At a time when the price of bitcoin has moved sideways, many large cap altcoins have steadily declined, a little-known altcoin called Amp (AMP) has jumped over 200%, outperforming the rest of the market.

As first reported by Daily Hodl, AMP is a guarantee token as a service designed to power instant and secure transactions. It “ensures the value of any transfer” while it has not yet been confirmed on the blockchain. The assurance that the transaction allows all actions dependent on the transaction to continue, it says on its website.

Amp is described as asset independent, which means that it is “universally compatible with any form of value transfer – digital or physical – and therefore can be used to facilitate instant and irreversible transactions for any type of asset.”

The token guarantees the exchange of any form of value, which means that it goes beyond cryptoassets. Its website adds:

Amp tokens used as collateral are usually released when consensus for a particular transfer is reached, making them available to secure another transfer. In the event that a consensus is not reached for the transfer, the Amp collateral may instead be liquidated to cover losses.

One of the most important use cases for cryptocurrency is its use as collateral for payments made using the popular Flexa Network cryptocurrency payment system. In the event of a payment failure or delay, staked AMP tokens can be liquidated to cover losses

This is because the AMP token adds an additional layer of security. Its price has jumped in recent weeks for a number of factors, including its listing on the Coinbase exchange. Since the end of May, it has risen more than 200%, from $ 0.026 to $ 0.12 before dropping to $ 0.08 at the time of publication.

AMPUSDT chart via TradingView

During the same period, the price of bitcoin has moved sideways, unable to break through the $ 40,000 mark.

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

Featured Image via Pixabay

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