At a time in which the price of bitcoin has been moving sideways a lot of large-cap altcoins have been steadily dropping, a little-known altcoin called Amp (AMP) has surged over 200% outperforming the rest of the market.
As first reported by Daily Hodl, AMP is a collateral-as-a-service token that is designed to power instant, secure transactions. It “insures the value of any transfer” while it hasn’t yet been confirmed on the blockchain. Insuring the transaction allows any actions dependant on the transaction to proceed, its website reads.
Amp is described as asset-agnostic, which means it is “universally compatible with any form of value transfer—digital or physical—and can therefore be used to facilitate instant, irreversible transactions for any kind of asset.
The token guarantees the exchange of any form of value, which means it goes beyond cryptoassets. Its website adds:
Amp tokens used as collateral are generally released when consensus for a particular transfer is achieved, making them available to collateralize another transfer. In the event that consensus is not achieved for the transfer, the Amp collateral can instead be liquidated to cover losses.
One of the cryptocurrency’s biggest use cases is its use as a collateral for payments conducted using the popular cryptocurrency payments system Flexa Network. In case a payment is unsuccessful or is delayed, staked AMP tokens can be liquidated to cover the losses
Effectively the AMP token adds an additional layer of security. Its price surged over the last few weeks for a number of factors, including being listed on the Coinbase exchange. Since Late May its up over 200%, going from $0.026 to a $0.12 high before dropping to $0.08 at press time.
Over the same period, bitcoin’s price has been moving sideways, unable to break through the $40,000 mark
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Featured image via Pixabay