What Is Functionx ?
What Is Functionx ?

By imlarry | Cryptoinforman | 4 weeks ago

$0.11 tipped


Hello everyone, this new post that I want to introduce about this very interesting and good project is FUNCTION X , and for more details, let's go to the following discussion:

this article will explain in detail the structure of FX tokens, hold addresses, use funds, and unlock schedules to build the Function X ecosystem .

FX token structure and storage address

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Please note: 65% details for NPXS / NPXSXEM holders are:

  • 15% for holders to place their NPXS / NPXSXEM for FX tokens (Bets from 20 March 2019 to 19 March 2020);
  • 45% for holders to convert NPXS / NPXSXEM to FX tokens (Conversion from 16 April to 14 July 2019);
  • 5% for holders who will receive FX tokens through the completion of a promo / additional task.

This represents 20% of the total possible FX tokens. The remaining supplies will be distributed over the next 15 years as PoS (Proof of service). The maximum total supply of FX after 15 years is 1,893,022,622.31. This is a fixed supply that is similar to a fixed supply of 21 million Bitcoin.

The f (x) token is currently an ERC20 token and will be eligible to swap 1: 1 into the f (x) coin after mainnet f (x) is launched.

Addresses for allocation of FX tokens and use of funds

The allocation details for FX tokens generated from TGE were announced earlier in January and the address is listed below:

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The purpose of the Ecosystem Genesis Fund (EGF) is to motivate, encourage, and facilitate service providers to join and take root in the Function X ecosystem, and to attract early consumers to enrich and enlarge the Function X ecosystem. EGF will be used as a bootstrap mechanism to encourage adoption before jar incentive fully entered.

EGF is divided into 5 parts:

  1. Consumer (10%): To attract consumers and expand the customer base;
  2. Developer (20%): To encourage developers to make DApps on Function X blockchain;
  3. Infrastructure service providers (20%): To manage and transfer new providers to the Function X infrastructure;
  4. Financial service providers (20%): To create a trading platform for Function X Coins and increase liquidity;
  5. Emergency bridge reserve (30%): To facilitate stakeholders in Function X during extreme market conditions.

The unlock mechanism for companies and foundations is 13 months, which is longer than the public. 12% in the first month, 8% per month from the third month and kick schedule starts from 1 May 2019, 00:00:00 (GMT + 8)

May 1 2019, 00:00 (GMT + 8) - 12%
June 1 2019, 00:00 (GMT + 8) - 0%
July 1 2019, 00:00 (GMT + 8) - 8%
August 1, 2019, 00 : 00 (GMT + 8) - 8%
until
May 1 2020, 00:00 (GMT + 8) - 8%

FX Coin was created to empower the Function X ecosystem

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In the article "Function X ecosystem and tokenomics explained ", we have discussed the purpose of Function X ecosystem is to create a decentralized network that does not depend on individuals, organizations and structures. Function X will run autonomously. Function X Coin will be a lubricant and connector to facilitate the operation of the Function X ecosystem with various utilization scenarios. In this article, we will focus more on how service providers can be motivated and grow in the Function X ecosystem.

The mechanism behind the Function X coin making is the concept of Proof of Service (PoS). TGE has produced 20% of the total supply of Function X Coins. The remainder of Function X Coins will be generated through PoS and given to service providers for 15 years.

Service providers play an important role in developing the Function X ecosystem. Therefore, jars (a concept similar to mining) were formed to motivate and facilitate "miners" from other platforms to switch to the Function X ecosystem and become part of the Service X infrastructure service provider and encourage new service providers to take shape and offer their services to further develop the Function X ecosystem.

Earnings for service providers = Service fees (from payers) + Tips (from Funtion X network creation)

The idea is that Function X blockchain will produce a number of Function X Coins (reduced every year) per second to various service provider segments. In the first year, for example, the Function X blockchain will produce 3.5 Function X Coins per second and will be distributed among infrastructure service providers through the Proof of Service concept.

Each service provider such as an infrastructure service provider, developer, and financial service provider will receive a 'Certificate of Proof of Service' on the blockchain after providing services and redeeming Function X coins. The allocation of infrastructure service providers, developers, and financial service providers annually will be explained further in next part.

Following is the schedule for the release of Function X coins for the next 15 years.

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The Tipping Jar Release Mechanism and Allocation for Function X Coins

Over the next 15 years, this is how Function X coins will be "mined" and distributed to infrastructure service providers, developers, and financial service providers through the Proof of Service concept. Heavier weights are given to infrastructure service providers in the first few years (eg infrastructure service providers can "mine" for more Function X coins) because it is considered a formative year for the Function X ecosystem.

After the Function X ecosystem is fully formed, more applications (or DApps) will be provided by the developer. Therefore, as seen in the table below, the number of Function X coins available to be "mined" by developers gradually becomes more than those allocated to infrastructure service providers.

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Current Road Map

Q4 2018

  • Complete a working XPhone prototype and announce the Function X ecosystem.
  • Shows the world's first decentralized telephone calls, SMS and searches via Funtion X.
  • Demonstrates the first DApp to be hailed in the car world on Function X.

Q1 2019

  • Participate in CES and MWC - the two largest technology events in the world - and introduce the XPhone.
  • Completed the XPhone design and specifications, and announced a retail price of US $ 599.
  • Published the Function X concept paper.
  • Open Token FX bets by NPXS / NPXSXEM holders.

Q2 2019

  • Open FX Token conversion by NPXS / NPXSXEM holders.
  • Register FX tokens on public exchanges.

Q3 2019

  • Preparing Function X Foundation and committees.
  • Announce the DApp developer.
  • The X testnet function is open for the selected testers.
  • Publish partial code from Function X on Github.

Q4 2019

  • Announce the Function X service provider partnership.
  • Activate the Function X test node

The roadmap timeline can change based on the results of the Function X testnet.

Here is a review that I present to you all in finding information and knowing that the Function X project is currently being carried out by their team, if there are deficiencies in explaining this article, don't worry, I have prepared a link for you to be accurate. information and of course you will be able to talk directly with the founder or their team, at the link.

For more information and join Function X social media today, please follow the following sources:

WEBSITE: https://functionx.io
TWITTER: https://twitter.com/functionx_io
FACEBOOK: https://www.facebook.com/FunctionX.io/
TELEGRAM: https://t.me/functionx
CONCEPT PAPER functionx : https://functionx.io/assets/file/Function_X_Concept_Paper_v2.0.pdf
MEDIUM: https://medium.com/functionx
YOUTUBE: https://www.youtube.com/channel/UCmS83bWNR43jwEOC6EJayw

 

Author bybangdik123

Email Wallet : arifnewbie39@gmail.com

 

 


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