![]() How Is AMP Different from FXC?ĪMP is an upgraded ERC-20 token designed and developed by Flexa in collaboration with ConsenSys, a company that specializes in blockchain software. ![]() Thus, Flexa stopped using FXC in September 2020 and replaced it with AMP, their new and upgraded collateral token. In July 2020, Flexa announced that FXC would be migrating to a new token. If the transaction fails, Flexa will liquidate the FXC to cover the fiat payment. The network uses the FXC as a form of assurance that the network will release fiat to the merchant to finalize the transaction. Flexa will lock a number of FXC with a value equivalent to BTC debited from the user’s wallet. Suppose a user wishes to pay a merchant a specified amount of Bitcoin ( BTC) during a transaction. To incentivize users to stake their FXC tokens, Flexa Network pays stakers a small percentage of each transaction. The number of FXC staked is equal to Flexa’s payment volume. Anyone with FXC can stake their tokens so that the network can use them as collateral. To support near-instant transactions, Flexa Network relies on its native ERC-20 token FXC. Simplified process of how payments are completed through Flexa (Source: Flexa) Users do not need to pay any fees and only merchants will pay fees to process payments over Flexa’s network. The merchant then receives the payment in fiat currency and an equivalent value of cryptocurrency is debited from the user’s wallet. Using the Flexa-enabled app, users can send payments in any supported cryptocurrencies via Flexcode to any merchant that supports the network’s functionality.
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