Function X was designed as a scalable, open, and decentralized ecosystem powered by blockchain technology. Its mission is to bridge traditional and decentralized markets. By mirroring traditional financial products on the Function X network it makes the network more familiar to investors. Function X acknowledges the limitation of current blockchain systems and attempts to eliminate the problems of scalability and inflation to make the system more attractive to its users. The developers of the project aim to increase the liquidity and value of the underlying assets on the Function X platform by integrating different ecosystems, such as Ethereum.
The network is developed and supported by developers from all over the world. It was officially launched in Q4 2018 when the XPhone prototype was completed and the Function X ecosystem was announced.
Function X integrates various ecosystems (such as Ethereum) and leverages their strengths. For example, it provides asset aggregation contracts connected to different smart contracts. Besides, Function X comes with multi-chain and cross-chain capabilities. It deploys different frameworks to meet various needs of developers and expand the Transaction Per Second capacity of the whole network.
Function X relies on a Scrypt Algorithm and cross-chain communication system. To facilitate transfers between blockchains the Function X Network uses Function X Core, a public Proof of Stake chain. When a blockchain connects to the Core via inter-blockchain communication (IBC), it automatically gets access to all other blockchains connected to the Core.
Function X Core is built on Tendermint, which relies on a set of validators. In total, Function X plans to onboard 100 validators, which will be incorporated into the system gradually. Each of them participates in the consensus protocol by broadcasting votes which contain cryptographic signatures signed by each validator's private key. All validators are ranked according to the number of staked FX coins. Through the execution of the Tendermint protocol validators and their delegators receive rewards and transaction fees. Validators are also responsible for ensuring sufficient capacity and security in a restricted system.
To test the validator setup before launch, Function X has created a Testnet. Validators have to be able to constantly run a correct version of the software, actively participate in governance, and vote on any proposal. In addition, Function X gives developers the opportunity to create their own subnets with their own consensus, governance, tokens, etc. FX tokens are required to collateralize the creation of these synthetics.
Also, Function X has incorporated the Crypto Bank service aiming to provide its users with decentralized banking services. With its help, it’s possible to buy cryptocurrencies, earn interests, drake FX to get rewards and perform other DeFi activities. Crypto Bank is powered by Ramp Network, a financial services company operating across more than 170 countries.
Function X Coin (FX)
FX is the governance token powering the Function X platform. It can be used for voting, delegating, securing the core network, etc. Delegation of FX means delegating the voting power derived from the token to the dedicated validator node in the f(x)Core in order to participate in the process of block validation. This helps to ensure the security of the network through block validation.
In 2019 the token became available on Ethereum. In 2021, the project launched the token on its own blockchain. FX can be transferred in and out of the blockchains while maintaining a fixed total supply and liquidity. FX is available for purchase on various exchanges such as KuCoin, Coinbase, and Gate.io.
Function X DEX
Users can trade on the Function X DEX network using bridged Stablecoins connected to the f(x)Bridge cross-chain module. The process is transparent and decentralized. In addition, the system applies the perpetual contact method to the trading exchange. It means that the price of an asset is used at three different points in time: in its beginning, in the middle, and at the end. In this way, the transaction processing fee is automatically regulated and the trading price matches the market price. The f(x) Wallet can also be used as a trading tool. Investors can use stablecoins based on Ethereum to create the equivalent of USD in the Function X network.
In addition, Function X enables users to deposit assets in a special f(x) collateral smart contract. It automatically directs the deposited assets to the appropriate protocol for interest and pledges them to f(x)USD for trading on the new platform.
Function X Wallet
Function X Wallet was designed as a decentralized, non-custodial, private key-supported tool for ERC-20 and Function X tokens. Both of these tokens can take part in cross-chain transactions. DeFi protocols and dApps in general help users to manage, stake, swap or save their digital assets.
Function X Team
Davin Ben Kay is the President of the project. He has a legal background having worked as a lawyer in leading international technology companies and blockchain startups for more than a decade. He started at an international law company Dentons. In 2003, he joined Microsoft China as a general counsel and in 2018 he was invited to Pundi X as a chief legal counsel. In 2019, he became the President of Function X, which was initiated by Pundi X.
Yoshiyuki Yamamoto is a council member of the Function X Foundation. He joined the team in 2019. Before that, Yamamoto had held several positions in the United Nations, such as a special adviser on the UN's engagement with blockchain technology. Also, he worked at the United Nations Office for Project Services (UNOPS), where he sought opportunities to bring technology into the accounting side of UN processes. At the time of writing, he is also an adviser in the Social Alpha Foundation.
Yos Adiguna Ginting is the Council Member in the Function X project. He got his PhD in Computation and Theoretical Chemistry. Ginting started his career as a manager for strategic alliances at PT Indah Kiat Pulp and Paper and later became vice president for trade alliances in Singapore. He also takes the position of the Chairman Permanent Committee on International Trade of the Indonesia Chamber of Commerce and Industry.