What Is Function X (FX)?

Function X or f(x) is a decentralized network solution powered by blockchain technology and smart devices, meaning that the network does not depend on any individual, organization, or structure. The platform aims to bring blockchain to the world of telephony, data transmission, storage, and other industries, thereby creating a world far beyond financial transactions and transfers. Blockchain technology prevents data monopolization and allows small innovators to develop and flourish by leveraging the data and resources shared on the blockchain.

As stated in the whitepaper, the f(x) network is supported by end-user smart devices operating as blockchain nodes. These devices include XPOS and XPhone created by Pundi X, as well as a variety of other hardware components created by other original equipment manufacturers. Moreover, the Function X network consists of five core components: Function X Operating System (OS), Function X distributed ledger (blockchain), Function X IPFS, FXTP Protocol, and Function X Decentralized Docker. The goal of all five components is to decentralize all services, apps, websites, communications, and, most crucially, data.

The native utility token of the Function X ecosystem is the FX coin that can be used for a variety of purposes on the platform. FX is an Ethereum token that is believed to power Function X, which includes a cross-chain protocol, a core blockchain, and a decentralized application platform (DApps). Users can utilize the coin for in-app purchases, smart contract creations, transaction fees, advertisements, hosting fees, and cross-border/borderless transactions as a currency. 

History of Function X (FX)

Pundi X Labs, founded in 2017, developed Function X, and David Ben Kay, the president of Function X, leads the Function X Foundation. Currently, David Ben Kay is also serving as the chief legal counsel for Pundi X. Earlier, he was a member of the Ethereum Foundation's governing board, general counsel of Microsoft China, and managing partner of Denton Hall.

The white paper version 1.0 was released on December 27, 2018. Further, the mainnet of Function X went live on July 6, 2021, after three years of development. According to the Function X team, the creation of the blockchain was driven by their desire to extend the capabilities of their POS (point-of-sale) network (XPOS) beyond finance applications. 

How Are New FX Tokens Created? 

To begin with, the four main participants of the f(x) ecosystem, the consumers, infrastructure service providers, developers, and financial service providers, create a positive value flow. As more service providers and consumers adopt the f(x) ecosystem, more FX coin liquidity is created.

The coin generation in f(x) is based on the proof-of-service (PoS) concept. This consensus mechanism enhances the security of the network while maintaining high throughput and performance. Since service providers are so important in the f(x) ecosystem, motivation and facilitation is their top priority. So, the ecosystem’s objectives are aligned with service providers’ objectives. As a result, the ecosystem has to set up a Tipping Jar (similar to mining) to encourage and facilitate existing miners to migrate to the f(x) ecosystem and become infrastructure service providers or attract new players to the ecosystem. Service fee (from payer) + tipping (from Function X network creation) = income for service provider. 

The main idea behind this concept is that the f(x) blockchain will generate a set amount of FX coin every second, which will be distributed among service providers.

How Many FX Coins Are There?

The maximum supply of FX coins is capped at 1,893,022,625.

How to Buy FX Coins

You have a lot of options when it comes to Function X(FX), including Coinbase. You can buy Function X on Coinbase.com or Coinbase app, anywhere Coinbase is available.