An explanation of what is Ethereum and why Amepay uses Ethereum technology?
For someone new to the cryptocurrency space, that’s the logical question to ask, considering they probably see Ethereum and its native Ether (ETH) cryptocurrency next to Bitcoin everywhere on exchanges and in the news. However, it’s not exactly fair to consider Ethereum to be in direct competition with Bitcoin. It has different goals, features and even technology.
Ethereum is a decentralized blockchain network powered by the Ether token that enables users to make transactions, earn interest on their holdings through staking, use and store nonfungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so much more.
AMEPAY uses the AME token, which is developed using the Ethereum-based ERC-20 protocol. This token functions as the primary medium of payment settlement and fund transfer on the platform. The AME token can be used for a variety of purposes, including:
- B2B fund transfers
- B2C fund transfers
- C2C fund transfers
- Cross-border transactions
- Loyalty program
- Capital appreciation
AMEPAY provides the feature of staking AME tokens. While the tokens are staked, they can’t be spent, but they generate yield, rewarding the staker. Staking is, in some way, similar to a fixed-term bank deposit - you lock your funds in your wallet and enjoy returns later.