Introduction
It is common within the blockchain space for projects to be developed with very little use cases. Such practices serve to increase the distrust of individuals and mainstream companies in such projects and in new projects within the blockchain space.
Function X — a real gem!
In my previous article, I covered the basics of the Function X project. However, as an investor one can not help but ask, ‘How practical is it and what are the potential use cases?’
An ecosystem for Decentralized Applications
The f(x) ecosystem has been developed with the interest of the developer and the user in mind. To facilitate the easy development of dApps, function X has as part of its core features the Function X decentralized Docker f(X)DDocker. The f(x)DDocker creates a developer-friendly environment.
Using the f(x)DDocker developers will be able to store, deploy and run their codes regardless of their geographical location while leveraging the decentralized nature of the blockchain and its security. This creation of a developer-friendly environment will help increase the development of decentralized applications, boosting the dApps ecosystem on a dApp-friendly blockchain architecture.
Decentralized file storage
Most traditional file storage platforms offer file storage services on centralized servers. This makes for a single point of failure and in the eventuality of a security breach, user data could either be compromised, corrupted or lost.
Utilizing the decentralized nature of the f(x) ecosystem, however, users can rent out their available memory storage for financial remuneration on the platform, creating an alternative source of income.
Mobile data service and currency- Goodbye traditional network service providers
Blockchain-based calls allow for calls to be made without the need for traditional network service providers. This significantly reduces the cost on the part of the user while offering the benefits of added security and ensured privacy as a result of decentralization.
Free naming
Utilizing the Node Name Service (NNS)of the f(x) ecosystem, users can easily create their unique identity on the blockchain by registering their names. This makes it easy to access and interact with users based on their digitally created identity.
The native cryptocurrency of the f(x) ecosystem
Function X has been developed as an autonomous and decentralized ecosystem functioning independently of any form of supervision by any entity much like the first decentralized cryptocurrency — Bitcoin. The team only performs basic roles to ensure that the community is not infiltrated by individuals with malicious intent with their role becoming obsolete with progressive adoption. All transactions within the ecosystem will be transacted with or facilitated by the f(x) coin.
The f(x) coin is a utility coin which employs a unique proof of service(PoS) concept in generating new coins. PoS involves rewarding service providers within the f(x) ecosystem for their activities. These service providers(FXTP, IPFS, Developers, Nodes, DDockers, Financial service providers)—much like miners in PoW — constitute an integral part of the f(x) ecosystem and are incentivized by the Tipping Jar based on their participation in network activities.
Token Distribution
At the token generation event (TGE) 378,604,524 f(x) coins were issued with a sizeable percentage (65%) being dedicated to incentivizing token holders. This is to create a community committed to the sustained growth of the f(x) ecosystem.
The Function X Ecosystem Genesis Fund(EGF) which has been developed for funding partnerships, exchanges and attracting consumers for the development of a healthy f(x) ecosystem. One fifth (20%) of the TGE tokens was set aside for funding the EGF. The remaining 15% was set aside for Engineering and product promotion.
More details on the EGF and token distribution can be found in the concept paper.
Crowdfunding not necessary!
It is important to note that no private or public sale of f(x) coins to raise funds was ever conducted. The Function X project was bootstrapped by Pundi X.
Pundi X is a blockchain-based platform which provides a viable solution to the challenges associated with the spending of cryptocurrencies. It has developed an open platform which enables developers and businesses increase liquidity and usability for their tokens by listing it on the Pundi X payment ecosystem — ranging from the Xwallet for secure digital assets storage to the X PoS(Pundi X issued PoS terminals) and the XPass (Pundi X issued cards). These channels make cryptocurrency more spendable and help with onboarding more individual onto the blockchain space.
A legal entity in Malta, Function X paves the way for the future of blockchain technology in mobile telecommunications. Function X has opted to chart its course by choosing the path less chosen — the NO CROWDSALE route in the cryptocurrency space where most projects raise funds from the public with the promise of development even without a prototype or some working product.
Why not find out more about f(x)’s recent development and community updates by joining the online community on Telegram, Twitter, Medium, and Facebook or by reading the Function X concept paper.
This article was written by the Bitcointalk account user KRB91 with 93.3% uniqueness!
