How AMPX token will be used as a utility
AMPX token is provided by the amplify exchange. AMPX will be utilized by amplify exchange in the first and the second phase. This token will be utilized as a means of access and as compensation for work performed. Simply this token will be used as fuel to run amplify exchange. For both the amplify brokerage and for the amplify distributed exchange, this token will be used to settle the transaction fees that will be charged. The following are the major ways in which AMPX token shall be utilized in Amplify exchange:
The transaction fees will be charged and used to facilitate a smooth and simple process for customers. Amplify transactional exchange fees will be less compared to the other exchange fees. The fess will be at or below the current standard market rates. However, for the brokerage accounts, there will be a slight additional markup according to the modern-day standards.
This is a fee that will apply to the projects that the amplify exchange intends to list. All the projects shall be vetted by the exchange before listing. This exercise will require some fee. For the vetting processes, the exchange does not intend to charge, but there are complex token or coin, which has a new integration protocol that will be charged. The exchange has reserved a right to charge such complex coins or tokens in order to cover for the technological challenges that may be associated.
There is accost of service that will be incurred when withdrawing crypto currency from fiat and vice versa. The withdrawal fee that will be charged will be used to cover for such costs.
Additional service fee
Additional fees will use to cover for the enterprise-grade services. Such services are API transaction rates, which may increase. These services may require the use of technology that will, in turn, require additional fees to be made to cover for such costs.
Once the first and the second phase are completed, the third phase will be initiated, which will simply be as proof of stake utility. In this third phase, amplify exchange will facilitate the swapping of the token from ERC-20 to tokens running on their amplify proof of stake Main net. The new token that results from swapping transactions shall be facilitated by substratum network participants who will want to earn the AMPX token.
There will also be an amplify bridge chain stage where the amplify exchange will move towards actual decentralization. Amplify exchange will provide a direct mirror of amplify distributed to amplify decentralized through blockchain power. The exchange intends to use this direct mirror to provide instant transactions, reduce transaction fees as well as create global cryptocurrency availability. The amplify blockchain decentralized nodes will facilitate the accomplishment and attainment of the three major tenants. With the help of the AMPX token, amplify bridge chain will definitely be a success. All the efforts that will be made by the amplify exchange will benefit the cryptocurrency users directly or indirectly.
Website Link : https://amplifyexchange.com
Twitter Link : https://twitter.com/AMPExchange
Telegram Link : https://t.me/AmplifyExchange
Facebook Link: https://www.facebook.com/ampexchange
Medium Link: https://medium.com/@amplifyofficial
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