AMP Token Review: Any Potential? My Deep Dive!!
👨🏫What Is AMP? 👨🏫
Amp was created by Flexa, a crypto payments company based in New York City founded in 2018 by Daniel McCabe, Trevor Filter, Tyler Spalding, and Zachary Kilgore According to Flexa, the reason they created Amp was because the Flexacoin smart contract could not upgraded to support the new functionalities they were looking for
💱How Flexa Works💱
What makes Flexa different from other crypto payment services is that crypto payments with Flexa are automatically converted into whichever fiat the merchant wants These conversions from crypto to fiat are done in the background automatically using cryptocurrency exchanges Flexa has partnered with which wire the money to the merchant’s bank account
🛠How AMP Works 🛠
The AMP token is open source, and any company looking to get into crypto payments can use it as part of their own payment protocol The purpose of the AMP token is to act as collateral for any cryptocurrency transactions made using the Flexa payment protocol
👨💻AMP Staking 👨💻
The AMP collateral for crypto payments comes from users who stake their tokens with the payment providers leveraging the Flexa payment protocol, which are of course SPEDN and Gemini Pay When AMP tokens are staked with these crypto payment providers, they’re essentially put into one big smart contract which acts as a sort of collateral reserve This reserve smart contract occasionally locks small portions of AMP into smaller smart contracts which collateralize specific cryptocurrency transactions being made by the crypto payment apps
💸AMP Tokenomics 💸
In terms of tokenomics, AMP has a maximum supply of 100 billion, which is the same maximum supply that Flexacoin had. Because not all FXC tokens were redeemed for AMP, it’s total supply is just north of 99 billion
📊AMP Price Analysis 📊
In contrast to most cryptocurrencies on the market, AMP has been in a consistent uptrend almost since it first started trading in September last year As I’ve mentioned many times before, how high a cryptocurrency could go is constrained by its market cap. AMP’s market cap is already over 3 billion, and it’s nearly 7 billion if you count fully diluted What this means is that it’s going to take a lot of money to take a lot of money to pump it’s price up to even just a dollar, which is apparently the price point most AMP holders are hoping for
📅AMP Roadmap 📅
In contrast to most crypto projects, AMP does not have a roadmap. Flexa on the other hand does, but their roadmap is not clearly defined ⚖AMP Token Regulation⚖ Because Flexacoin was issued by Flexa, there is no way Coinbase could have listed FXC because it would have almost certainly been considered a security by the SEC. This was actually noted in one of the few in-depth reviews I found about Flexacoin. Creating AMP allowed Flexa to bypass existing regulations.
~~~~~ 📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.