Function X (FX) is an Ethereum token that powers Function X, a decentralized application platform that has a core blockchain, cross-chain protocol, and decentralized application platform. FX may be used to pay for services like smart contract development and data storage, as well as to vote for network enhancements and stake on the network.
What is Function X?
The Function X token is the native utility and governance token for Pundi X Labs’ Function X project, a blockchain-based ecosystem.
The Function X project utilizes a cross-blockchain architecture that allows for the use of several blockchains such as Ethereum and Polygon.
Decentralized validators in the Function X project can safely move assets between several blockchains. These validators, in particular, enable the project to achieve fast transaction speeds and low transaction costs.
The platform is assumed to operate on the proof-of-stake (PoS) and practical byzantine fault tolerance (PBFT) methods, which need a particular number of nodes to approve a transaction.
The Function X crypto, in particular, is intended to increase the general liquidity and worth of the network’s virtual assets. Meanwhile, the Function X cryptocurrency offers a variety of applications, including payment for services like smart contract creation and data storage.
The FX token may also be used for staking on the network and voting for network updates. Additionally, users can utilize the Function X crypto to build synthetic assets.
Function X: roots and history
The Function X token serves as the project’s governance token. Users can use the Function X token to vote, as collateral, to produce synthetic assets, to delegate, and more in the future.
Since 2019, the Function X token has been available on Ethereum, and since 2021, it has been available on Function X. They are entirely interoperable, allowing users to move Function X between the two blockchains while keeping a constant total supply and liquidity.
How does Function X work?
Pundi X Labs’ Function X, or FX as it is more often known, is an ecosystem created fully on and for the blockchain. Not only that but the platform is supposed to have a cross-chain design that is built on both pBFT and PoS. Some of you may be wondering what the term “cross-chain” actually means. If that’s the case, then let me explain.
As the name implies, cross-chain allows many chains to be a part of the same platform, and by merging numerous blockchain ecosystems, such as Ethereum and others, Function X is aimed to boost total liquidity as well as the value of virtual assets generated on the network.
Furthermore, Function X is known to share the same ambitions as Pundi X, which is to “allow crypto for the masses.” Whether it’s allowing enterprises and blockchain enthusiasts from all over the world to implement efficient ecosystems under Function X or allowing consumers to buy a bottle of water in the marketplace using cryptocurrencies, Function X is a game-changer.
Instead of creating an ecosystem that can compete with Ethereum, Function X is one such network that focuses on using its capabilities, such as linking to Ethereum smart contracts, offering asset aggregation contracts, and building interest in both or more chains all at once.
As previously said, FX Core is believed to give its customers an environment with lower costs and much larger earnings by using the popular Ethereum Network’s current infrastructure.
The platform’s mainnet was introduced a few months ago, allowing FX holders to connect their ERC-20 Function X tokens to the FX Core through the FX wallet.
As a consequence, FX will be easily usable on both FX core and Ethereum, and the currency will be the first virtual asset to be transferable between the two platforms. FX is an Ethereum currency that is believed to power Function X, which includes a cross-chain protocol, a core blockchain, and a platform for decentralized apps, as previously said (DApps).
Why choose Function X?
FX, the platform’s native utility token, may be used for a number of purposes on the platform. FX is used for a variety of purposes, including paying payments for services like data storage and smart contract development, staking on the network, and voting for network enhancements.
Besides serving as the governance token for the Function X project, users may also use the token to vote, produce synthetic assets, and utilize it as collateral, in addition to safeguarding the core network.
Finally, the previous stage of the mainnet launch was to run XPOS devices on the FX core, enabling the Function X mainnet a variety of real-world use cases. Pundi X is also reported to be leveraging the Function X network’s own chain to verify real-world transactions like payments for a bottle of water done using XPOS devices and more. XPOS, for example, will be able to offer financial services and tools across the Function X network.