Function X, a blockchain ecosystem empowering Pundi X’s Android-based yet blockchain compatible XPhone, has been listed on digital asset trading platform Bittrex International, according to a press statement.
XPhone offers blockchain mode — based on XPOS — which runs aside the default Android operating system it ships with. Function X is the blockchain ecosystem behind the newly-developed XPhone. The manufacturer tags it as a next-generation internet service framework that builds on the existing internet and blockchain architecture using the most commonly-used technical solutions.
As opposed to “traditional phones” that require a centralised mobile carrier, XPhone runs independently without the need for such, Pundi X writes in a blog post published on their official Medium page in October 2018.
“We have developed our own chain which we believe will answer many of the challenges facing the many blockchain platforms today by increasing its scale, ability to publish DApps and achieve true decentralisation. It will also revolutionise the way we transmit data of all kinds: giving rise to a truly decentralised internet,” the blog post says.
FX 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 FX, according to the plans of developers. This includes storage services and network resources on Function X which will utilise FX as the “fuel” for execution and validation of transactions, the press statement explains the underlying operations of the ecosystem.
The trading platform operates within the regulatory framework established by the European Union and Maltese government, including the Malta Virtual Financial Assets Act. The company announced the intention to apply to the Malta Financial Services Authority to become a regulated Virtual Financial Asset exchange.
In the future, Function X is scheduled to take over the role of Pundi X as a leading developer of blockchain-powered devices.