But first of all: a BIG thumbs up for both gentlemen. They did a fantastic job in answering all these questions. Below the 11 questions they answered, but bare in mind… They received a lot, and I mean a lot more questions!!!
1) What is Function X in simple words?
INDRA: It is a good question from QIC team, let me explain in a simple term:
Developed by Pundi X team, Function X is a network of independent heterogeneous blockchains that are interoperable with each other. FX Core is the first public blockchain from the Function X network.
Blockchains in the network are connected to the Core. FX Core can be regarded as the light client of these blockchains. Tokens can be transferred between blockchains via the Core. For example, now FX Coin can be cross-chain transferred between Ethereum and Function X network without wrapping. This will increase the utilities for the digital assets developed on Function X.
I hope it helps to explain in a short and simple term
2) What are the key milestones on your roadmap-both things you have already achieved and things that we can look forward to?Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?
ANDREAS: Good question from @Meiimmy1. Function X roadmap is broken down into three categories (a) Payment (b) Blockchain and (c) De-Fi. Allow me to expand this further.
After months of continuous work and testing, we have met our key milestones to release Function X mainnet together with our decentralized f(x)Wallet app with functionalities such as cross chain transactions (from ETH network to Function X network and vice versa), swapping between ERC20 tokens, staking, fiat-on ramp support delegation of FX coins to validators to secure the network and earn block rewards. In less than 20 days, there were over 50,000 transactions and 1,500 addresses created.
We are currently working on several milestones. Some of them include porting our existing products (e.g XPOS point of sale device) to the Function X ecosystem. With this way, XPOS will become decentralized. Also, we will develop Pundi X chain using Function X infrastructure to make the retail onchain transaction faster and cheaper. Moreover we are working on developing Function X Synthetic Asset Platform and Function X DEX. Both Synthetic Asset Platform and DEX are under testing internally. Briefly, the synthetic platform is a protocol for the issuance of synthetic assets that enable users to earn rewards by providing collateral. Users will be able to provide PUNDIX, FX, DAI, USDC and USDT as collateral for FxUSD.The DEX will serve as the marketplace for users to trade their FxUSD for synthetic assets and support decentralized governance for FX Core, as well as for chains within the Function X Network.
You can keep up to date with our releases on our social media channels. You find our channels at the end of our website www.functionx.io. Feel free to follow us and join our journey!
3) Good projects always has experienced team…Where is the team originally formed and do you have global team with experienced background or not?
INDRA: Function X Foundation is a nonprofit, independent organization that supports the growth of the Function X Ecosystem, a next-generation internet service framework, built entirely on and for the blockchain. Our technology is developed by Pundi X Labs team who has the bold experiences in blockchain and payment technology. There are important people behind Function X, such as David Ben Kay (our President, He is also currently serving as the Chief Legal Counsel for Pundi X. Previously, he was Ethereum Foundation’s governing board member, General Counsel of Microsoft China, and Managing Partner of Denton Hall. David received his JD from UCLA).
Other than David Ben Kay, there are also important people, such as Yos Adiguna Ginting (our Council Member, he is currently the Chair of the Board of Supervisors at Asosiasi Blockchain Indonesia, the country’s official organization of blockchain-powered companies. He also chairs the Board of Directors at the Indonesia Services Dialogue Council as well as the University Council of Sampoerna University) and Yoshiyuki Yamamoto (our Council Member, He brings a wealth of expertise and experience in the realms of blockchain that he gained during his career in the United Nations System, and works towards bringing solutions that would make substantial improvements to the society).
Hope it helps to answer the curiousity regarding to the team behind of Function X
4) Who are the Function X ecosystem stakeholders and what mechanism has Function X put in place to help ensure that all these stakeholders participating in the protocol jointly maintain the normal operation of the protocol? What are the steps to become a part of your community, and start getting revenues? Where do we buy, where do we sign up? This looks like an amazing project! Many new projects are risky and subject to smart contracts bugs and vulnerability . Can you assure us What steps has been taken for safety of your platform and have you done any Audit?
ANDREAS: This is an interesting question!
You can find more information regarding the project on our website, https://functionx.io/ and download our f(x)Wallet app to create your wallet and start your adventure on our Mainnet!
To explain, the underlying consensus model of Function X is Proof of Stake. Which means that every block’s information has to be individually verified by two-thirds of the validators. Validators verify the authenticity by voting to approve the block. If a malicious actor takes over 33.3% of the network, there will be potential harm to the network.
What we essentially want all the community members and token holders to do is to own a part of the network so as to protect the network. With at least 20% of the current token supply staked, we have quite largely secured the security of the network.
Basically, the approach of Function X is to allow users not only to stake but also be able to participate in running a node with a few taps (easy 3 steps actually!). This is quite different from other blockchains in which substantial knowledge is required to run a node.
Hope this answers your questions
5) What are the plans to add more Functionality to the wallet? How will F(X) will be the perfect wallet for Defi users?
INDRA: This is a good question, finally someone asked about f(x) Wallet!
as you all know, the first stage of Function X (the mainnet) just launched this month, and it opens many possibilites and opportunity to improve f(x) wallet as well. First thing that we gonna add very soon is integration to other blockchain (i.e Binance smart chain)
For the feature of the wallet itself, currently the wallet is integrated to defi product, as you can see in Deposit menu on Cryptobnk page.
There is also “Buy with bank card” feature and we integrated to third party to enable that.
Our target is to enable f(x) Wallet as one-stop solution, so users can access to many defi products and connected to many chains in 1 app.
Hope it answered your question.
6) Explain a bit more how Function X token will work in the ecosystem
ANDREAS: Hey good that you asked. FX is the native coin of Function X ecosystem. It basically powers up the whole blockchain. For example, when you make a transaction on Function X blockchain, users pay FX to cover the transaction gas fees.
But not only this!
FX is also used to secured Function X blockchain by delegating them (bonding them) to validators and you earn block rewards for doing so. The more FX that are staked, the more secured the network is. In the future, FX will also be used for voting on different proposals.
Hopefully this answer your question.
7) What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?
INDRA: strongest advantage? this will be long
As a company, we (Pundi X team) have developed the world’s first point of sale device called XPOS and currently more than 1500 brands in more than 30 markets around the world are now using the XPOS devices. XPOS module has been successfully integrated into leading Android-based POS terminal providers. We have also received the awards: KPMG top 50 innovative fintech startups in 2019, “Cool Vendors in Blockchain Technology” Gartner’s report, CES 2020 Innovation Awards.
Our blockchain’s aim is to leverage its strengths, for example, by providing asset aggregation contracts, connecting to other Blockchain smart contracts if required, and generating interest at the same time in both (and more) chains. Moreover, it is the blockchain that is designed for the real-world use case, Pundi X, to have speedy and cheaper on-chain transactions via its point-of-sale solution.
We have a strong legal team and we are always following and complying with the law and regulations. Our strong developer team has designed and developed our system in a way that can adapt to any future changes that might be required.
And one interesting point that i can share here tonight
Moreover, we are preparing a program to engage the marketing efforts with the community making it more powerful. This program we will call it “Decentralized Marketing”. In this program, there will be a token reward chosen quarterly to the best few marketing aka evangelism efforts, those who are creating materials for Function X while being creative (using designs, youtube videos, promotional efforts etc). You can keep an eye on our FX Forum, since we will keep sharing more details there: http://forum.functionx.io/
8) When will the functionx.io FxCore be available for a defi coin that aggregates the APY from numerous other Blockchains for its value. Can it be produced using the functionx.io ecosystem? Paul Betournay has asked.
ANDREAS: Good question from Paul, I will explain.
We are working on improving and adding more use cases for Function X. Currently, we are on Stage One which is the mainnet launch.
The second stage is to make XPOS and other financial transactions integrated on Function X. The focus of the second stage is to create a custom chain on XPOS. Temporarily, we call this project XPOS-Chain.
The ideal situation is, for example a financial institution that has built a custom chain on Function X can hop on to the XPOS-Chain through FXCore.
This is very exciting as we plan to use the XPOS-Chain to power a lot of financial tools and services by utilizing the Function X network!!
Tho, we can also say that another exciting part is the third stage where we have chosen to divide into the synthetic and derivative assets.
In this third stage, we will launch the Function X Synthetic Asset Platform and Function X DEX.
Of course more projects will be added later so please stay tuned on the announcement channels for updates (all of our media channels can be found at the end of our website www.functionx.io). Feel free to follow us!
9) Is it planned 2020–2025 plan to perform the swap from ETH blockchain to FX Blockchain before the running start of FX Mainnet?
INDRA: Thanks for this question. FYI, FX Mainnet has been launched early this month.
We would like to leverage the existing infrastructure on Ethereum and at the same time provide an environment with higher speed and cheaper fees on FX Core. Your FX tokens will be transferable in and out between FX Core and Ethereum.
Users will be able to bridge their Function X tokens in ERC-20 to Function X blockchain through f(X)Wallet, which means the FX tokens will be able to be liquid on both Ethereum and FX Core.
This will not affect the token supply and can be done easily via f(x)Wallet and our website.
10) How will be the process of new token listing? What are the requirement for token to be listed?
INDRA: Let me take this one. since i am the one who in charge of listing.
currently, erc20 token (and bitcoin) are listed in our f(x) wallet app. and there will be an update on our next version, where users can add custom token, so they can easily add the token that are not listed yet
For other chains. we are looking for it right now, the next one that we will add is Binance smart chain. We will announce the others when its confirmed.Please stay tune to our social media, medium , and forum. For forum, the link is forum.functionx.io. It is new, but many great discussions are in the forum. Please check Thanks for the question
11) How important is the community to you? and How can we collaborate or help you for the development of the project??
ANDREAS: Glad you asked. Community is very important to us. We are always open to suggestions from our community and we truly like to hear their feedback and understand their needs. We have actually created a suggestion tab on the forum here that we check daily: Suggestions - Function X Forum
Also, we have seen that our community is very creative. Creating nice content - designs as well as youtube videos and we really appreciate such actions. Therefore, we are in process of creating a program calling it Decentralized Marketing where the community can engage in creating more content and get rewarded! Conversation about this starts here: Community marketing efforts - #36 by zaccheah
We will have more news to share about this one within 2 weeks. Stay tuned!