Although voting is non binding but rather serves as signalling for the protocol. Secondly, unlike Bitcoin, AMP is a governance token, meaning that you can use it to exert influence over the network. However, it’s very easy for ERC-20 tokens to speak to one another, which means that AMP can be used in most other decentralized finance applications.

Blockchains aren’t great at speaking to each other-you can’t get an Ethereum contract to work with a Bitcoin smart contract without some complicated engineering. It is what is known as an ERC-20 token, the name applied to the generic token standard for the Ethereum blockchain.īeing an ERC-20 token has perks. And miners mine ETH to process AMP transactions.

On Ethereum, ETH is the only coin that can be mined. By contrast, AMP is a token that runs on the Ethereum blockchain. How does AMP compare to Bitcoin?ĪMP differs from Bitcoin in a few important ways.įirst, Bitcoin is a “coin” and AMP is a “token.” That is because Bitcoin powers the Bitcoin blockchain, and it is mined by a decentralized network of computers that solve complicated maths puzzles to verify transactions. The total supply of AMP is fixed at 100 billion tokens with no burning capabilities so this supply should never decrease. On the technical side, AMP is an ERC-20 governance token that operates on the Ethereum (ETH) blockchain. However, AMP’s off-chain governance, votes serve as non-binding signaling rather than binding resolutions. Holders can also vote on AMP community proposals, future grant recipients, partnerships, cross-chain integrations, DeFi collaborations, and more. At a protocol level, staked AMP tokens are used as collateral to operationalize the Flexa payment network.ĪMP token holders can stake their tokens on Flexa Capacity- a tool for supplying collateral to the Flexa network and allocating it toward Flexa-enabled wallets. It is just one use case of the AMP token. By using AMP as collateral, Flexa can secure payment authorizations while the underlying asset remains unconfirmed, and approve merchant transactions in near real-time. Flexa is also the entity which owns the Flexa network - a payments network that enables fast and fraud-proof payments for merchants all over the world. Flexa developed and released the first AMP collateral manager contract as open source. Flexa is the company that created AMP in collaboration with Consensys. What is AMP?ĪMP is a digital collateral token that offers instant, verifiable collateralization for any kind of value transfer. You will no longer be able to sell or withdraw AMP as of September 16, 2022. You will no longer be able to buy AMP on Wealthsimple Crypto as of Friday, August 19, 2022. Due to changes in support for AMP by our third-party service providers, Wealthsimple Crypto is no longer able to meet liquidity requirements for AMP.

Wealthsimple Crypto will be removing support for Amp (AMP) as of September 16, 2022.

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