F(X) = Crypto. Function X: Project Overview.
Pundi X Labs developed Function X (FX Coin), with a cross-chain architecture based on pBFT and PoS. Since Function X is a cross-chain network, it enables the integration of multiple chains to form a part of the Function X blockchain. It integrates various blockchain ecosystems like Ethereum, Solana, etc. In addition, FX crypto is designed to ensure an increase in liquidity and the value of digital assets established on the Function X ecosystem. Want to know more? Let’s go!
What is Function X?
Function X chooses not to go head to head with traditional blockchain ecosystems like Ethereum, Bitcoin and the rest. Instead, it focuses on its strength such as offering asset aggregation contracts, that link up to Ethereum smart contracts and yield gain at the same time on one or multiple blockchains. As it exploits the existing Ethereum structure, the FX core supplies a conducive environment with higher speed and cheaper fees at the same time.
The Function X blockchain is supported by the Function X foundation, a non-profit organization. FX crypto foundation focuses on the growth and well-being of the Function X crypto ecosystem. This ecosystem is a next-generation internet service architecture that is totally built for and on the blockchain. The FX network’s unique ecosystem provides a novel service framework through the improvement of existing internet and blockchain infrastructures. It combines the benefits of both infrastructures and utilizes common technical solutions.
Function X Blockchain
As reiterated earlier, Function X blockchain is quite a revolutionary tech in the crypto space. In this paragraph, we’ll discover its history and see more in-depth what Function X blockchain is.
After the launch of the mainnet, the governance stage was initiated. The governance stage allows Function X token holders to participate in verifying the creation of blocks on the network. By participating in this activity, users are eligible to receive block rewards through delegation. In order to secure the network, 20 company-hosted validators were initially selected. Validation will be opened to the public later when the mainnet operation becomes mature.
Delegation is made available on the FX wallet, which is a non-custodial and decentralized wallet application. The FX wallet does not only support inter-chain and cross-chain transactions on multiple blockchain networks but also provides decentralized finance services.
The mainnet launch comes with a lot of promising features for FX users. Some of these features allow FX coin holders to bridge their ERC-20 FX coin to the FX core using the FX wallet. This way Function X crypto can be utilized on both Ethereum and FX blockchain core.
As the first transferable digital asset between Ethereum and FX Core, there will be no conversion/wrapping action required. Also, cross-chain transfers are guaranteed to be straightforward and effortless just like a normal on-chain transfer process.
Then the second stage of launch commences with the operation of XPOS devices on the FX core. This will give the FX mainnet several real-world use cases. Pundi X aims at utilizing the custom chain built on the Function X network to authorize real-world transactions. As we covered in the Pundi X article, the XPOS device is one of the components of the Pundi X ecosystem.
The second stage is very crucial for FX since it validates how well the FX wallet can directly interact with XPOS on-chain. This use case also allows financial institutions with a built custom chain on FX to migrate onto the XPOS’ custom chain via FX core. XPOS aims at providing financial tools and services on the Function X blockchain.
Function X is gradually being used globally. For instance, XPOS devices have been distributed to more than 30 countries. With the launch of Function X mainnet, many people are now presented with the opportunity to get more familiar with blockchain. Even though Function X is still in its infancy, it can act as a catalyst for the fast adoption of blockchain globally.
Function X (FX) Coin
The FX coin is a token that powers Function X crypto network, with a structure that comprises core blockchain, a platform for DApps, and a cross-chain protocol. As a use case, FX coin is a mode of payment for services like staking, vote eligibility for network upgrades, smart contract creation, and data storage. It’s available on Both Ethereum and Function X blockchains.
Moreover, Function X coin serves as a governance token on the Function X ecosystem. Users can use FX coin in several ways such as vote casting, as collateral, generating synthetic assets delegate, and core network security.
The current circulating supply of FX is recorded to be 408,520,357 FX, and the Function X price is $1.19 as of November 1, 2021. It’s currently being traded on 14 active markets.
Unlike other cryptocurrencies, FX coin makes use of the Proof-of-Service concept for its mechanism. About 20% of the total FX coin supply has been generated by Token Generation Event (TGE) while the rest will be generated via Proof-of-Service. The generated tokens via Proof-of-Service are given to the service providers over 15 years.
How to buy FX coin or exchange ETH to FX on Swapzone?
Converting your asset to FX can be done easily on Swapzone. You can trade FX crypto on FX exchanges that Swapzone will compile for you. Use our step by step guide below to make sure your process will go smoothly:
Step 1. Visit Swapzone and select Function X in the “Get up to” tab.
Step 2. Select any Function X coin pairing from the list of tokens. Swapzone will pull up all the FX coin exchanges regarding the selected token pairing.
Step 3. Input the amount of currency you want to exchange, then you can select the Function X exchange that suits you by clicking on the “exchange” button.
Step 4. Input the address where you want to receive the crypto.
Step 5. There is also an option for a refund address, which is the address where the asset you are swapping for the cryptocurrency will be refunded.
Step 6. Once done, you click on the “proceed the exchange” button to carry out the exchange.
Step 7. The Function X exchange process will start. Wait until it finalizes.
Step 8. Don’t forget to leave a review and rate the exchange provider to let us know about your experience.