Role of F (x) Coin Pundi X in the Function X Blockchain Project

F (x) Coin Pundi X caused everyone to be in an uproar. Nearing the end of the year, Pundi X explained about the F (x) Coin in the Medium post about the Function X or F (x) ecosystem. The f (x) ecosystem aims to create a decentralized network that does not depend on any individual, organization and structure. It will run independently. Everything is decentralized.
To achieve this goal, the ‘currency’ F (x) coin underlying the network must be decentralized in terms of distribution, allocation, control, circulation, and generation. F (x) Coin will be a lubricant and connector to facilitate the operation of the f (x) ecosystem. This is also the original coin from the Function X blockchain and its ecosystem.
The total supply of F (x) Coins is 3,786,045,245. This is the maximum token supply that may be reduced by compulsory incorporation of NPXS and NPXSXEM into the F (x) Coin supply. If more than 75% of NPXS and NPXSXEM holders choose to swap with F (x) Coins, the team will make a compulsory merger between NPXS and NPXSXEM into the F (x) Coin inventory. The maximum total supply of F (x) is 4,732,556,556
Receiving this explanation instantly the attention of the Pundi X community was directed to the F (x) coin. Many members of the Pundi X community disagree with the existence of F (x) coins. Not a few who feel cheated and lost confidence in the Pundi X team.
In this section, we will explore the utility of the f(x) Coin. f(x) Coin is the native ‘currency’ of the Function X blockchain and ecosystem. All services rendered in the ecosystem will be processed, transacted with, or “fueled” by the f(x) Coin.
The atmosphere was heating up due to F (x) coins which became the original F (x) blockchain. NPXS and NPXSXEM token holders question the position of the two tokens in the F (x) ecosystem. What’s more licensed, token holders, NPXS, and NPXSXEM, already have the approval of the Pundi X team to develop the technology. They invest in the hope that the tokens they want will be the main movers in the F (x) ecosystem. Representing feelings of surprise to disappointment seems to be a normal response to an announcement about the F (x) of the coin.
Seeing the many negative responses given by the Pundi X community, Zach Cheah also gave his response to this. Zach expressed his apology for the uproar that had occurred, even more so for the decision that seemed hasty without paying attention to the feelings of the community.
“I’d like to apologise for the chaos that we have created. We have not been thoughtful and thorough to consider the feelings of the community, especially when we prided ourselves as a community driven project” — Zach Cheah.
The Pundi X and F (x) parties also held two votes on the Function X telegram channel to determine whether to continue the ICO process for the development of Function X. And whether the initial F (x) Coin exchange program was continued with a comparison of 1 F (X) Coin: 200 NPXS / NPXSXEM.

Note: The breakdown of the 65% for NPXS / NPXSXEM holders is:
15% for holders to stake their NPXS / NPXSXEM for FX tokens (Staking from March 20, 2019 to March 19, 2020);
45% for holders to convert their NPXS / NPXSXEM to FX tokens (Conversion from April 16 to July 14, 2019);
5% for holders who will receive FX tokens through completion of promo / extra tasks.
This represents 20% of the total possible FX tokens. The remaining supply will be distributed over the next 15 years as a PoS (Proof of service). The total FX maximum supply after 15 year is at 1,893,022,622.31. It’s the fixed supply which is similar to the fixed supply of 21 million Bitcoin.
The f(x) Token is currently an ERC20 token and will be eligible for a 1:1 swap into the f(x) Coin after the f(x) mainnet is launched.
Hence f(x) Coin can be used as ‘currency’ for the below services,
● In-app purchases
● Blockchain calls
● Smart contract creations
● Transaction fees
● Advertisements
● Hosting fees
● Borderless/cross-border transactions
I believe f(x) Coin utilization will be invariably higher than other coins in traditional chains due to the breadth of the f(x) ecosystem. This includes storage services and network resources on f(x) that will utilize the f(x) Coin as “fuel” for execution and validation of transactions.
Example 1: A developer creates a ride-hailing DApp called DUber. DUber developer first uploads the image and data to IPFS (storage) and code to DDocker, respectively. The developer then pays for a decentralized code hosting service provided by the DDocker, and a decentralized file hosting service provided by the IPFS. Please note the storage hosting and code hosting services can be provided by a company, or by a savvy home user with smart nodes connected to the Function X ecosystem. Subsequently, a DUber user pays the developer.
Example 2: User Alice sends an imaginary token called ABCToken to Bob. ABCToken is created using Function X smart contract. Smart nodes hosted at the home of Charlie help confirms the transaction, Charlie is paid by Alice (or both Alice and Bob).
Blockchain has integrated almost everything, such as storage, scripts, nodes and communication. This requires a large amount of bandwidth and computation resources which affects the transaction speed and concurrency metric. In order to do achieve the goal of being scalable with high transaction speed, the f(x) blockchain has shifted out all the ‘bulky’ and ‘heavy duty’ functions onto other service providers, such as IPFS, FXTP, etc. I leave alone what blockchain technology does best: Calibration. Thus, the role of the Tipping Jar is to distribute the appropriate tokens to all participants.

I believe great blockchain projects attempt to equitably balance the interests of different segments of the community. We hope to motivate and incentivize token holders by allocating a total of 65% of tokens from the Token Generation Event (TGE). Another 20% is allocated to the Ecosystem Genesis Fund for developer partnerships, exchanges and other such related purposes. The remaining 15% will go to engineering, product development and marketing. There will be no public or private sales for f(x) tokens. NPXS / NPXSXEM is used to make crypto payments as easy as buying bottled water, while f(x) is used for the operation of a decentralized ecosystem and blockchain, consisting of DApps and other services. NPXS / NPXSXEM will continue to have the same functionality and purpose after the migration to the Function X blockchain in the future. Therefore, each token will be expected to assume different fundamental roles and grant different rights to the holders.

65% of allocation for NPXS / NPXSXEM holders is broken down into the following: 15% is used for staking (see below) 45% is used for converion to f(x) tokens. (see below) 5% is used for extra bonus tasks over 12 months (allocation TB).



Remarks All NPXS / NPXSXEM tokens that are converted will be removed from the total supply of NPXS / NPXSXEM; Pundi X will not convert company’s NPXS for f(x) Tokens. This allocation is designed for NPXS/NPXSXEM long term holders. NPXS / NPXSXEM tokens that are converted will also be entitled to the 15% f(x) Token distribution right after the conversion.
For more information
Website: https://functionx.io/
Whitepaper:https://functionx.io/assets/file/Function_X_Concept_Paper_v2.0.pdf
Bounty Thread: https://bitcointalk.org/index.php?topic=5131069.0
Social media
Facebook: https://www.facebook.com/FunctionX.io/
Twitter: https://twitter.com/functionx_io
Medium: https://medium.com/functionx
Telegram: https://t.me/functionx
Youtube:https://www.youtube.com/channel/UCmS83bWNR43jwEOC6EJaOyw
Author: Rikkardcrypto
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2577013