Function X December Hash Out
A review of the accomplishments in 2021
Dear Function X Community,
2021 has been an important year for us all. At the top of the list, Function X Mainnet launched on 6th July 2021. This kicked off a series of significant developments, including the birth of the cross-chain decentralized f(x)Wallet, the Ecosystem Genesis Fund, Governance Voting on FXCore, Public Validator activation and more. We want to thank you for the continuous support and the active participation which helps push the ecosystem forward to full decentralization.
Before stepping into the new year, let’s take a look at the things we have accomplished together in 2021.
The Mainnet Launched
On 6th April 2021, we opened up FX staking in f(x)Wallet and with the support from the community, we reached the target and successfully launched the mainnet on 6th July 2021. As of today, the mainnet is running with a high degree of stability and with an average block time of 5 seconds. Total transactions reached 179K.
Multi-chain supported in FXCore
Function X is a multi-chain structured network. The network provides inter-blockchain communication, connecting multiple blockchains. When the mainnet launched, token holders were able to experience the fast speed of cross-chain transactions from Ethereum network to FXCore.
In October, 2021, Pundi X Chain launched on FXCore. With that, $PUNDIX token holders were able to delegate via f(x)Wallet to secure the network and earn reward tokens, which were later introduced as $PURSE tokens.
With FX Core, users can complete their cross-chain transactions within seconds, or swap their ERC20 token to a BEP20 token seamlessly. Following Pundi X Chain, Binance Smart chain (BSC), BitCoin, TRON, and Polygon are also now supported in the Function X network.
Function X Forum
In May 2021, the team launched the Function X forum. The forum is the official place for all users to discuss a variety of relevant topics including features, implementation, and project proposals. As of today, it is accumulating 6.2K+ posts and 750+topics for various discussions. It is also used as our DAO/voting platform to pre-vote for many things from major feature updates to correcting typos.
Governance of FXCore and delegation
With the launch of Mainnet, the FXCore “governance-through- delegation” also opened to token holders. This marked the first stage of the mainnet launch — Governance of FXCore, which allows users to delegate FX tokens to validators to participate in governance. Users have the responsibility of securing the network — and likewise undertake the risks and enjoy the rewards of this endeavor.
We started with 20 foundation-hosted validators as the initial step to ensure the stability of the network and then opened up for public validators setup in testnet to gather useful feedback from the community. Now both foundation-hosted and public validators are available.
In November 2021, we passed a Governance proposal for increasing the number of validators from 20 to 50, allowing 30 public-hosted validators to join the network. On 25th November 2021, our first public-hosted validator became operational.
Within a month, we reached a total of 47 validators. Over 57% are public-hosted validators, including 3 public nodes from non-profit organizations: Asosiasi Blockchain Indonesia, Blockchain Collaborative Consortium from Japan, and European University Cyprus, and one Fintech company, NOBI. These additions enable the network to move closer to full decentralization while still maintaining network security and stability.
75 million FX allocated to Ecosystem Genesis Fund
In August Hash Out, the execution details of the Ecosystem Genesis Fund (EGF) were announced. The purpose of the fund is to motivate, facilitate, cultivate and accelerate the growth of the Function X network’s ecosystem.
The usage of the EGF focuses on the following segments:
1. Consumer (10%): To attract consumers and grow the customer base;
2. Developer (20%): To encourage developers to create DApps on the Function X blockchain;
3. Infrastructure Service Provider (20%): To set up or shift to the Function X infrastructure;
4. Financial Service Provider (20%): To create a trading platform for $FX and increase liquidity; and
5. Emergency bridge reserve (30%): To facilitate or help the stakeholders in Function X during extreme market conditions.
Anyone who is interested in applying for the fund should submit a project proposal publicly in the Function X Forum (https://forum.functionx.io/) to share with the community.
Governance Voting
To achieve decentralization, the participation of the community is critical. Interested parties may participate by proposing an idea to improve the ecosystem and everyone is encouraged to vote on proposals — through governance voting.
Submissions can come from individuals, organizations, project owners, exchanges or governments. Proposals could even be submitted anonymously. Once submitted with security deposit, the proposals will be assessed on-chain by the community culminating in a vote for which proposal(s) should be supported. Only $FX that are bonded (i.e., delegated) in the f(x)Core are eligible to participate in EGF voting. Validators are encouraged to vote, but are not required to. Moreover, a delegator’s vote — cast within the voting period — overrides/supersedes the vote of his/her Validator.
Valid delegators can cast their vote during the voting period by sending a random number of coins to a designated wallet address. The voting bot will trace and verify the number of $FX that have been delegated / bonded in f(x)Core by the wallet address(es) that cast the valid vote.
On 8th October 2021, the first governance proposal was submitted to Function X Explorer for the community to vote on. By the end of November 2021, 7 proposals were submitted, 6 of them were approved by the FX holders and have been implemented into the Function X Ecosystem.
Function X Decentralized Marketing
The Function X Decentralized Marketing (a.k.a FXDM) proposal got approved with 1 million USD worth of FX coins from the Ecosystem Genesis Fund. That funding will be used to reward community members for their quality marketing contributions that promote the growth of the Function X Ecosystem. The program is scheduled to run for 2 years.
A panel has been set up to determine which submitted marketing efforts should be eligible for a reward. This panel is known as the FXNEERS (Function X marketing engineers) and consists of 7 people, 3 from the Function X / Pundi X teams and 4 who are community volunteers.
FXNEERS are responsible for reviewing and selecting high-quality marketing materials submitted for Function X official channels and/or Self-Owned / 3rd Party Channels submitted by content creators and community members.
In November 2021, the first batch of FXNEERS was officially announced to kick off the FXDM program. On 30th December 2021, the first batch of submissions to FXDM were selected by the FXNEERS for the community to vote on, choosing the three best who will be the first winners to receive $FX rewards.
Voting is live now on Function X Forum. Go check it out and vote for your favorite content!
Function X All-hands meeting
The Function X working group used to hold monthly internal meetings. This year, after the launch of the mainnet, we opened up to the community to join the discussions and participate more directly to grow the ecosystem together. Here are the links to meeting minutes for all the members to catch up.
Summary of Function X All-Hands Meeting on 19th August 2021
Summary of Function X All-Hands Meeting on 16th September 2021
Summary of Function X All-Hands Meeting on 21st October 2021
Summary of Function X All-Hands Meeting on 18th November 2021
Summary of Function X All-Hands Meeting on 16th December 2021
All the builders, experts, and holders are encouraged to participate. We look forward to seeing more members joining in 2022.
NFT support and Decentralized Crypto Gift
As the last surprise of 2021, we have released the f(x)Wallet holiday beta version as a sneak peek of the 2022 f(x)Wallet. Some very exciting features are introduced, including a revamped homepage, ERC and BEP 721 NFT assets, and introducing Decentralized Crypto Gifts in Polygon and BSC blockchains.
The holiday beta version is now open for public testing. Download the app at https://download.functionx.io/beta/. We welcome feedback on Function X Forum. If you find any bugs, please report them on the report form.
More to expect in 2022
Looking at the Function X Roadmap published in late 2020, we have made a lot of progress. There’s even more that is in development, including deXPOS, DEX and new, exciting features in f(x)Wallet. We will keep adding new development plans to the roadmap based on the governance proposals raised and approved by the community.
Of course, none of these can be done without the continuous and unwavering support from the community. We appreciate all the feedback and participation you have devoted to the development of the Function X Ecosystem. The BUIDLing never stops and we are expecting even more in 2022.
Thank you for being with us in 2021, and we wish you all a Happy New Year!
David Ben Kay
President
Function X Foundation
