From the identity $ f(0)-(V_{0}^{x})^{1/2} = f(x) $ $ \forall x\in[0,1] $ we notice that $ V $ is a positive and increasing function, therefore, $ f $ is decreasing. Hence $ f(x)-f(0)=-V_{0}^{x}) $.
We then have $ V_{0}^{x}=(V_{0}^{x})^{2} $
It means that there is a point $ a $ in $ [0,1] $ such that $ V $ jumps from $ 0 $ to $ 1 $ right after the point. (It has to occur like that in order to fulfill the identity.)
So $ f(x)= f(0) \forall x\in[0,a] $ and $ f(x)= f(0)-1 \forall x\in(a,1] $
