The AMLT Network was launched by Coinfirm in 2017 with the goal of creating the foundation for a secure, transparent, and compliant economic system.
We designed AMLT Network to be used not only by blockchain-native entities but also by the entire scope of actors from the traditional sector, including financial institutions, governments and other sectors central to the economy.
Participants of AMLT Network have become an important and active pillar in creating the transparent new era of finance and a building block for the mass adoption of blockchain and virtual currencies. The interactions between AMLT users are a significant step towards the financial inclusion of positive, underbanked actors and the exclusion of malicious ones with precision beyond the reach of the legacy system, in which individuals unjustifiably suffered from financial exclusion.
Whilst AMLT provided the community with a platform, it was the community that created an ecosystem. An ecosystem with a positive feedback loop that promotes the engagement of individual users and entities in addressing a major roadblock on the way to the safe uptake of crypto – compliance. Via crowd-sourced intelligence, that community has monitored one another’s adherence to regulatory standards, what some may term a ‘social contract’ and shaped the conversations with authorities.
However, much has changed since 2017.
Today, we legitimately stand at the forefront of a more mature digital assets-based economy. Armed with years of hard-won experience with key lessons learned along the way, award-winning AML/CFT compliance tools leveraged by the largest financial institutions in the world to the most innovative decentralized finance marketplaces, and priceless feedback shared by you, our community, we’re taking the next step in our mission to empower mass adoption of blockchain.
The AMLT Network 2.0.
What is the AMLT Network 2.0?
AMLT Network 2.0 is a natural evolution of our ecosystem, its foundations morphing alongside a fast-changing (if not the fastest!) financial technology environment. We want the AMLT Network to thrive in that ecosystem. The Network itself – a unique community – shares our vision and goal of creating a transparent and democratic financial system of the future.
Therefore we’re introducing three major changes that will firstly empower participants of our ecosystem to exchange knowledge to a further extent, secondly encourage those who were reluctant so far, and – last but by no means least – move our rewards system to the next level.
AMLT Stakers – AMLT holders will receive shares of the reward pool. Providing incentives and giving back to the community that supported us over the years.
Information Providers (previously “Network Members”) – a major tenet of AMLT Network 2.0. Information providers are rewarded for reporting nefarious addresses related to ransomware, hacks, scams, and other fraud. Once the provided data is validated by our team, the AMLT tokens are transferred to the designated wallet.
With AMLT 2.0 we introduce a simplified procedure – from the beginning of April – where everyone can easily participate:
• Set up a free account on Coinfirm’s AML Platform, https://platform.coinfirm.com/sign-up
• Submit a nefarious address
• Receive AMLT in your wallet
Liquidity Providers – anyone who is willing to fund a liquidity pool with their crypto assets to facilitate trading on the platform and receive rewards based on provided liquidity.
More details on the staking mechanism and how to become eligible for Liquidity Provider rewards will follow in an additional post.
How will the AMLT Oracle Pool be fueled with tokens?
The new model integrates all AMLT Oracle partners and clients with the prior ecosystem. Each entity that commercially cooperates with the Oracle, will supply the Oracle pool with various crypto assets – as payment for risk management services. Subsequently, the Networks, using a variety of acquired tokens, will buy back AMLT from the open market and distribute it amongst active participants of the AMLT Network 2.0.
This is a strategic change from the previous fixed pool model to a more effective, circular flow model.
The percentage split of distributed AMLT tokens will be adjusted according to the level of participants’ engagement, such as; the amount of tokens staked, value-added liquidity and the amount and significance of addresses provided by Information Providers. The share of tokens between these three stakeholders will be public with transparent summaries at the end of each quarter.
Throughout Spring 2021 we will publish a series of articles and posts expanding on details of the AMLT 2.0. Starting from April, the first public announcements of the Information Provider Membership program and Liquidity Pool Rewards will be published.
Join us to power the mass adoption of blockchain with a safe ecosystem now.
Keep up to date with the latest AMLT Network 2.0 news and information via: