A Guide to Flexa – From Flexacoin (FXC) to the Amp Token

Project Reviews / 15.11.2020

The world of DeFi is quickly gaining ground on the traditional financial system. In a decade from now, we might be looking back at 2020 as the year when the revolution of decentralized finance enhanced our understanding and use of payment channels.

One of the DeFi protocols that are spearheading this technological and economic advent is Flexa. The US-based project is one of the top-20 DeFi platforms at the moment and one of the promising bridges between cryptocurrencies and the retail world for the future.

Flexa is the closest competitor to the Lightning Network from Bitcoin. It aims to surpass it by offering a better user experience and an easier interface that would please even beginners without watching lengthy tutorials.

At the moment, Flexa is processing one of the biggest leaps on its roadmap as the native token Flexacoin is migrating to Amp token.

What Is Flexa?

Flexa is an ecosystem of decentralized DeFi protocols that enable mostly instant payments through digital assets. The company even describes itself as the “simplest and safest way” to allow retail usage of crypto-currencies today.

This somewhat new project in the crypto space aims to make versatile payments through cryptocurrencies available everywhere globally. It uses a wide range of DeFi applications that enable users to store, buy, sell, and swap digital assets.

Flexa even provides a wallet app that allows users to earn reward points every time they spend digital assets instantly, privately, and with nearly zero fees at numerous North American brands.

The project plans to become a revolutionary alternative to the traditional payment system. At the moment, Flexa payments are possible on iOS and Android devices, and the project aims to expand to dozens of digital wallets with the future release of Amp.

Some of the most appealing Flexa features include:

  • 100% of all payments are digital transfers.
  • Almost instant payments.
  • High protection for user data.
  • Settlement guarantee with zero chargeback issues
  • Fraud resistance thanks to transactions becoming final and immutable
  • Versatile integration with payment systems and currency options

Furthermore, Flexa promises seamless interaction between users and the protocol with a friendly interface, tap-and-pay options, and availability across multiple crypto wallets.

Flexa currently has almost $80 million in locked value protocols.

What is the Flexacoin (FXC) token?

Because Flexacoin is still in the migration stage towards its new design, Amp, we will cover its soon former features and potential future architecture.

Flexacoin before Amp

Flexacoin Collateral Token (FXC) is the native token to the Flexa project. The protocol uses it to provide real-time security for payments and to ensure conversion for various digital assets.

FXC is a typical ERC-20 token built on the Ethereum blockchain. It was released in May 2019 through a private sale, which was distributed as follows:

  • 20% was reserved for token sale investors.
  • 25% went to the merchant development fund.
  • 25% went to developer grants.
  • 10% went to the network development fund.
  • 20% went to the development team.

Flexa enables the use of Flexa Capacity smart contracts to provide FXC collateral to crypto wallets, which provides users with 100% of the fees. This means that 100% of the transaction fees paid by customers/merchants are equally split over the AMP tokens.

Flexa does not require any additional hardware installed in the physical location where FXC payments occur, such as businesses, markets, or restaurants.

As of November 15, 2020, Flexacoin has a market capitalization of $29,208,707. There are 7,273,713,838 FXC in circulation out of the 100 billion units minted, and one Flexacoin is trading for $0.004016.

You can buy Flexacoin from crypto exchanges like currently Uniswap, Bilaxy, and Hotbit.

Since Flexacoin is an Ethereum-based ERC-20 token, you can store it in crypto wallets like Trust Wallet and Ledger Nano S.

From Flexacoin to Amp

On July 31, 2020, Flexa announced that Flexacoin would migrate to a new token called Amp to address the unprecedented changes that marked the decentralized finance sector throughout 2020.

In a series of updates that have been published ever since, Flexa reported on the Flexacoin progress before morphing into Amp, which they developed in “close partnership with ConsenSys.” As of November 15, 2020, the process has not ended yet.

Amp is a new digital collateral token that offers instant guarantees for any value transfer, which is also easily verifiable. Flexa can use Amp to immediately secure immutable transactions for a broad range of use cases involving digital assets.

Amp should have a user-friendly interface that enables traders to verify collaterals through easy-to-use applications and balances that are easy to verify on the Ethereum blockchain.

The Amp token will support a wide variety of assets and use collateralization cases, and it will introduce the concept of predefined partition strategies. Through it, users can stake tokens through collateral models without leaving their original addresses.

Amp is still in the testnet stage, but it has already built essential elements of its architecture, such as:

  • Direct, on-chain supply via partitions
  • Open-source and extensible collateral managers
  • The removal of Flexa’s administrative capabilities

Once Flexacoin migrates to Amp, “the Flexacoin brand will be retired, and replaced with something far more universal and descriptive of its purpose.”

At the time of this writing, Amp has a market capitalization of $40,711,173. No less than 8,891,631,690 AMP are in circulation out of the total supply of 91,138,035,047 AMP. One AMP unit is currently trading for $0.004579.

Who is part of the Flexa Team?

Flexa was launched in 2019, and it currently operates from the United States. The project is backed by an experienced team of technology professionals, including Daniel McCabe, Trevor Filter, Tyler Spalding, and Zachary Kilgore, who served different roles.

All the money that Flexa managed to obtain before the launch came from a private sale of Flexacoin, in which Access Ventures was a leading investor.

How Does Flexa Work?

Flexa works like most fraud-proof payments networks for digital assets in DeFi. It uses an ecosystem of decentralized protocols to enable users to make versatile payments in a broad variety of cryptocurrencies in the crypto space and the retail sector.

The two most important Flexa protocols are The Flex Network Protocol (FNP) and Flexa Capacity.

  1. The Flex Network Protocol (FNP) is an open-source protocol that enables users to make crypto payments instantly in various everyday situations. It supports multiple retail payment features and allows merchants to accept payments through digital assets despite their complexity and volatility.
  2. Flexa Capacity is a DApp that enables digital assets from any type of wallet, whether they have custodial support or not. It uses FXC as collateral to provide guarantees for merchants, who receive payments for purchases at all times.

The Capacity feature also enables anyone to view a real-time snapshot of the Flexa network capacity and the value of unconfirmed transactions that the blockchain can handle at any given time.

The benefits of using Flexa include:

  • Access to an alternative form of payment to the traditional methods that involve banking.
  • It is 100% digital and private.
  • It provides settlement guarantees and fraud resistance.
  • It ensures versatile integration with other payment systems.
  • It allows users to access payment options through multiple crypto assets, including stablecoins.

Lastly, it enables users to make payments from multiple digital wallets easily and almost instantly. It comes with a user-friendly interface that even beginners can utilize without having a deep understanding of cryptocurrencies.

The Bottom Line – A Guide to Flexa and the FXC Token

Flexa, through its advanced technology mechanisms, aims to accelerate the adoption of cryptocurrencies in universal payment systems. It has a bold plan to use cryptocurrencies in buying, selling, and trading efficiently and as a common practice.

The upcoming migration of Flexacoin to Amp should see a leap in evolution not only for Flexa but for the credibility of DeFi protocols everywhere.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.