Function X: All you need to know

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Ethereum is the queen of the market of cryptocurrencies and direct competition with the queen is not an ideal place new altcoins would want to be. Some cryptocurrencies have taken up a unique position of working in tandem with Ethereum. Function X is a project focused on increasing cross-chain interoperability – a widespread problem in the cryptocurrency realm. Moreover, it works in collaboration with Ethereum’s blockchain, benefitting from the perks that the queen of the market has to offer. In this guide, we will delve deeper into Function X and how it works. 

What is Function X? 

Function X is a project of Pundi X Labs – the developers of Pundi X. It has a similar objective to that of Pundi X which is to increase the adoption of cryptocurrencies by making them much more accessible to the general masses. The FX token had been launched on Ethereum’s blockchain in 2019 while the Function X blockchain has been under works ever since. The testnet 1.0, 2.0, and 3.0 had been a success with positive feedback from the community. The mainnet was launched in July 2021 after three years of development. 

Function X is a cross-chain architecture employing the Byzantine Fault Tolerance as well as the Proof-of-Stake consensus protocol. The platform is designed to integrate various other blockchains – like Ethereum – into its network to leverage the benefits they have to offer and increase liquidity on the blockchain. 

The Function X blockchain offers smart contract aggregation which allows it to connect to Ethereum’s smart contracts. Moreover, it also enables users to generate interests through more than one blockchain simultaneously. Although it bears similarities to Ethereum, Function X provides higher speed and cheaper fees than the queen of the market. 

FX future outlook

The launch of the mainnet is not the final step in the journey of Function X. The development team has various other developments planned for the network which will give the platform a number of real-world use cases. The team is working three separate domains as of now – Payments, blockchain and DeFi. Some of the upcoming developments are boosting the blockchain, enabling faster and secure transactions and launching DEX and Synthetic Assets. 

The FX token began an upward rally after the mainnet was launched in July. The cryptocurrency surged and established a new all-time high at $2.29. The price has tumbled downwards ever since and has been volatile. At the time of writing, the token stands at a price level of $0.72. While Function X’s token is on a downward trend currently the future outlook does not look bleak because of the upcoming developments. 

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