Function X a decentralized ecosystem

Hello Dear..

Function X is a Blockchain company in Southeast Asia that focuses on developing applications and programs based on Blockchain technology. Function X itself was successful in its inaugural sale (ICO) which began in late September 2017. And now Function X or known as in the past Pundi X, now this project is holding its 2nd anniversary. This time I will provide a review of the progress of the Function X project to this day to add to your insights.

Dawn of the decentralized internet

Over the past 20 years, the internet and information services have greatly improved the efficiency of socioeconomic operations, but inevitably produced a large number of monopolistic private organizations due to their highly centralized structure and operations. However, the next 20 years will see the birth of the next phase of the internet and social movements evolving away from the current monopolistic model. The vision of Function X through its innovations is to empower this next phase of the internet, to better the efficiency of the current conventional level and create an environment that is secure, fully decentralized and free of monopolization.

Function X

The Internet was just the beginning the advent of the Internet has revolutionized the world. It created a communications layer so robust that it has resulted in TCP/IP becoming the network standard. The Internet also created a wealth of information so disruptive that a company like Amazon threatened to wipe out all the traditional brick-and mortar bookstores. These bookstores were forced to either adapt or perish. The same applies to the news publishing sector the offerings of Google and Facebook have caused the near extinction of traditional newspapers.

The digitalization of the world with the Internet has enabled tech behemoths like Apple, Amazon, Google and Facebook to dominate and rule over traditional companies. The grip of these tech giants is so extensive that it makes you wonder if the choices you make are truly your own or influenced by the data they have on you as a user.

We see the blockchain revolution happening in three phases. The first was how Bitcoin showed the world what digital currency is. The second refers to how Ethereum has provided a platform to build decentralized assets easily. The clearest use case of that has come in the form of the thousands of altcoins seen today that we all are familiar with. The third phase is what many blockchain companies are trying to do now to bring the performance of blockchain to a whole new level (transaction speed, throughput, sharding, etc.) and to change the course of traditional industries and platforms — including the Internet and user dynamics.

Public blockchains allow trustless transactions. If everything can be transacted on the blockchain in a decentralized manner, the information will flow more efficiently than traditional offerings, without the interception of intermediators. It will level the playing field and prevent data monopolization thus allowing small innovators to develop and flourish by leveraging the resources and data shared on the blockchain.

The Blockchain revolution will be the biggest digital revolution In order to displace an incumbent technology with something new, we believe the change and improvement which the new technology has to bring will have to be at least a tenfold improvement on all aspects including speed, transparency, scalability and governance (consensus). We are excited to say that the time for this 10-times change is here. It’s time to take it up 10x with Function X.

Function X or f(x) is an ecosystem built entirely on and for the blockchain. Everything in f(x) (including the application source code, transmission protocol and hardware) is completely decentralized and secure. Every bit and byte in f(x) is part of the blockchain.

What we have developed is not just a public chain. It is a total decentralized solution. It 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. All five components serve a single purpose which is to decentralize all services, apps, websites, communications and, most importantly, data.

The purpose of Function X OS is to allow smart hardware and IoTs to harness the upside and potential utility of the decentralization approach. We have built an in-house solution for how mobile phones can leverage Function X OS in the form of the XPhone. Other companies can also employ the Function X OS and further customize it for their own smart devices. Every smart device in the Function X ecosystem can be a node and each will have its own address and private key, uniquely linked to their node names. The OS is based on the Android OS 9.0, therefore benefiting from backward compatibility with Android apps. The Function X OS supports Android apps and Google services (referred to as the traditional mode), as well as the newly developed decentralized services (referred to as the blockchain
mode). Other XPhone features powered by the Function X OS will be elaborated on in the following sections.

Using the Function X Ecosystem (namely Function X FXTP), the transmission of data runs on a complex exchange of public and private key data and encryption but never through a centralized intermediary. Hence it guarantees communication without interception and gives users direct access to the data shared by others. Any information that is sent or transacted over the Function X Blockchain will also be recorded on the chain and fully protected by encryption so the owner/sender has control over data sharing. And that is how a decentralized system for communications works.

For developers and users transitioning to the Function X platform, it will be a relatively seamless process. We have intentionally designed the process of creating and publishing new decentralized applications (DApps) on Function X to be easy, such that the knowledge and experience from developing and using Android will be transferable. With that in mind, a single line of code in most traditional apps can be modified, and developers can have their transmission protocol moved from the traditional HTTP mode (centralized) to a decentralized mode, thus making the transmission “ownerless” because data can transmit through the network of nodes without being blocked by third parties. How services can be ported easily or built from scratch as DApps will also be explained in the following sections, employing technologies in the Function X ecosystem (namely Function X IPFS, FXTP Protocol and Decentralized Docker).

2009-2018: The initial stage of blockchain

Over the past 10 years, the emergence of Bitcoin and other blockchain technologies have paved new ways, transforming the previously centralized mechanisms and monetary systems into a new system where all participants can have equal rights. And as more participants join the new system, the more stable it becomes. This results in a currency issuance circulation, and ownership that are fair, robust, and anonymous; something that does not exist in the centralized ecosystem. And the benefits of this new system via blockchain technology has provided the inspiration to the team behind Function X.

2018: The birth of Function X

In 2017, the Pundi X team began investigating the underlying factors preventing and inhibiting the successful offline circulation of cryptocurrency in the society. Since then, there has been a growing desire to completely overhaul the system to become 100% decentralized. We are proud to say that we have achieved that in the form of Function X, f(x).

Vision

What was the internet like in the early 90s and 2000s?

In 1990, the birth of the first internet browser and web page gradually digitized global businesses. In less than 20 years, the internet has grown into a worldwide network, facilitating communication, trade, management and other human-to-human interactions. The internet has completely changed the society on a global scale, with vastly improved efficiency and benefitted the global economy. However, it is precisely because of this kind of network mechanism that enables the centralization and monopolistic behaviour of large enterprises that give them an edge over companies that do not utilize internet services. Large enterprises thrive on being able to handle and process significant amount of data and they do so by adopting a centralized server to read, transmit and store data effectively. And because information/data is king in today’s digital world, as enterprises owns more data, the more powerful they become. The major disadvantages are new companies often find themselves unable to compete with existing enterprises due to the monopolistic nature. Entrepreneurial innovations become hindered and stifled.

Meanwhile, the aggregation of data in a few concentrated locations (and organizations) poses important security concerns, involving potential risks such as data privacy abuse and leakage. Not to mention, the monopolistic model is difficult to break, and the lack of transparency as well as competition could bring negative effects to the growth and development of the world.

Basic information about Function X (FX)

• Ticker: FX
• Contract: 0x8c15ef5b4b21951d50e53e4fbda8298ffad25057
• Decimal: 18
• Blockchain: Ethereum
• Token Standard: ERC20
• Token Type: Utility Token
• Total Supply: 378,604,524 FX
• Supply: 75,499,463 FX
• Max Supply: 1,893,022,625 FX
• Supply figures are taken from Coinmarketcap.

Allocation Token

• With a total initial fixed supply as above, FX has been allocated by the development team as follows:
  65% is used for NPXS / NPXSXEM betting holders or converted to FX tokens.
• 20% is used to fund the development of ecosystems for Function X.
• 10% is spent on engineering problems.
• 5% is the product development budget and marketing activities.

Note: Information about the returned token is not published by the development team.

Storage wallet

Currently, Function X (FX) tokens can be stored in a wallet that supports the ERC-20 Ethereum standard such as:
Web wallet: Myetherwallet, Mycrypto.
Know: Big Book Nano S, Safe, ImToken
Utility: Metamask
Application: Trust Wallet, Cobo Wallet, Atom Wallet
In addition, you can store FX tokens on the leading exchanges that have registered FX tokens. However, anyone who saves for a long time must refrain from using this method to avoid cases of hacked floors.

After almost 1 year of formation, Function X (FX) is traded on 3 floors including: KuCoin, Bittrex, Bithumb Global. With a total trading volume of nearly 400 thousand dollars in 24 hours, FX is not very good liquidity. In particular, FX tokens are traded the most active and most active on KuCoin with a level of 79.19% of the total trading volume.

As mentioned at the beginning of the article, Function X was founded and developed by Pundi X Labs. It is also a development company for the Pundi X (NPXS) project.

further information you can visit the site below :

Website : https://functionx.io
ANN THREAD : https://bitcointalk.org/index.php?topic=5131069.0
Whitepaper : https://functionx.io/assets/file/Function_X_Concept_Paper_v2.0.pdf
Telegram : https://t.me/functionx
Facebook : https://www.facebook.com/functionx.io
Twitter : https://twitter.com/functionx_io

Author : Giebaymax
Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=782329