Function X: July Hash Out Part 2
Recap of testnet 1.0 and outlook of testnet 2.0
Welcome to the July HashOut Part 2. Earlier this month, we talked about the importance of data ownership and how the Function X ecosystem will be structured to create a truly decentralized network. In Part 2, we will talk about the state of Function X development.
We launched FX Core testnet on 11th June 2020, and it has been running for 50+ days and counting.
In testnet 1.0, we introduced the following components that shape the foundation of Function X Ecosystem:
FX Cloud: A codeless solution allows user to setup the validator node and create and launch your own blockchain with just a few clicks;
FX Connect: A decentralized blockchain wallet that supports transactions among the Function X network;
FX Explorer: A comprehensive dashboard that allows users to check, verify and analyse information from FX core blockchain.
During the period of testnet 1.0, we have achieved:
- Created 70 validator nodes, including our academic and governmental partners from Taipei InnoSquare and European University Cyprus;
- Processed 124,000+ transactions;
- Used by 97,000+ addresses;
- Generated over 850,000+ blocks:
- All 41 active validator nodes reach 100% uptime, which indicates FX Cloud operates reliably. Separately, there were 29 inactive validators.
- The average annual yield of each validator node on testnet 1.0 is 707.42%.
This is just the beginning.
We could not have achieved this far without the support of our beloved community. We sincerely thank you and we continue to push ourselves further and deliver more.
Hence, we would like to take this opportunity to discuss about the updates and new features of FX Core testnet:
1. To upgrade of FX Cloud & FX Connect — enhance the functionality and user usability
2. To create blockchain — users are able to create their own blockchains on FX Core without the need of coding skills.
3. To add suspension and reactivation mechanisms to the FX Core
4. To publicize Function X Core codes on Github for open source developers
5. To introduce developer’s bounty reward
6. To introduce yield mining mechanism of FX Core to support DeFi (Decentralized Finance)
7. To add capability of cross-chain transactions
In testnet 2.0, we aim to provide a codeless and user-friendly environment for users to create their own blockchain and enhance the user experiences. At the same time, the team is upgrading FX Core governance mechanisms to promote a fair, reliable and neutral decentralized ecosystem. We plan to bring some the new features live in the testnet 2.0 in late August.
Apart from this, we would like to invite hardcore developers to join the family and supervising our code base.
Together, we can go beyond our limits.
Sincerely,
Function X Team
