Function X: An Overview of A Next-Generation Blockchain

In the Beginning…

The invention of Bitcoin in 2008 by Satoshi Nakamoto was the first major successful application of blockchain technology to the solution of human needs. Bitcoin in itself, was conceived as a digital currency, using blockchain to record transactions and facilitate payments, purely as a financial tool and hardly anything else. Similarly, many of the other cryptocurrencies that were invented after Bitcoin such as Ethereum, Litecoin, Stellar Lumens, Ripple’s XRP, Dash, Monero etc were implemented on blockchain that was focused on the financial market as the main use-case(principally as a means to store and exchange value).

Evolution...
As blockchain technology evolved and more research went into exploring its application to the non-financial services sector, a number of blockchain platforms were developed by different individuals and organisations with support for the development of Decentralized Applications (Dapps) to service other sectors. In this class were Tron, IOST, NEO etc. This opened up the space for blockchain to find application in entertainment, healthcare, education, database management etc. But for the field of mobile telephony there has not been a blockchain solution that fully harnesses the benefits of decentralization, that is at the heart of blockchain, for the mobile telephone end-user, until the advent of Function X.

What is Function X?

Function X, also represented as F(x), is a revolutionary fully decentralized blockchain platform developed by one of the world’s most innovative and forward-thinking tech companies, Pundi X. It is a decentralized replacement technological solution designed to provide at least tenfold improvements over existing technologies in the key indices of speed, transparency, and scalability.

The Function X concept is made up of five (5) key components: Function X Distributed Ledger (Blockchain), Function X Interplanetary File System (IPFS), Function X Operating System (Fx OS), Function X Transfer Protocol (FXTP), and Function X Decentralized Docker. These components are briefly described as follows,

Function X Distributed Ledger: This is the blockchain that verifies and stores all transactions that flow through the F(x) system. It employs the Practical Byzantine Fault Tolerance (BTFT) consensus.

F(x) IPFS: The decentralized protocol that defines how data is stored and accessed in the F(x) distributed system.

F(x) OS: The ideology behind the creation of the Function X OS is to enable smart devices, including Smartphones and IOTs, plug into blockchain and harness the functionalities and utility of decentralization.

F(x) FXTP: It is the decentralized transmission protocol that governs the transmission of information over the network.

F(x) Docker: Provides the environment or platform for developers to build and deploy decentralized applications (Dapps).

Further details about these core concepts can be found in the Function X Concept paper here.

Secure Mobile Communication Between End-users Across A Decentralized Blockchain Now Possible.
While a number of tech companies have ventured into developing smartphones that support blockchain technology, especially by integrating cold storage wallets, peer-to-peer resource sharing, encryption etc, the very first practical example of a mobile phone call between two nodes in a blockchain was demonstrated by Pundi X using the Function X mobile phone, the Xphone. The innovative Xphone is a leader in the fleet of blockchain phones as it possesses features never before seen elsewhere, and it gives a sneak peek into the immense utility of Function X.

Economics of the Function X Ecosystem
All services, use-cases, and transactions within the Function X blockchain are powered by its native cryptocurrency, the f(x) coin. The f(x) coin will provide utility for all categories of users of the ecosystem such as service providers, service consumers, developers, third-party manufacturers of hardware that will run on the Function X OS etc.

The f(x) coin is listed and actively being traded on one of the world’s top exchanges, the KuCoin Exchange. Additional information about the uses of the f(x) coin and its distribution model can be found here.

The future is indeed looking very bright for Pundi X as it, through its fully decentralized Function X blockchain, keeps faith with its philosophy of improving people’s lives using blockchain technology.