Binance announced on Tuesday that it would list PlayDapp (PLA) and Amp (AMP) tokens. The exchange also opened trading for PLA/BTC, PLA/BNB, PLA/USDT, PLA/BUSD, AMP/BTC, AMP/BUSD, AMP/BNB, and AMP/USDT trading pairs on November 23, 2021. The Flexa payment network created AMP to use it as the native collateral token. Flexa is a cryptocurrency payment network. It makes it easier for merchants and businesses to accept crypto payments. According to the company, AMP tokens will facilitate fast and efficient transfers for any real-world application.
?Furthermore, the platform guarantees that users will transfer their funds safely and securely while using AMP as collateral. The transactions will be very fast as well. A collateral manager will hold Amp in escrow while the underlying asset reaches final settlement. This process can take anywhere from seconds to days. However, once the transaction successfully settles, the platform will release the Amp collateral, making it available to collateralize another transfer. AMP tokens exist only to serve as universal collateral for anyone and any project worldwide.
Flexa also explained that when customers use AMP tokens as collateral, every asset becomes a fast and secure medium of exchange. According to the team, there is a natural push and pull between security and speed when transferring digital assets. With crypto transfers, the more confirmations the recipient waits for, the more permanent the specific transaction becomes.
However, waiting for several confirmations often isn’t practical in real-life situations, such as payments, when speed is crucial. This inherent tradeoff between speed and security has made it challenging to use digital currencies in the real world.
What is the company’s solution?
Amp provides speed without compromising on security by serving as collateral for asset transfers. This token essentially becomes a universal clearing layer for transfers, unlocking assets that would otherwise require waiting for confirmations before consumers could use them.
The team underlines that the new ability to use any asset immediately upon transfer is an excellent feature. Whether physical or digital, cryptocurrency or Central Bank Digital Currency (CBDC), any asset could benefit from it.
Furthermore, this project is a fundamental building block for the future of physical and digital transfers. AMP token’s exclusive purpose is to serve as collateral for any asset transfer. While there are other collateral assets in the Defi market, two innovations make this one unique: token partitions and collateral managers.
The company stated that token partitions are like traditional hard disk partitions, where users can manage regions of a disk separately. Partitions within the Amp token contract enable different collateral managers to enforce rules upon separate spaces associated with the same digital address. Thanks to that, users will be able to “stake” tokens without actually transferring them to a smart contract.
On the other hand, collateral managers are similar to escrow accounts built with different rules and specifications. Users can customize the latter to fit various use cases. Anyone can create a collateral manager with Amp as collateral. And they can use it in applications whenever escrow services or efficient value transfers may be beneficial.
How can customers use AMP in the real world?
Defi investors can use AMP for various purposes. Currently, Flexa uses Amp to enable instant, fraud-free payments to merchants and businesses across its digital payment network. Moreover, apps that integrate Flexa stake Amp tokens to ensure the involved parties will settle all payments in real-time regardless of the asset or protocol used. Anyone can stake this token and earn a pro-rata share of the transaction fees generated on the network.
AMP also acts as collateral for individuals. Customers can often collateralize their own asset transfers for various purposes, such as gaining immediate margin relief on an exchange. In such a situation, a client can assign Amp to a collateral manager. After that, he will be able to transfer another asset without requiring excessive transaction fees. The exchange counterparty can allow the immediate use of the underlying asset since the Amp token is effectively escrowed against the value of the transaction.
In addition, investors can use Amp tokens as collateral for Defi platforms. New Defi protocols and platforms are constantly evolving global finance, many of them adding Amp to their products. Thanks to that, Amp’s current and future uses are pretty diversified, effectively increasing its collateral quality. This project has strong potential. It seems, Binance already acknowledged that and decided to offer AMP on its platform.
What is PlayDapp (PLA) Token, and how does it work?
PlayDapp is a successful blockchain gaming platform. It aims to make digital assets accessible to the broad market. The platform wants to develop a portfolio of interoperable blockchain games. Thanks to the latter, users will utilize NFTs and in-game assets across various game titles. The platform also has its utility token PLA. The company uses it as an incentive for game developers. It can also facilitate in-game transactions with this token.
PlayDapp’s vision is to create a world where digital assets are more accessible and valuable to everyone. Players will be able to take actual ownership of their in-game assets for the first time and earn rewards for ecosystem participation.
The company launched its first game, CryptoDozer, in March 2019. Since its launch, this game has ranked first in the Ethereum game category. It is still maintaining a top position on dApp ranking lists.
DozerBird, PlayDapp’s second game, uses CryptoDozer Assets to create connected gameplay. It is also very popular and maintains a high position. The team is planning to expand the company’s portfolio through in-house developed titles, as well as 3rd party partnerships with highly recognized traditional game developers.
What are the company’s other achievements?
PlayDapp managed to launch two game titles in 2019 successfully. The company also demonstrated the possibility of digital asset movement between games. In 2020, the team also launched PlayDapp Marketplace along with the platform and began content expansion in earnest. It is now creating interoperable PlayDapp Town NFT characters. Players will be able to use them as significant items across future games.
PlayDapp SDK (software development kit) is also an open-source, public tool for game developers. It will provide valuable libraries and APIs for developers. The latter will easily integrate these APIs into their game development regardless of their knowledge level of blockchain technology.
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