LogFAQs > #955308224

pionear posted...

Oh, so it will just except any Crypto that's listed on Major Exchanges? And what determines what types of Crypto that gets listed? And what Exchange do they use? Still alot of Mess involved with this type of payment...

It's asset agnostic, which means any token. Looking at the code, Flexa and it's native token AMP run in the Metaverse (Ether chain). Most tokens are ERC-20, so exchanging them on The Metaverse is super easy. There is another protocol called Wrapped, which takes assets outside The Metaverse and creates and ERC-20 equivalent. For instance you can take 1 BTC and lock into the Wrapped protocol and receive 1 WBTC (Wrapped Bitcon). So you swipe your card or scan your code w/e, Flexa pulls the necessary funds for the transaction, and holds it with an equal amount of AMP in a partition on the chain. These partitions are kind of like mini liquidity pools, and they are all over the chain, meaning they can process transactions very quickly. This partition will first try to trade your asset to fiat. So if you are sending 1 BTC, it will attempt to covert that to whatever the seller accepts. If the transaction takes too long, it instead burns the equal amount of AMP and keeps the funds you sent, and the seller has the money for the transaction everyone is happy.

I do think there is a misunderstanding about how blockchain tech will change the world. I think people hear "To the moon" and "future money" and start thinking sci-fi space tech. 80% of American banks already run operations on private blockchains, and VISA already settles payments directly on the Ether chain. I'm not saying we aren't going to continue to see some really cool projects and advancements, and I'm definitely not saying it's not going to grow more. While I do think cryptocurrency provides the best opportunity for the biggest redistribution of wealth in our generation, it's not going to magically turn everyone into billionaires.