#Amp staking software#
Director of Software Engineering at Slide.Zach has 8+ years of experience engineering front- end and backend software platforms and infrastructure for payments and mobile.Co-Founder and Head of Product at Slide, a mobile payments app where customers can earn rewards online or in store through contactless checkout.Senior Product manager at American Express.Trevor began his career at the MIT Media Lab and has been designing award-winning customer-centric experiences for 10+ years.Engineering Lead with the United Space Alliance, US Air Force, and NASA’s Space Shuttle Program.CTO at Raise, a mobile application which allows consumers to earn rewards on in-store and online purchases.Tyler has founded and invested in various blockchain projects since 2011.The more usage of the Flexa Network, the more fees Flexa charges, and thus the more AMP is purchased off the open-market which supports AMP price appreciation. As explained above, AMP's price is directly related to Flexa adoption and usage.Approximate amounts of AMP Token in circulation: Maximum supply will be reached in 2045.
#Amp staking how to#
How to stake AMP on the Flexa Network: Tokenomics: The purchased AMP on the open-market is then distributed to stakers as reward for providing the collateral necessary for the Flexa Network to function. This revenue is used to purchase AMP on the open-market. Fees charged to merchants are essentially revenue generated by the Flexa Network.When fees are activated, the reward system will cease.2.5 million AMP are unlocked daily and distributed to stakers.Since no fees are currently being charged, AMP stakers are incentivized via a Rewards system.Fees are supposed to be activated at the end of June. I see this as Flexa's "adoption" stage / strategy of securing partnerships and gaining traction in the payments market. Since Flexa's launch in the Fall of 2020, merchants are not being charged fees.
As such, stakers are rewarded with AMP tokens for taking on this risk.
The decentralized pool of collateral decentralizes the risk of failed payments among all stakers. Staking AMP on the Flexa Network provides collateral that guarantees payments to merchants.Staking, Staking Rewards, and Flexa Network Fees: A transaction has yet to fail on the Flexa Network and thus, no AMP has ever been liquidated at this point. The staking pool decentralizes the risk of fraudulent / failed transactions. In the event the BTC transaction somehow fails to be processed, AMP Token is liquidated from the staking pool ensuring that the merchant is paid in full. Dunkin' receives payment instantly, even though the BTC transaction takes time to settle on the BTC network. A consumer purchases a cup of coffee at Dunkin' using BTC via the Flexa Network.The best way to explain how this works is by example: This provides liquidity for collateralization of payments thereby guaranteeing payment to the merchant. AMP Token is staked to Flexa Network Capacity.Primary wallets: Gemini Pay and SPEDN App (with more coming).ĪMP Token: the collateral token that powers the Flexa Network by guaranteeing payment to the merchant.A collateral token (AMP Token) allows for payments to be received instantly by merchants, regardless of speed of settlement for the transaction on the cryptocurrency blockchain.Merchants choose to receive money in currency of their choice (fiat or crypto).Currently supports multiple cryptocurrency payment options including BTC, ETH, BCH, LTC, DOGE, DAI, BAT, LINK, OXT, ZEC, GUSD.The Flexa Network: a payment system that can be integrated into merchant existing payment rails. Defining The Flexa Network and AMP Token:
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