Function X: November Hash Out

Testnet 1.0 was launched in June 2020, and Testnet 2.0 in September 2020. Testnet 3.0 will be released for a preview in December 2020. It will start with an invitation beta followed by a public beta.

Since we are at the final stages of Testnet 3.0 preview, it’s a good opportunity to go through some of our prior publications to get an overview of the Function X ecosystem’s evolution: Function X Testnet 1.0 introduction; and additional Testnet information Part 1, Part 2 and Testnet 2.0. We encourage you to go through these four articles first because it will give you an understanding of the ethos of Function X and its building blocks which are FXCloud, FXCore, FXExplorer and FXConnect.

Another article worth reviewing is how users can create a Function X private blockchain without a single line of code.

Cross-chain transactions

In the first publication of HashOut in January, we mentioned that users will be able to tap into different chains. The chains will be able to talk to each other via a link called FXCore (name chosen by community voting). FXCore is the Function X blockchain that binds different blockchains together. In Testnet 3.0 we will be able to experience cross-chain functionality first hand as we will allow the creation of relay nodes which are connected to Ethereum. Here’s an excerpt from the first publication of HashOut in January:

Function X will enable all sorts of data transmission on the blockchain. We have designed it to be a cross-chain architecture based on pBFT and PoS. Cross-chain, as the name implies, allows multiple chains to be part of Function X.

The significance of cross-chain technology is to enable communication between different ledgers and the transformation of an isolated zone (blockchain) into a hub (an interconnected ecosystem). In our case, our hub is the FXCore, and FXCore connects various blockchains built using Function X Blockchain technologies. Ultimately, we hope that chains are able to send a variety of things, such as text messages, voice calls and digital assets to other chains.

Cross-chain technology will expand blockchain’s application value infinitely: enabling cross-chain transfers between independent blockchain systems and supporting applications that require asset transfers between different blockchain systems.

Relay nodes play an important role to facilitate cross-chain transactions

As mentioned in the October Hash Out, relay nodes will be introduced in Testnet 3.0. In this context, nodes are a (layer 2) bridging solution that helps to connect several and different blockchains. A simple analogy is helpful. A relay node is a ‘translator’ that enables different ‘language speakers’ (blockchains) to communicate and interact, even if they are running under different consensus models of programming languages.

Relay nodes not only help to translate the information, sometimes they help to enable custody and execute the assets. They are very useful and helpful connectors for cross-chain capabilities. Because of this, Function X is able to facilitate some interesting De-Fi applications. Relay nodes can be created through Function X Cloud effortlessly. By doing so, the correspondent Ethereum contract will be created simultaneously.

Here are some of the exciting things that are coming:

Testnet 3.0 Part 1 (Q4 2020, projected)

1. Brand new FXConnect — FXConnect is an app that allows signing and creation of private keys and delegating tokens for staking services. Introductory material on FXConnect can be found here. We will see an even more complete decentralized wallet service in FXConnect.
2. ERC-20 support — We will connect ERC-20 to FRC-20 (tentatively called FRC-20) in Testnet 3.0.

Testnet 3.0 Part 2 (Q1 2021, projected)

1. FX Cloud updates — we know that FX Cloud is an easy and codeless way for users to setup validators and a blockchain. Apart from this, we will be able to set up relay nodes on FX Cloud in Testnet 3.0 so that ERC-20 assets can flow in and out of the Function X blockchain.
2. Automated Synthetic platform and yield aggregator. Simply put, users will be able to stake their NPXS and FX (and possibly other assets such as ETH and DAI) to the designated smart contract to be entitled to multiple benefits and interest automatically while synthesizing their assets for hedging or utilizing assets. We will dedicate a separate article for how an automated synthetic platform and yield aggregator work.

A lot of work and testing are behind the newly added De-Fi initiative on the Function X network at the same time the Ethereum 2.0 upgrades are coming. During the Testnet 3.0 period, you will be able to test the above elements one by one or batch by batch, whenever they are ready for public testing.

We really appreciate your patience in waiting for Function X to come together. It’s not easy to build up a scalable, cross-chain infrastructure while blockchain technology is evolving at an unprecedented pace. Your continued support and understanding in this endeavor are invaluable to us.

As always, we look forward to your feedback and please feel free to discuss it on our official Reddit channel: https://www.reddit.com/r/FunctionX/.

Contributors to this article: Danny Lim, David Ben Kay, Peko Wan, Pitt Huang and Zac Cheah.