AngelBlock X FunctionLand | Next Raise Coming November 6th

30 Oct 2024 · 8 min read

What is Functionland & How Does It Work?

Functionland Highlights

$FULA Token Utility & Tokenomics

AngelBlock X Functionland Raise

AngelBlock X Functionland Milestones

Functionland's Fula platform is poised to disrupt the $500B+ cloud storage market by leveraging unused computer resources to create a decentralized, cost-effective alternative data storage with unparalleled user control and privacy. Their vision extends beyond Web3, aiming to become the first data logistics platform for both Web2 and Web3 ecosystems. Functionland started 4 years ago (before word DePIN existed) and has gained a strong reputation in the industry.

What is Functionland & How Does It Work?
What problem do they solve?
Functionland Highlights
$FULA Token Utility & Tokenomics
Key Features
AngelBlock X Functionland Raise
AngelBlock X Functionland Milestones
How to Participate In The Raise?

What is Functionland & How Does It Work?

Functionland's Fula Network enables fair, secure resource-sharing among users. Users share resources to provide storage, content and applications. The network comprises many smaller user pools, typically grouped together based on geographical proximity in order to guarantee optimal network performance, minimal latency and the fewest possible server hops.

Users on the Fula Network retain total ownership over their data. By default, a user engages with the Fula Network as both a resource consumer (dApps, storage, content, etc.) and a resource provider. A user can use services on the network without owning a connected device, however, interacting with the network without a connected device means the user will end up paying rent to Box owners, although it is still two times cheaper than central cloud providers. Our primary goal is to incentivize a robust network composed of user-owned hardware instead of the subscription-based model currently employed by Web2 infrastructures.

FxBlox

FxBlox is a decentralized DePIN device that is powered by open source protocols, and built on top of Functionland’s Fula Protocol suite. Blox is modular, meaning you can easily add more storage to it as much as you need. With FxBlox you can have anywhere from 1TB to tens of TB of storage capacity in one unit. FxBlox starts with a base tower – the Fula tower for the FxBlox. It includes three USB-C ports and can connect to external devices. Then you add on individual towers for other features like a hub tower as a docking station. Owning an FxBlox is not required to access services on the network, but users will have to pay fees to FxBlox owners if they don’t have one operating in the network. FxBlox Plugin System also provides support for other protocols to run seamlessly on the hardware and enable users to install third-party protocols. First plugin released is Streamr, which allows Blox owners to rent the bandwidth of their devices and earn $DATA on top of renting the storage.

Fula Node

A Fula Node describes any device connected to an L3 pool. A Fula node is typically a low-cost, energy-efficient device such as a Raspberry Pi or FxBlox.

A Fula L3 Pool

It is a local pool of computers that share resources. A user is free to choose to connect to any pool. However, by default, pools are suggested based on a user’s location in order to maximize data availability and response times.

The Fula Protocol Suite

It consists of three sub-protocols: File, Graph, and AI. Each enables users to securely receive and provide resources on the Fula Network. In addition, each sub-protocol offers an abstraction layer that lets developers build applications using only front-end knowledge.

The Incentive Layer

It accounts for resources (e.g., apps and content) shared among users on the Fula Network using the Fula Protocol Suite. It consists of a verification layer and distributed ledger that quantifies utility transactions using Proof of Resource with zero-knowledge.

What problem do they solve?

Centralized cloud services offer powerful applications and seamless user experiences, but a provider’s incentives are often misaligned with users. In typical centralized cloud service models, users ‘rent’ the hardware for storage and computation by paying via subscriptions, ads or personal data. Furthermore, data is entangled with the service, making it hard for users to switch between different services and providers, which is called data gravity.

For example, when a cloud provider profits through user engagement (e.g., ad clicks), its rational incentive is to draw attention and arouse reactions regardless of the users’ best interests, thereby increasing its ad clicks. Some services provide value for millions of users. But given that cloud providers are expected to generate profits for shareholders, they will shut down a popular service if it cannot demonstrate a viable revenue stream or tertiary strategic advantage. Providers also offer ‘free’ services to attract users while planning to introduce a paid tier system later, fully aware that a substantial number of users who become dependent on the service offered will be unwilling or unable to pay but forced to pay due to data gravity (data entanglement with the service).

The Fula Network is a privacy-focused, user-owned, free-to-use open-source platform with a builtin incentive layer designed to reduce, eliminate or invert these misaligned incentives. By doing so, it enables free-to-use applications for users that directly compensate developers. Users on the Fula Network retain total ownership over their data. For example, a free-to-use streaming service on the Fula Network can provide personalized recommendations based on a user’s usage data. But that data remains in the owner’s possession and is inaccessible to the streaming application.

A decentralised storage also provides a scalable, and environment-friendly storage solution for the fast-growing need for storing data as we generate more and more data every day due to the introduction of AI into our lives.

Functionland Highlights

Innovative Technology: Fula offers unique support for all data types, including real-time access and streaming, providing faster, cheaper storage with extensive application options.
Robust Traction: 900 nodes shipped globally, 108,000 testnet registrations, and 2,000+ dApp downloads showcase strong market validation.
Strategic Partnerships: Collaborations with industry leaders like IoTex, BEVM, Streamr, U2U Network, RocketPool, and Amaze File Manager, unlocking access to 1.5M+ potential users.
Revenue Potential: Targeting $14M annually in 18 months and $100M in 5 years through hardware sales and recurring software protocol fees.
Expert Team & Advisors: Led by seasoned developers with 20+ years of experience, backed by advisors from Robinhood Trading and Protocol Labs. Forbes-recognized advisors include the "Branding Whisperer" and "The Future of AI" experts.
Dedicated Hardware: FxBlox, our plug-and-play smart server designed by world-renowned industrial designer Yves Behar, enables easy network participation.
Strong Investor Backing: Supported by Protocol Labs (Filecoin), Delta Blockchain Fund, Parity (Polkadot), Outlier Ventures, Techstars, and SingularityDAO.

$FULA Token Utility & Tokenomics

$FULA will be the catalyst for keeping the infrastructure online at all times and getting users to store their photos and video, for as long as they want. Storage providing and compute providers are two sides of the same coin. Providers require payment for offering their service to the public. And consumers need a corresponding way to pay for said services.

Token utility:

Storage Access

Pay for decentralized storage services
Purchase additional storage capacity

Application Usage

Pay developers for using the open-source dApps
Access premium application functionalities
Support open-source application development

Governance Participation

Vote on network proposals
Participate in protocol decisions (except reward distributions)
Influence network development direction

Staking Functions

Stake to access reduced storage costs
Stake to receive staking rewards
Stake tokens to publish new plugins

Plugin Access

Cross-token payments for integrated plugins

Full tokenomics read here.

Key Features

Providing full privacy for data with the same features of cloud storage like sharing
2 times cheaper than cloud storage to store data
Anyone can passively earn by renting storage with any Windows or Linux computer (or even a raspberry pi)
Support for any mobile application, such as Instagram-alternative
Support for decentralized AI protocols (partner of Singularity)
A DePIN Aggregator with the FxBlox Plugin System

Useful links to learn more:

Website: https://fx.land/
Documentation link: https://docs.fx.land/
Tokenomics doc link: https://docs.google.com/presentation/d/1p353wTcirA7kvVGwH-ZSFnQ-p756GxGuEUXnQIKl0tU/edit
Discord: https://discord.com/invite/dpjnbMXqru
X: https://twitter.com/functionland
Blog: https://fx.land/blog/
Telegram: https://t.me/functionland
Intro Video: https://www.youtube.com/watch?v=t_16LQP3J0k
FxBlox Mining Simulation: https://fx.land/simulation

AngelBlock X Functionland Raise

Price at launch for $FULA will be $0.025. However, investors on AngelBlock will be able to access it at $0.015.
*Apart from regular exclusions (read more in our FAQ section, Canadian investors are restricted in participation in that raise.

AngelBlock Raise Goals

Soft Cap: $50,000
Hard Cap: $100,000

Raise Details

The maximum token supply stands at 2,000,000,000. The circulating supply of $FULA at the time of launch will be 0.4% of its total excluding the liquidity and 1.90% including the liquidity. The initial market capitalization of $FULA (w/o liquidity) is set at $197,500.000. The minimum investment to participate in the Functionland raise is set at $500. For investors who have not completed KYC, their maximum contribution in the raise is set at $999. You can read more about that in the KYC process we have implemented below. Investors will be able to participate in the raise with USDT on ETH mainnet. The token claim will be on Ethereum. TGE is scheduled to take place in December.

The vesting plan is:

Cliff: 4 months
Linear Vesting: 15 months
Initial Release after Cliff: 10%

AngelBlock X Functionland Milestones

Our approach to governance is a distinctive feature of AngelBlock, setting us apart from the competition, each project listed on our protocol, a set of milestones is established before the fundraising event begins. Each milestone includes clear deliverables, timelines, the proportion of the budget to be unlocked for the projects, and the amount of tokens to be released. These milestones serve as progress checkpoints and provide reassurance for investors. Upon reaching a milestone date, the startup submits a delivery report. As an investor, you then vote to approve or reject the progress based on this report. This system ensures the startup's progress and the release of funds become a shared responsibility between the startup and its investors. In our Milestone process, we recently introduced two new-hardoced- milestones, Milestone 0 and Milestone 1 set as standard presets for most fundraises.

Milestone 0: This milestone involves unlocking liquidity immediately after the fundraise. This liquidity is crucial for the project to secure early liquidity necessary for processes such as CEX/DEX listings and protocol expansion. It enables the startup to progress more swiftly through subsequent milestones.

Milestone 1: This milestone is hardcoded for all fundraises and marks the Token Generation Event (TGE).

A specific framework has been implemented dictating how Milestone 0 and 1 will work on each start-up raising dependent on the total amount raised, investment round & start-ups development phase.

Functionland Milestones

Milestone 0

Delivery date: When the raise finalizes
Funds released: 50% of raise
Deliverables: Released upon the successful fundraise.

Milestone 1

Delivery date: 15th of Dec
Funds released: 25% of raise
Deliverables: TGE - token release, token listing at CEX and DEX.

Milestone 2

Delivery date: 15th of March
Funds released: 25% of raise
Deliverables detailed description: First token unlock - token made available via AngelBlock escrow.

How to Participate in the raise?

Staking Tiers

At AngelBlock, we've instituted a distinctive staking tiers system designed to create a fair and rewarding environment for investors. By staking $THOL tokens, you are placed into specific tiers which each have their own level of priority access and ticket sizes to the fundraising projects. Here's a detailed look at our staking tiers:

Standard User (Tier 0): Users who've staked 0 – 20k $THOL fall into this category. Standard users can invest up to $2k, and they gain access to the fundraise after the first three tiers have had their opportunity.
Value Investor (Tier 1): Users staking 20k – 100k $THOL become Value Investors. These users have the opportunity to invest up to $10k and gain early access to fundraises after the first two tiers have participated.
Angel Investor (Tier 2): With 100k – 500k $THOL staked, investors fall into the Angel Investor tier. These investors have access to larger investment ticket sizes of up to $25k, along with the privilege of second priority access for the given fundraises.
Institutional Investor (Tier 3): Our top-tier users, staking 500k+ $THOL, are labeled as Institutional Investors. These individuals enjoy the most substantial benefits, being able to invest up to $50k and gaining first priority access to fundraises.

Note: Each tier enjoys a 2-hour window of priority to invest in the project, starting with Institutional Investors, followed by Angel Investors, Value Investors, and lastly Standard Users. The raise will be live for 7 days or until sold out.

You can learn more about our staking tiers here.

You can get THOL here:

Visit Uniswap and swap your preferred tokens for THOL
Visit MEXC and get THOL through the USDT/THOL trading pair.
Visit BitMart and get THOL through the USDT/THOL trading pair.

You can stake your THOL here. Learn more about staking here.

KYC

The KYC process Participation in MeAI raise for contributions exceeding $999 requires completion of a Know Your Customer (KYC) process. This process is designed to prevent fraud and illegal activities. The KYC process is managed by Fractal ID, an identity solution provider for the web3 space. Completing the KYC process prior to the raise can help avoid potential delays that may occur due to high demand during the raise. For more information about the KYC process and how to complete the identity verification check out our dedicated article.

Participating in the raise

After completing your KYC and acquiring the required amount of THOL for the staking tier you desire, participating in the raise is a straightforward process. You can see the process of participating in a raise on AngelBlock with ourstep-by-step guide here.

Post-Raise Governance

On AngelBlock, the role of an investor extends beyond merely contributing capital. Upon making an investment, the contributor is assigned a Badge, a unique, non-transferable ERC-1155 token. This Badge symbolizes the investor's voting power during milestone voting, thus participating in critical project decisions. Due to their non-transferable nature, these Badges ensure only the original investors can take part in milestone voting, upholding the integrity of the project's development direction. It is essential for investors to vote from the wallet that initially received the Badge. You can learn more about badges and how they work by visiting our blog here.

Reminder: Keep the wallet you plan to invest in safe at all times. If anything happens to your wallet, there is no other way to claim your tokens or vote during the milestone process.

Ready? It’s important to familiarize yourself with AngelBlock's unique features prior to the start of the raise once the date is officially announced.

As a reminder our goal is to cultivate a transparent, equitable, and investor-focused environment in digital asset fundraising. It's essential to recognize that we're not merely providing an investment platform but an opportunity to actively engage in the growth and success of innovative startups within the web3 ecosystem.ups within the web3 ecosystem.

For any further queries or support, don't hesitate to reach out to us. You can do so by joining our community:

Written by: Nikos Fratzeskos

Functionland

Functionland's Fula platform leverages unused computer resources to provide a decentralized, cost-effective cloud storage solution with full user control and superior functionality.

Go to project page

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