Learn & Earn: AMP Token
In this Learn & Earn campaign, we will be taking the important answers that Eric and Bubby — active community members and community admins at Flexa, had given during their text AMA on Krystal’s telegram group, and make it into a five-question quiz.
Remember to answer the quiz here after reading this article to have a chance to win $20!
Hi Bubby & Eric, thank you for taking the time to join our AMA! Kindly give a brief introduction about yourself, your crypto experience, and what is your role at Flexa?
Eric: Hey guys, I am Eric the Red. I am an admin across many channels in the Flexa community. Most notably the Discord, telegram and Reddit communities. I have been crypto curious for a long time but finally started investing at the end of last year and into this year.
Bubby: By trade I’m a software engineer and have been a crypto native for over 4 years. I have yet to make the leap into development in this ecosystem, but the time may come. 🙂
As Eric mentioned, we are Amp community admins. Our role is to facilitate high level discussions, support, resolve problems and educate the community. Our community was small for quite some time but this year we had a great boom in all channels. Our Reddit community alone has 28k members!
Eric: It is a challenge at times, but very rewarding. We have a really great mod team that shares information and we help each other. We are a good team.
What is AMP token about in a few simple sentences? For how long have you been working on AMP? How many people are on the team?
Bubby: Amp is a collateral token that facilitates secure, fast and efficient value transfer. Companies like Flexa use Amp to ensure unconfirmed transactions are approved instantly. The Flexa Network uses Amp to collateralize payments at your favorite stores like Baskin Robbins and Lowes.
Flexa is a payments company that focuses on digital payments. They offer fast, fraud-proof payments, which is enabled by Amp’s decentralized collateralization model.
Eric: The Amp token was a joint partnership between Flexa and Consensys, and designed on the ERC20 compliance standard.
Flexa has been around since 2018, and after 2 years of research and development, Amp was released in 2020. The Flexa/Amp team has 14 employees and is growing!
Bubby: To learn more about Flexa, please visit https://flexa.network/
Could could talk more about AMP features? What makes your product better than other competitors?
Bubby: Amp promotes instant, verifiable assurances for any pending or future value transfer. Amp is also asset agnostic meaning it can handle any form of value transfer and support any asset, digital or physical.
Eric: Amp utilizes collateral partitions to support any application transaction being collateralized. This makes Amp extensible and open to any use case.
You can check all of the currencies on flexa.network/currencies : https://flexa.network/currencies
Could you give us an overview of AMP’s tokenomics?
Eric: Ah my favorite part!
Amp can be staked to support and collaterize transactions with unique partition strategies. To handle the lock, release and rewards of collateral, Amp uses on-chain collateral managers. The collateral managers support the collateralization of value transfer by deciding which Amp token transfer operation is needed. Anyone can build their own collateral manager to support their application.
Bubby: The first collateral manager built on Amp is Flexa Capacity. The Flexa network uses staked Amp to provide finality assurance of network payments. To incentivize staking, Amp is autonomously distributed as a result of successful payments. For successful payments, the vast majority of each intra-network transaction processing fee is used to purchase Amp on the open market to be used for reward distribution. This mechanism creates continuous buy pressure due to platform use!
Eric: It is novel and that this process is by the most part unique to Amp. The buyback mechanism is one of the key features that funnel all of the value back into the token/network.
Amp is non-inflationary, with current circulating supply of 42 billion and a total supply of 100 billion with a distribution schedule running out to 2045.
Are there any upcoming and exciting news from AMP that we, as users, should pay attention to?
Bubby: Flexa and Amp don’t release information for hype. Announcements are made when information is relevant and ready. With that being there are several presentations and interviews with the cofounders of Flexa describing where the project is headed.
Eric: We like to say that the Flexa team doesn’t make false promises and delivers what they have announced.
Thank you very much for your time Bubby and Eric!
Thanks to the Krystal team and the entire Krystal community for taking part in this!
