Function X - The Decentralized Ecosystem

STARTER INFORMATION

With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.

While this revolution is gaining wide acceptance, Function X, a universal decentralized internet which is powered by blockchain technology and smart devices has arrived.

"Cryptocurrency is a type of digital currency that uses cryptography for security and anti-counterfeiting measures. Public and private keys are often used to transfer cryptocurrency between individuals.

As a counter-culture movement that is often connected to cypherpunks, cryptocurrency is essentially a fiat currency. This means users must reach a consensus about cryptocurrency's value and use it as an exchange medium. However, because it is not tied to a particular country, its value is not controlled by a central bank. With bitcoin, the leading functioning example of cryptocurrency, value is determined by market supply and demand, meaning that it behaves much like precious metals, like silver and gold.

Cryptocurrency transactions are anonymous, untraceable and have created a niche for illegal transactions, like drug trafficking. Because the currency has no central repository, law enforcement and payment processors have no jurisdiction over bitcoin accounts. For cryptocurrency supporters, this anonymity is a primary strength of this technology, despite the potential for illegal abuse, as it enables a shift in power from institutions to individuals."

With that being said, the vision "Function X" wants to achieve for f(x) is to create a fully autonomous and decentralized network that does not rely on any individual, organization or structure.

But before we go any further, please check out this video presentation to get even more acquainted

Now that I have your attention, let’s get right to it.

What exactly is Function X?

As depicted above and as indicated on the official whitepaper of Function X, Function X is a universal decentralized internet which is powered by blockchain technology and smart devices.

Function X, also known as f(x) is a worldwide Internet and smart gadgets platform that is based on the blockchain architecture, achieving complete decentralization. The team behind this incredible infrastructure set out to solve the problem of blockchain's absence in the mobile telephone world. The team believe strongly that they've landed the solution to this lacuna. The team was able to discover the usability and implementation of the blockchain tech in the mobile phone industry, data storing and transfer and several other sector. This shows that it is possible to have the blockchain been used in other areas outside the world of payments and transfers.

The architecture involves the users' smart devices serving as nodes of blockchain. The native devices for this arrangement are the XPhone and XPOS designed by the Pundi X team. There are also plans to integrate other devices from other manufactures.

Function X's ultimate aim is to build and sustain a network that has complete autonomy and decentralization, not relying on any other network or infrastructure.

Function X on The Internet Space

Bringing change to new tech, it is mandatory of emerging tech to bring to the table massive improvement that will in aspect out best the former, in terms of speed, accuracy, transparency, and consensus.

F(x) is entirely block operated platform from the source code, to every other detail with 5 core functionalities

Components of F(x)

Operating system

Decentralization

IPFS

FXTP

All which serve a single purpose of decentralizing all that pertains to mobile phone communication ( apps, services, data, website)

Function x is basically to incorporate decentralization into IoTs and hardware of mobile. This will first be achieved on F(x)phone. When other companies determine to adopt the same they would all have their mobiles in an ecosystem where each will be identified by a node and private key.

Functionalities

Function x design

The design is based on the fact that blockchain should deal with the growing market demands of a p2p network. It gets high throughput which are results of a combination of non-centralized hardware’s ( XPOs, phone). The Xphone will fully be integrated with the Xoswhich is the operating system and then finally added to the chain.

Operating fully on the blockchain and like a crypto ledger where transactions are recorded on blocks likewise, phone call records, websites, etc. are recorded on the block. However, only the owner of a key would have the right to determine how stored data would be processed ( shared, destroyed ).

The F(x) os

This is an Android-based system that is fully optimized making it possible for users to switch between either of the systems. In the blockchain modeL, every activity is fully private and in the other, it functions traditionally. Android Os is chosen because of its open and public nature allowing the engagement of third-party developers.

The f(x) hardware

It works on the ARM architecture making it compatible with smartphones, computers, and TVs.

F(x) FXTP

Defined as a standard that defines how network commune with each other and exchange data using IP layers for delivery. We are familiar today with the HTTP which serves as the control to how data are being sent and displayed over the internet. Just like HTTP, FXTP is the protocol of the decentralized network.

The FXTP is different in that data is being processed based on a consensus system rather than the traditional client-based system.

Taking a brief look at the HTTP we observe that it operates using a client-server process where for example, a browser might be the client and the host where the request is found serves as the server. In the FXTP, the node that initiates protocol is both the client and the server hence more security and the avoidance of a middle party.

F(x) IPFS

This is a system where data is stored in a distributed system. With this, data can be retrieved using hash it then searches the nodes and supplies the requested file. The file is stored on the IPFS network. IFPS is secure which allows faster data transfer.

The Function X Dapp

The functionX Dapp ensures clients privacy through its capacity to thoroughly encode exchange records, each time clients participate in a start to finish sort of correspondence, the data transmitted is normally verified on the functionX chain.

About XPhone

It is a blockchain smart device built by Function X with unique features that are unavailable in other smart devices, and it is decentralized and secured. This innovative product further spread the tentacles of the blockchain tech beyond the works of transfers and payments. The Xphone does not need any central network for control as it runs on its own.

A user can make a phone call or send a text to another user without the use of telephone numbers, through blockchain nodes. There is a guarantee of interrupted communication between users, and shared data easily accessed.

Another interesting feature of the XPhone is that users can enjoy its unique features alongside those of a regular Android phone.

About The Token

The f(x) Coin is the cryptocurrency of the Function X ecosystem. It is the utility token that is used for all transactions on the network. The coin can be used in making purchases in the app; payment for adverts, hosting fees; placing of phone calls via the blockchain, and several others.

Users of the platform, which include developers, service providers, manufacturers, consumers, firms and financial institutions will have to depend entirely on the f(x) Coin for virtually everything they do on the ecosystem.

Be a part of this incredible project. Download the whitepaper for the full scoop.

Till next time…

For more information, please visit:

Website: https://functionx.io/#/

Concept paper: https://functionx.io/assets/file/Function_X_Concept_Paper_v2.0.pdf

Twitter: https://twitter.com/functionx_io

Telegram: https://t.me/functionx

Facebook: https://www.facebook.com/FunctionX.io/

Medium: https://medium.com/functionx

YouTube: https://www.youtube.com/channel/UCmS83bWNR43jwEOC6EJaOyw

Wallet Download: https://xwallet.pundix.com/

Author: Cryptoholical

My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106

Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.