We’ve been working on a dedicated chain for XPOS. All transactions to and fro XPOS will be on this chain. This creates a low fee, high speed environment. Right now XPOS is already low fees and high speed but centralized, which means ultimately we control your funds. We want to change that.
With this new chain, we can leverage on Function X technologies. It is also a showcase that we “eat our own dog food”. This chain connects to f(x)Core. Many more chains will connect to f(x)Core and it starts with this.
We have a few question that we’d like you to help decide.
Question 1: Naming of Chain
We are swinging between naming it 1)XPOS, 2)f(x)Pay, 3)pay 4)others.
XPOS is relatable but confusing. Problem: “Are you referring to XPOS the payments terminal, or XPOS the chain” ?
f(x)Pay. Definition-wise f(x)Pay is the best because it explains that it is a chain built using Function X and it powers all things payment. It also keeps naming convention: eg:f(x)Core, f(x)Pay. It can also be xPay.
Pay. is a more generic version of FxPay.
Others. Please propose.
Question 2: Mint more tokens in block?
Like f(x)Core and other Proof-of-Stake, every new block is capable of minting new tokens. Obviously we will NOT want to dilute $PUNDIX tokens even though $PUNDIX is the native token for this chain, hence there are three possibilities 1) to NOT mint any new tokens 2) mint a reward token 3) mint $pundix
Not Mint. This will prevent dilution but reduces the incentive for $PUNDIX owners to hold and stake. $FX holders already have incentive to hold and stake because f(x)Core mints $FXs natively.
Mint a reward token. This benefits active participant as $PUNDIX holder will then have a reason (apart from governance) to stake. This reward token will get periodic airdrops such as #nft, new tokens from other projects (say they partner us), gifts (hoodies, etc), more.
Mint more $PUNDIX. Easiest implementation but controversial. I do not like this idea at all but for purpose of completeness I am posting this.
As for minting i think option 2 would be the best in some form of reward as long term holders would be rewarded and would attract new ppl. I don’t know what sort of reward would be the best. Surely option 3 not but that’s my choice.
Down the road other services could be… f(x)Lend, f(x)Earn, etc…
I am largest in favor of #1
The dilution as you mentioned is a real problem and I believe that the innate decreasing supply of PundiX will continue to grow in value over time. Perhaps there can be further tie ins to transactions that increase the burn rate?
I believe inconsequential airdrops such as NFT’s, clothing items, and other fluff only add to logistical problems with different countries rules on airdrops so would vote no personally on #2
Absolutely no way to #3. It would be a complete mistake.
Hey Zac, when it comes to the 1st question I also like f(x)pay as a name, not sure if there could bring some legal issues with this naming scheme tho (other companies having this name trademark)
As for the second question, I believe reducing the dilution level is our best bet, but we could also have some limited supply of NFT’s as rewards for being part of Function X from the beginning. (This could apply for any cross-chain transfer, not only $pundix)
f(x)pay should be taken as name.
1st it can be named in the list of applepay and co and will be accepted directly by the mainstream.
2nd f(x) should get used as a “BRAND” we create a brand here like ROB already said in its posts and by creating his branding ideas. a strong brand has to be consistent, like ROBs call for the random used X in pundix fx and so on. I think the consistency in the Brand idea has to be decided before Mainnet starts and be used without any variation after it is online and promoted.
2nd Question:
I am a fan of code is law. That will rule out Option 3. No new minted Pundix ever again. If you do this you can close the shop.
I personally think Option 1 should be the standard with regularly occuring “Airdrop” and “Trading” Events on Binance and fx wallet.
The names looks good except the minting of more Pundix tokens.
You’re going to mint or create more Pundix tokens when you even broke the “laws” written on the white paper of the token burn mechanism or lied to Pundix supporters of the latest Pundix token burn?
Keep the current Pundix tokens supply as it is since Pundix already has a very shitty reputation on Twitter, Facebook and Reddit.
Keep the XPOS as a Service Node reward at .5 Fx tokens instead of creating more Pundix tokens to be given as a reward.
Don’t change the current tokenomics otherwise people will definitely bail out will cause strong Pundix supporters to be the biggest Fudders out there.
Options 1 and 2 sound good. As well as the proposed names. Also, we should not mint any new PUNDIX tokens as that would break our tokenomics, cause more fud in the community and not be beneficial at all in the long run.
Rewards, airdrops, incentives would make more sense in this case.
Question 2 》 my suggestion is, if its possible for pundix holders to stake pundix and earn fx. EXAMPLE, if fx validators/deligators earn 7% APY, PUNDIX holders should be able to stake pundix and earn 3% APY, just my 2 cents.
No one should even think of minting anymore pundix tokens. This shouldn’t have been in the list of options to begin with.
Feedback for Question 2:
It’s clear that neither the team nor the hodlers want to mint more $PUNDIX so let’s get that out of the way. No option 3.
I am incline to think a reward token can be beneficial if it is well-designed. It should not be actively traded, no governance, and meant for holding. This token should also be prioritized for long term holders, possibly via genesis mint to retroactively reward loyal $PUNDIX holders before the per block minting of this reward token starts. Just throwing around ideas, nothing is set on stone.
The key here as you stated is the design of a reward token. I don’t think something like that should be rushed and it would be a great experiment of the DAO to go through a iterative design with user voting for selection.
if I am understanding it properly, I believe that the utility of the pundix token is due to burning of tokens from xpos transactions. lets keep things simple. instead of spending alot of time into tokenomics and trying to find a secondary utility for the token, lets focus more on adoption and strategy.
imo best use case for xpos and pundix/functionx would be full integration with a payment network. this will attract large bodies – eg. China cbdc may consider xpos system due to its exposure to emerging markets such as africa and south america. this would greatly benefit the adoption of the yuan and other cbdcs. BOB would also be a great addition for Huawei, as blockchain phone and decentralization will help huawei circumvent many of the barriers it faces today on the global markets.
I would much rather hope the team focuses on attracting these large bodies, rather than focus on tokenomics and trying to attract short term investors looking for a quick buck. I understand that we need populous to achieve full decentralization, but purely tokenomics will not create loyal holders who actually believe in the product itself, but rather just short term holders looking to get some small benefits. we should leverage our strengths and avoid taking on weakness.
Question 2: Option 2, very curious to see what kind of NFT partnerships we may have in the future.
Maybe start off with a built-in-house of our own NFT first, limited edition with limited supply and naming it to First Gen Holders?
This will give us pride and glory for future showcase - we can sort of showcase how long we have been holding and how long we have been supporting Pundi X and Function X for.
I really think this will be a good idea.
First gen holders NFTs
Second Gen holders NFTs
Reason why i think this will be popular because like the famous game - Pokemon, there are lots of First Gen to the current Gen 100. It gives you pride when you have been supporting since Day 1.
Imagine if Pokemon had release NFT for First Gen back in the 1990s? You get the idea.
The future of Pundi X and Function X is very huge - so we should have something that can commemorate our first journey.
Do this before the company becomes big.
We all know how “old” stuff can become so valuable.
Take Pokemon Cards first gen - worth more than 6 digits ~$500k USD
Imagine Amazon, Google, Facebook, Pokemon all had their NFT before they became big. Hell, the NFT would be worth MILLIONS by now.
Fx pay would be confusing because it’s not actually fx but more XPOS right. Maybe XPOS chain or XPOS blockchain keeping it easy to understand which chain we talking about. Also these conversations may only take place here which chain is what, new users won’t dwell onto it as much.
Also trademark issues Eduard mentioned already to be existing. XPOS blockchain works well imo.
Yes sure why not include airdrops as incentives. Partnerships can always draw more people from that project and awareness across to new users - every little helps.
I understand the coding aspects can’t be too tough, and this ain’t a priority atm. But good to see your roadmap plotting. Please throw more stuff like this in the forum. We are all here to contribute and thus far this has been a pleasant experience with PundiX and the core teams interactions.
We needed this forum years ago, I would have been on fire back then with much more time at hand. However @BlueStitch has a list of suggestion I’ve made over the years and Peko may too…
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