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About Function X (FX)
Function X is a blockchain project designed to be a decentralized finance (DeFi) hub connecting traditional finance while also bridging various on-chain ecosystems.
"We are mirroring traditional financial products on the Function X network and creating decentralized financial products and a decentralized trading system," the network said on its website.
By integrating various ecosystems, including Ethereum's, Function X seeks to enhance the liquidity and value of original assets. "Rather than building an ecosystem that competes with Ethereum," the project says, "we aim to leverage on its strength such as providing asset aggregation contracts, connecting to Ethereum smart contracts and generating interest at the same time in both (and more) chains."
Function X is one of the first projects to integrate an EVM compatible chain on a chain based on the Cosmos network, The Blockchain Examiner said.
The four main participants in the FX ecosystem are as follows: consumer, infrastructure service providers, developers and financial services providers.
The ecosystem is fully decentralized. CoinGecko said FX was "designed and built to run autonomously in perpetuity without the reliance or supervision of any individual or organization."
The native FX coin supports this autonomous structure, serving as the underlying currency within the FX ecosystem.
To summarize, FX is a decentralized network and a set of decentralized networks forming an integrated solution to serve decentralized networks. It's been called a "decentralized communication architecture." It also incorporates decentralized governance protocols.
"We believe that decentralization must be absolute, unchanging and without the slightest centralization," the team said.
When was FX created and how much was it worth?
Function X's mainnet went live in July of 2021. Around that time, FX changed hands for about $0.30. It hit an all-time high of $2.20 at the end of August of 2021.
The FX token has been available in the Ethereum realm since 2019 and in Function X since 2021. They are fully interoperable. Users can transfer FX in and out of both blockchains while maintaining a fix total supply and liquidity.
Pundi X Labs created Function X. David Ben Kay, a former member of the Ethereum Foundation's governing board and general counsel at Microsoft China, serves as president of Function X; he also heads the Function X Foundation.
How is the price of FX determined?
It's deflationary. The maximum supply of FX coins is capped at about 1.8 billion. As demand grows, the asset could appreciate, considering limited supply.
Why does FX have value?
Function X is a decentralized finance blockchain project leveraging the Ethereum features to create a better foundation and service. Although it is based on the Ethereum blockchain, it is also compatible with other blockchains as well.
The FX ecosystem (consumers, infrastructure service providers, developers and financial service providers) are said to create a positive value flow. If the FX ecosystem grows, so too would the market for the native asset. The blockchain will generate a set amount of FX coin every second. It gets distributed among service providers.
Is FX secure?
Coin generation is based on proof-of-service (PoS), a consensus mechanism enhances the security of the network.
What are the main benefits of FX?
- It's a scalable, open, and decentralized ecosystem, enabling all to build entirely on and for the blockchain.
- Function X is one of the first projects to integrate an EVM compatible chain on a chain based on the Cosmos network, The Blockchain Examiner said.
- In one year since its mainnet launch, FX said it has garnered multi-public chain support from the following networks: Ethereum, Polygon, Binance Smart Chain, Avalanche and Tron.
- Function X is a next generation internet service framework.
What do critics say about FX?
WalletInvestor has a forecast for FX that has it staying essentially flat through the end of 2024.
How to buy Function X (FX)
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