f(x) ecosystem and tokenomics explained
f(x) ecosystem aims to create a decentralized network that does not rely on any individual, organization and structure. It will run autonomously. Everything is decentralized.
To achieve this goal, the underlying ‘currency’ (f(x) Coin) within the network has to be decentralized in terms of the distribution, allocation, control, circulation and generation. f(x) Coin will be the lubricator and connector to facilitate the operation of f(x) ecosystem. It is also the native coin of the Function X blockchain and its ecosystem.
There are Infrastructure service provider (Infrastructure as a Service / IaaS), Developer (DApps) and Financial service provider (Financial as a Service / FaaS).
These three pillars shall generate the positive circulation, innovation and value flow to the f(x) ecosystem, contributing the seamless operation and service.
Utility of f(x) Coin
f(x) Coin is the native ‘currency’ of the Function X blockchain and ecosystem. Services rendered in the ecosystem will be transacted with the f(x) Coin. Possible scenarios include:
- For service providers: To get paid by developers, companies and consumers for providing storage nodes, DDocker and speeding up of network connections. The role of service providers will described in other sections.
- For consumers: To pay service fees for using DApps, nodes, network resources, storage solutions and other services within the f(x) ecosystem.
- For developers: To pay for services and resources rendered in the ecosystem such as smart contract creation, file storage (paid to IPFS service provider), code hosting (paid to DDocker service provider), advertisements (paid to other developers) and others. To get paid by the enterprises or organizations which require the developer’s service.
- For enterprises or organizations: To pay for service fees, developer fees and advertisements. Services provided to consumers will be charged and denominated in f(x) Coin.
- For phone and hardware manufacturers: To pay for the Function X Operating System customization. Note: we plan to only build a few thousands of the XPhone flagship handsets and leave the rest to third-party manufacturers to build more using our operating system.
- For financial institutions: to receive payment for financial services rendered for the ecosystem.
- Many more future scenarios.
Hence f(x) Coin can be used as ‘currency’ for the below services,
- In-app purchases
- Blockchain calls
- Smart contract creations
- Transaction fees
- Advertisements
- Hosting fees
- etc
We believe f(x) Coin utilization will be invariably higher than coins in traditional chains due to the breadth of the f(x) ecosystem. This includes storage services and network resources on f(x) which will utilize the f(x) Coin as the “fuel” for execution and validation of transactions.
Example 1: A developer develops a ride-hailing DApp called DUber.
DUber developer first uploads the image and data resources to IPFS (storage) and code to DDocker. The developer pays for decentralized code hosting that provides the DDocker services and decentralized file hosting that provides the IPFS services. Please note the hosting and code hosting service provider can be provided by a company or home user of smart nodes connected to the Function X ecosystem. A DUber user and pays developer.
Example 2: User Alice sends an imaginary token called ABCToken to Bob.
ABCToken is created using Function X smart contract. Smart nodes sitting at the home of Charlie helps confirm the transaction, Charlie is paid by Alice (or both Alice and Bob).
The value flow of f(x) ecosystem
The four participants in f(x) ecosystem will create a positive value flow.
Infrastructure service provider providing service, such as Blockchain, FXTP, DDocker and IPFS will be awarded in the form of f(x) Coin and they can liquidate it through the financial service provider to earn profit. Developer building application upon f(x) OS can earn f(x) Coin and at the same time they need to pay for the infrastructure service. Consumer enjoys the service and pay for the service in f(x) Coin
More service providers will enhance the quality of service and attract more consumers. More consumers will bring more value to the ecosystem by attracting more service providers, and creating f(x) Coin liquidity. Deep liquidity of f(x) Coin will attract more financial service providers to enhance the stability and quality of liquidity. Service providers will be interested in joining the ecosystem.
Total supply of f(x) Coin
TBA
Follow the Function X official channels
All Function X official news and information, including XPhone availability will be published and announced in the following channels. You can follow the official channels to get the latest news of the Function X project.
Website: https://www.functionx.io/
Medium: https://medium.com/functionx
Twitter: https://twitter.com/functionx_io
YouTube: www.youtube.com/channel/UCmS83bWNR43jwEOC6EJaOyw
Facebook: https://www.facebook.com/functionx.io
Kakao (Korean): https://open.kakao.com/o/gOHFae6
Telegram (Global / English): https://t.me/functionx
Telegram official regional channels:
Brazil: https://t.me/functionx_br
Chinese: https://t.me/functionx_zh
Japanese: https://t.me/functionx_jp
Korean: https://t.me/functionx_kr
Netherlands: https://t.me/functionx_nl
Russian: https://t.me/functionx_ru
Singapore: https://t.me/functionx_sg
Spanish: https://t.me/functionx_es
