VALLETTA, Malta, July 9, 2021 /PRNewswire/ — Function X (CURRENCY:FX) Mainnet went live successfully at 22:00 GMT+8 on 6th July 2021 after three years of development.
Developed by Pundi X Labs, Function X has a cross-chain architecture based on pBFT and PoS. Cross-chain, as the name implies, allows multiple chains to be part of Function X. By integrating various blockchain ecosystems (Ethereum and others), Function X is designed to increase the liquidity and value of digital assets created on the Function X network.
Rather than building an ecosystem that competes with Ethereum, Function X aims to leverage on its strengths, for example, by providing asset aggregation contracts, connecting to Ethereum smart contracts, and generating interest at the same time in both (and more) chains. While leveraging the existing Ethereum infrastructure, at the same time FX Core provides an environment with higher speed and cheaper fees.
The mainnet launch kicks off the governance stage, allowing Function X token ($FX) holders to participate in verifying block creation and receive block rewards via delegation to secure the network with 20 initial company-hosted validators (later will open to public validators once the operation of the mainnet is mature). The delegation is available on the f(x)Wallet, a non-custodial, decentralized wallet app that supports inter-chain and cross-chain transactions on multiple blockchain networks as well as providing decentralized finance services.
With the mainnet launch, the holders will be able to bridge their $FX in ERC-20 to the FX Core through f(x)Wallet. This means $FX will be able to be utilized on both Ethereum and FX Core. $FX will be the first digital asset transferable between Ethereum and FX Core. There will be no conversion / wrapping action needed, and the cross-chain transfer will be as simple and smooth as a usual on-chain transfer process.
The second stage of the launch will be the running of XPOS devices on the FX Core, which will give the Function X Mainnet a number of real-world use cases. Pundi X will utilize the custom chain built on the Function X network to verify real-world transactions, such as payment for a cup of coffee made using XPOS devices. This stage will demonstrate how well f(x)Wallet can directly interact with XPOS on-chain. With this use case, it will also enable financial institutions that have built a custom chain on Function X to hop onto the XPOS’ custom chain through FX Core. XPOS will be able to provide financial tools and services on the Function X network.
With Function X being increasingly used in the real world—XPOS devices, for example, are now deployed in over 30 countries and counting—the launch of the Function X Mainnet presents a real opportunity for all kinds of people to familiarize themselves with blockchain. Though the launch is only recent, the Function X Mainnet could prove a crucial catalyst in the fight to bring blockchain to the mainstream.
To learn how to participate in Function X Governance as a delegator, visit: https://medium.com/functionx/function-x-june-hash-out-part-2-75e31446d82e
To learn about the roadmap and previous testnet reports :
Follow Function X on Medium, Twitter, Facebook, Reddit as well as Github for detailed documentation. If the community members are interested in sharing ideas and participating in building the Function X ecosystem together to make it better, join the official Function X Forum.
ABOUT FUNCTION X FOUNDATION
Function X Foundation is a nonprofit, independent organization that supports the growth of the Function X Ecosystem, a next-generation internet service framework, built entirely on and for the blockchain. It is a completely new ecosystem providing a novel service framework by improving the existing internet and blockchain architectures, combining the benefits of both and utilizing the most commonly used technical solutions.
For more information about Function X, visit https://www.functionx.io.
ABOUT PUNDI X
Based in Singapore, Pundi X was founded in 2017 with the aim of harnessing the power of blockchain technology to make a more secure and inclusive world. The company is responsible for developing the XPOS, a point-of-sale smart device that allows brick-and-mortar stores to transact on the blockchain. The company currently has offices in Jakarta, São Paulo, Seoul, Shenzhen, Taipei and Tokyo.
Pundi X has also been selected as one of the top 50 Innovative Fintech Startups in 2018 by KPMG and H2 Ventures, cool vendors in blockchain business by Gartner, and one of the top 10 fintech leaders by Singapore Fintech Association.
For more information, please visit https://www.pundix.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/function-x-mainnet-is-live-301328548.html
SOURCE Function X