As f(x)Core plans to launch support for EVM (Ethereum Virtual Machine), we are now is working on the solution to introduce EVM-compatible wallet address into Function X ecosystem.
While the native addresses of f(x)Core start with “fx”, EVM-compatible addresses start with “0x”. In order to avoid creating confusions for our users, the team now proposes a solution to combine the two types of addresses into one, which start with “0x”.
How will the combination be done?
This will need the users to complete an “account conversion” via their f(x)Wallet app. The team will provide the “conversion tool” in f(x)Wallet for this to be done.
What will you have after the conversion?
After the “account conversion” is completed, you will have:
an EVM-compatible 0x address, with EVERYTHING in your previous fx address, such as your token assets, delegations, delegating rewards, and proposals, if any.
a new fx address. What this address holds will be totally the same as that in the EVM-compatible 0x address.
In short, after the conversion (or the “combination”), you will have two wallet addresses on f(x)Core: an EVM-compatible 0x address, which will be your main wallet address to use, and a fx address.
The specific solution has not been decided yet. Please don’t hesitate to let us know if you have any thoughts or ideas
This post would be kept updated to share more as we continue to work on this issue, such as the development of the “conversion tool” and specific date of the conversion, if possible. We are happy if you could stay tuned
Since the FX address is based on a unique public hexadecimal key (along which some checksum characters are added) converted using Bech conversion algo, wouldn’t that be simpler to keep the same FX address and just use the unique public hex address associated ?
I find it very prone to errors to imagine a public FX address change…
Love the update but I think that majority of the newer members or people who just got into crypto will have a hard time converting. Even though it is easy, I think it will be confusing for those who just got into crypto space recently.
I’m afraid of the scenario where the end user accidentally do a wrong step by themselves and blame it on the team instead, creating fud.
Who ever joins new with be given a new converted/merged address, and those that curently hold are most likely old school folks. Our daily increase of fx wallet users are very low atm (can be seen in the fx explorer). So I wouldn’t be too concerned if this is straight forward, as it appears. The confusion comes thereafter the swap such as;
-Will the validators require any configuration via CLI?
-And the validators node address tied to the fx wallet, will this be affected in any ways?
-And how does it work if one has already used another wallet (ie trust wallet) keys to initially create the fx wallet? (just curious more than anything with this question tbh).
In the long run it makes sense to have this now with low user base, and ironically, it is to make it easier for new users in the future.
I just hope we don’t have any issues as Frenchxcore and Scene raised.
Sounds complex but I hope it’s easy and straight forward; at least the fee will be a tiny FX TX I gather
I think some that have no confidence in changes like these will struggle but we do what we must to achieve the end goal, curious to how this will look in our end wallet though and once done will there be any ongoing actions - in short this is just a once of action right?
Thank you all for your comments and questions. @Xfans you are correct that the new address will not be able to find your previous records as it is a new address.
@FrenchXCore currently the process that is used to create the FX address and 0x address on our chain are different which results in one private key having two separate ‘accounts’ in the FX address and 0x address respectively, this can also be observed that the funds in the FX address does not appear in it’s corresponding 0x address. This update solves this by ensuring the creation of the FX address and 0x address goes through the same process. What this means for the user is, with just one mnemonic phrase/private key their FX and 0x address are connected.
@SCENE for an already existing user to convert their address, they just need to send a conversion transaction which will be provided in the f(x)wallet. New users who set up a completely new address from the wallet will not need to go through this process.
@Superbit123 Validators will required to upgrade, however the address tied to the validator will be unable to convert. The old addresses can still be used and therefore the validators node addresses tied to the fx wallet will not be affected. If another wallet keys were used to create the fx wallet, you can still do the conversion as ultimately the starting point of addresses comes from the initial keys you use. and yes, this will be beneficial for new users in the future.
We are still collating all the information, but please do continue to enquire more about this!
