Amp is a platform comprising components that increase the speed of asset transfers while maintaining security. Amp utilizes an open-source crypto asset called AMP, which essentially functions in escrows as collateral. Who are the founders of Amp? Amp was built by blockchain software company ConsenSys and digital payments company Flexa.
What is AMP and how does it work?
Amp is a system of features that can be employed by an array of users — such as individuals, decentralized finance (DeFi) platforms and payments systems — to expedite the transfer of digital or physical assets.
How is this achieved? In the blockchain world, for example, once an asset is sent, the receiving party may have to wait until a certain number of blocks are confirmed before the transferred asset can be used. This helps security but can hinder transaction times. The Amp system uses AMP tokens as collateral in contracts called collateral managers. This essentially means AMP sits in customizable escrows during asset transfers, backing the assets transferred so they can be used right away instead of requiring wait times. The AMP is released after the transferred assets complete their clearance. Amp token contract partitioning also adds customizability.
Flexa utilizes Amp in its Flexa network payments solution, although the Amp system can also be harnessed by unrelated interested third parties. AMP is actually a rebuild of the Flexa network’s old asset, Flexacoin (FXC). A token swap traded out FXC for AMP on a one-to-one basis.
AMP to USD live
AMP, an ERC-20 token, can be valued in terms of U.S. dollars (USD), with AMP price in USD shown at the top of the page. Other than its usage as collateral, the AMP crypto token is a governance asset for off-chain voting on Amp community proposals. The top of the page shows the AMP marketcap, the AMP total supply and more. Below that is an AMP price chart.
Wondering how and where to buy AMP cryptocurrency? AMP trades on numerous crypto exchanges. Can AMP coin reach $1? AMP is technically a token, not a coin, because AMP runs on the Ethereum blockchain rather than its own mainnet. AMP coin price (or more accurately, AMP token price) history is available below and in the chart above.
AMP historical price