Function X: August Hash Out
Testnet 1.0 will be completed on Aug 25
Sponsored by Function X Foundation, Testnet 1.0 (aka Beta 1) has successfully completed its mission. Now we are planning to reset the testnet and implement new features to kick off Testnet 2.0 (aka Beta 2)
Why a testnet upgrade?
Upgrading the testnet will allow us to test new mechanisms, previous information will be erased including balances, transaction records and settings existing in Beta 1. Existing accounts will not be migrated. This means it will give a fresh start for the Beta 2 testing environment and brings us one step closer to the mainnet. Resetting a testnet is a common practice to refresh the blockchain before launching a mainnet as a mainnet can never be reset or allowed to go offline. Testnet is the playground to allow experiments and simulations. Hence, it needs a reset.
To migrate to the Function X Testnet 2.0, we will retire Testnet 1.0 earliest at 10:00:00 am GMT+8 on August 25, 2020.
There will likely be more than two testnets before launching the Mainnet. This is a common practice as further refinement is done. Even after the Mainnet is launched, we anticipate keeping a testnet operating for developers to experiment and try out new Dapps. We will always provide notices 2–3 days ahead of any reset.
Top 10 most contributed FX Testnet 1.0 validators will be revealed
We are grateful for those who participated in Testnet 1.0 and provided constructive feedback. Function X Foundation has allocated 1,000 FX tokens to reward the 10 top contributors in the Function X Community.
- Top FX validator promoters
- Top rebuilders
- Top bug reporters
- Top FX reward generators
- Top FX delegators
The result will be announced on August 28, 2020.
Participation rewards planned for Testnet 2.0
For stress test purposes, we will not limit the number of validator nodes for Testnet 2.0. However, to participate as a validator node of Testnet 2.0, you will be required to have at least 1,000 FX (in your private wallet address) throughout the testnet period. Validators of Testnet 1.0 will receive an invitation code to create a validator node of Testnet 2.0.
Top 50 validator nodes will share a pool of the participation reward 37,000 FX. Details will be announced later.
Bug bounty rewards for Testnet 2.0
Function X Foundation will also offer a Bug Bounty program to all users and researchers to find and report security vulnerabilities of Testnet 2.0.
Minimum Payout: minimum 1000 FX for finding bugs and vulnerabilities (first come, first serve)
Maximum Payout: maximum payout 100K FX for finding significant security vulnerabilities
The bug bounty reward will be sent after verification of the vulnerability. Function X Foundation has reserved the sole discretion to determine the eligibility of the reward and reveal the total of the Bug Bounty that have been distributed throughout Testnet 2.0.
Next up
As mentioned in the July Hashout Part II, Testnet 2.0 will have the following features:
1. An upgrade of FX Cloud & FX Connect — enhancing the functionality and user usability
2. The addition of suspension and reactivation mechanisms to the FX Core
3. Publication of Function X Core codes on Github for open source developers
4. The introduction of bug bounty rewards
5. The introduction of a yield mining mechanism to the FX Core to support DeFi (Decentralized Finance)
6. The addition of cross-chain transactions capability
These new features will be released one by one when available, starting from September 2020. It will be an exciting journey ahead.
Last but not least, to participate in Testnet 2.0, please closely follow our official communication channels (Medium, Twitter, Facebook, Telegram, Reddit or subscribe to our newsletter) and beware of the scammers. Stay tuned and we look forward to your participation!
Sincerely,
Function X Team
