Introduction to Function X - The Next Generation Blockchain
Hey guys!
Previously, i covered what blockchain technology is about. Today, I'm going to introduce one of the hidden gems that is currently in my cryptocurrency portfolio - Function X
Blockchain is an especially promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scalable way for myriad uses.
But what makes some blockchain different from others? Like Bitcoin, Ethereum and many more.
Today, i will try to break it down for you, in the best possible way, to the best of my ability.
People of Generations Z and earlier may live in a different technological environment compared to what exists today. Mobile internet has inevitably replaced everything they were familiar with before. Just like the impact of the iPhone on the cell phone years ago, the foundation of traditional financial products are being frustrated and cannibalized by new blockchain technology and cryptocurrency.
Let’s explore the future of financial products and tools together via the seamless connection and integration of traditional finance and the latest blockchain technology.
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FUNCTION X
Developed by Pundi X, Function X Mainnet (AKA FX Core) went live at 22:00 GMT+8 on 6th July 2021 after three years of development.
Function X will enable all sorts of data transmission on the blockchain for both businesses and individuals to use without the need of coding skills.
Function X has a cross-chain architecture based on pBFT and PoS. Cross-chain, as the name implies, allows multiple chains to be part of Function X. By integrating various blockchain ecosystems (Ethereum and others), Function X is designed to increase the liquidity and value of digital assets created on the Function X network.
Summary
- Function X is a first-of-its-kind, highly customizable and expandable multi-chain architecture blockchain network that can meet different business’ needs
- It is impractical to use one chain to solve all business problems so, different chains with different functions
- Each parachain has different settings to cope with the specific business needs
- Function X provides different strokes for different folks, e.g. Pundi X Chain for Payment, Margin X Chain for DEX, f(x) Core — Smart Contract Chain for Dapps
- Function X has an Infinity tps with parachains and subnets
- 3 key concepts (MEC) : Multi-chain structure, Expandable, Customizable
- Simple analogy: It is a mixture of Polkadot and Avalanche
Rather than building an ecosystem that competes with Ethereum, Function X aims to leverage on its strengths, for example, by providing asset aggregation contracts, connecting to Ethereum smart contracts, and generating interest at the same time in both (and more) chains. While leveraging the existing Ethereum infrastructure, at the same time FX Core provides an environment with higher speed and cheaper fees.
The mainnet launch kicked off the governance stage, allowing $FX holders to participate in verifying block creation and receive block rewards via delegation to secure the network with 20 initial company-hosted validators at first. Once the operation of the mainnet became more mature, a governance proposal was made to let the public have a go at becoming a validator and the cap was 50 validators.
The delegation is available on the f(x)Wallet, a non-custodial, decentralized wallet app that supports inter-chain and cross-chain transactions on multiple blockchain networks as well as providing DeFi services.
With the mainnet launch, $FX holders will be able to bridge their Function X tokens in ERC-20 to the FX Core through f(x)Wallet. This means $FX will be able to be utilized on both Ethereum and FX Core. $FX will be the first digital asset transferable between Ethereum and FX Core. There will be no conversion / wrapping action needed, and the cross-chain transfer will be as simple and smooth as a usual on-chain transfer process.
The second stage of the launch will be the running of XPOS devices on the FXCore, which will give the Function X Mainnet a number of real-world use cases.
Pundi X will utilize the custom chain built on the Function X network to verify real-world transactions, such as payment for a cup of coffee made using XPOS devices. This stage will demonstrate how well Pundi X’s f(x)Wallet can directly interact with XPOS on-chain. With this use case, it will also enable financial institutions that have built a custom chain on Function X to hop onto the XPOS’ custom chain through FX Core. XPOS will be able to provide financial tools and services on the Function X network.
With Function X being increasingly used in the real world — XPOS devices, for example, are now deployed in over 30+ countries and counting — the launch of the Function X Mainnet presents a real opportunity for all kinds of people to familiarize themselves with blockchain. Though the launch is only a few months old, the Function X Mainnet could prove a crucial catalyst in the fight to bring blockchain to the mainstream.
F(x)Core is the core network of the entire Function X ecosystem.
It is the interlink of all assets and cross-chains. It is the main bridge connecting Function X to Ethereum, Binance Smart Chain and other blockchains.
Function X is deploying multi-chain frameworks to meet different needs and enlarge and expand the Transaction Per Second (TPS) of the whole network. The infrastructure of Function X comes with highly customizable subnets and parachains. Each subnet and parachain operates separately from the Function X mainnet.
The number of transactions per second is infinite.
Proof-Of-Stake Consensus Model
Function X adopts a proof-of-stake consensus model. Delegating $FX token in PoS consensus enhances the security of the network while maintaing high throughput and performance.
The native coin of Function X is $FX.
$FX token is the governance token for the Function X project. Users may use $FX to vote, as collateral (soon), to generate synthetic assets (soon), delegate, securing the core network and more.
$FX token is available in Ethereum since 2019 and in Function X since 2021. They are fully interoperable and users can transfer $FX in and out of both blockchains while maintaining a fix total supply and liquidity.
F(X)Wallet
Decentralized, non-custodial, private key-supported wallet made by the company itself.
Currently, Function X main brain - F(X)Core supports Bitcoin, Ethereum, Binance Smart Chain, Pundi X Chain, Polygon, Tron.
More chains are scheduled in the later parts of 2022 - Solana, Avalanche, Terra are in the works.
Manage, transfer and grow your digital assets with different DApps, including DeFi protocols like Aave. Stake your $FX, $PUNDIX and other tokens in f(x)Wallet to grow your digital assets.
Fiat on-ramp support is also available for those who wish to purchase crypto assets with ease.
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Disclaimer:
One should always have a minimum of 6 months worth of emergency savings set aside before investing in the stock market for any sudden emergency like medical urgency or the sudden loss of a job.
This should only be used for emergencies and not be touched for any luxury purposes.
One should always have enough insurance coverage also before investing in case of any accidents or big medical expenses like cancer treatments etc.
Like they say, health is truly wealth.
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