security to the amp token since it is based on the Ethereum network. Good To KnowĮthereum is the second-largest cryptocurrency, second only to bitcoin. Why Amp Tokens Are UniqueĪmp tokens are unique for their ability to secure transactions, thereby making the transactions faster and safer to execute. Extremely inexpensive coins are like penny stocks in that they’re highly speculative and could eventually prove worthless. Working against amp is the fact that it’s a “penny” cryptocurrency. and Canadian merchants now use the Flexa platform to process digital transactions - transactions potentially collateralized by amp. All that’s needed is a compatible digital wallet.Īnother benefit to amp is that it has fairly widespread use. And anyone can use the Amp network, according to Securities.io. Is Amp a Good Investment?Īmp has a bona fide use - securing asset transfers, thereby ensuring against fraud and default, without the need for a third party to verify or enforce the contract. Smart contracts cut transaction times down significantly. That means transactions can be quite slow when there’s a lot of traffic on the network. For example, the Ethereum network only processes about 30 transactions a second. Smart contracts are a turning point for cryptocurrency because they speed up transaction times. A smart contract’s placement on a blockchain makes it impossible to modify after the fact, according to the Freeman Law firm, and it also ensures compliance - if a party to the contract fails to follow through on their obligation, the smart contract can automatically impose a penalty. Smart contracts are programs on a blockchain that execute automatically when certain conditions are met. Amp is the preferred token on the Flexa network. and Canadian digital dollars as well as a number of loyalty tokens and digital currencies. Flexa guarantees transactions made using U.S. Because amp is open source, developers can create their own apps that use amp to secure transfers.Īmp’s parent company also created Flexa, which is an open-source digital payment processing network. It then releases the funds to the receiving party. Staking uses smart contracts to freeze assets until the transaction has been verified. Transactions are guaranteed through a process called staking. As a digital collateral token, amp can secure any type of asset users want to transfer, such as digital payments, fiat currency, loan distributions and proceeds from property sales, according to the Amp website.
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