The goal of this article is not only share my experience but also give you some facts about AMP, the innovative new platform that its team is building.
As you might already know Bitcoin has been relatively successful in being able to survive the initial hype thanks to offering a completely different storage solution for your money. However since its inception Bitcoin can be both dangerous and slow to use as applied by many merchants around the globe.
We are now at approximately 15m BTC wallets which means that approximately 10% of all Bitcoins ever mined have been lost forever because people either forgot their private keys or simply deleted/lost access to their Bitcoin addresses for whatever reason.
It's also worth noting that Bitcoin operates only on one blockchain network which makes it very hard to work with if you don't want others to trace back transactions by using IP addresses or other alike.
As many of us already know Ethereum brought one important feature to the table - smart contracts. Being able to execute code on top of blockchain made it possible for dapps (decentralized apps ) to be built, thus fuelling an immense number of ICOs this year alone.
We are now also at approximately 100m ETH wallets which equals roughly 20% of all Ether ever mined that have been lost forever due to either losing private keys or deleting/losing a wallet file with a password. Kinda scary statistics if you ask me!
AMP is taking things up a notch by offering users multiple blockchains and their own cryptocoin – AMPs – which can easily be transferred from something as simple as a QR code found in a tweet to a bunch of NFC chips like in Oyster Pearl (PRL) project.
However I'm not here to compare AMP to other projects out there; the goal is rather show you, how far this rabbit hole goes and what steps AMP team takes in order to make it easier for people like me to get involved. Stay with me!
When investing into any sort of cryptocurrency it's important that we take into consideration one key aspect when dealing with our coins - security. This can be both physical or data security which means that we need to be able to protect our private keys physically and digitaly. With physical security I mean hardware wallets such as Ledger Nano S or Trezor , which are little devices that have multiple small buttons which are used to sign transactions without exposing your private key. I would advise anyone who is serious about storing crypto coins to get one of those if you don't already own one.
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