What is the AMT token And What Is Its Utility? 

What is the AMT token and What is its utility?

Whether you are new to crypto or have been exploring the industry for sometime, you would have come across the concept of tokens. Also known as cryptocurrency tokens are more than just simply a form of payment. Tokens can be used as a means of settling a transaction, unlocking digital access  or representing stores of value. AMT token is the native token used in the Amaze ecosystem that runs on AmazeChain, the layer 1 blockchain that stores the data within the ecosystem. 

What is AMT Token 

AMT token is a multifaceted utility based, transactional token that powers the AmazeChain ecosystem. Simply put, AMT token is used to settle all transactions and actions within the ecosystem. AMT token is a unit of measurement much like dollars and cents are financial metrics when referring to United States currency.

Within the Amaze ecosystem AMT token serves as the unit of measurement to determine how much energy or power is needed to be spent in order to allow a transaction or item to be purchased. AMT token serves the same base function as Ether (ETH) does for Ethereum and BTC (Bitcoin) does for the Bitcoin Network.

AMT token is referred to as multifaceted as it serves two core functions. 

  1. Settles transactions as a fee, known as a ‘gas payment’.
  2. Used for direct purchasing within Amaze. 

Transaction payments are the cost to execute an action that is stored on the blockchain and AMT token is used to pay for that fee. The fee for AMT token is distributed amongst ‘miners’ on AmazeChain, a term given to users who are running nodes on their phones in order to validate AmazeChain transactions. 

What is Gas? 

Within the blockchain industry, transaction fees are referred to as ‘gas’. This is due to the correlation between a token being viewed as the energy or power required to enable a transaction on the blockchain. As transacting on a blockchain requires a varied amount of energy input, the gas fee is a reflection of the cost of the power required to execute that payment. In AmazeChain, AMT token is the unit of measurement that is used to pay for all gas fees across the ecosystem. 

What Utility Does AMT Token Have? 

Utility refers to the use cases associated with a given token. Layer 1 tokens like AMT token are known to have more utility than tokens that are only associated with applications on top of a blockchain. AMT token as the native token to the entire Amaze Ecosystem has the following utility:

Pays for all gas fees across the network 

The importance a token has as the unit of settlement for gas fees can not be understated. As the AmazeChain begins deploying new applications such as games or financial tools, these new projects will release their own tokens on AmazeChain. As new projects bring on new users, they will start interacting and exchanging tokens which require gas fees to settle. Each transaction on the AmazeChain will use an AMT token to settle. This means as the ecosystem develops and grows the demand and utility for gas settlement also increases. 

Activates a node for users to earn via mobile mining 

Node is the term used to describe a hardware (physical device) that is used to validate transactions on a blockchain. Within AmazeWallet, unused phone power is used as the computational method to process transactions. This allows a user to run a node on their phone via a method known as staking. Staking refers to a user locking away a certain amount of AMT tokens that are used to power and activate the node on their mobile device. Once a user has locked their AMT tokens into a node their phone begins validating transactions and receiving a portion of the gas fee as a reward. Node operators, known as miners, can receive up to 75 AMT tokens per year by joining the AmazeChain network with their mobile. 

Accepted for purchase of AmazeMarketplace NFTs 

AmazeWallet has its own Marketplace which is used as an e-commerce front for fine digital art and later RWAs (Real World Assets). To purchase dynamic art and RWAs users can execute the payment using their AMT tokens. When a user uploads an item (NFT) to the Marketplace known as minting, they can set a price on that item which also includes a payment in AMT tokens as gas. 

What Gives AMT Tokens Speculative Value? 

Speculative value is a term used to describe the potential value increase associated with a crypto token. AMT token has a high speculative value being the base token required for any action to be executed on AmazeChain. The more utility a token has, and the more frequently it is required to be used, the higher the speculative value that can be attributed to a token. AMT token is set apart from comparable tokens such as BTC and ETH as it is the means of settlement on the first blockchain entirely built on the mobile network, arguably increasing the access and use cases for AmazeChain, powered by AMT tokens.. 

How Can I Get AMT Tokens? 

To access AMT tokens you can view our tutorial videos via the Help Centre and Youtube or connect directly with the team via our Discord channel. To stay up to date with the latest additions and AMT, join our community channels.

X Platform | Discord | Website | YouTube