Innosquare Taipei operates validator nodes for Function X Testnet

Innosquare Taipei, the mobile technology incubator and blockchain startup accelerator backed by the New Taipei City Government, is proud to announce its first validator node on the Function X testnet recently released by blockchain solutions developer Pundi X. As a validator, Innosquare will be responsible for overseeing the efficiency of the Function X network, as well as helping weed out any bugs or errors that may occur.

The Function X testnet was released to the public on June 11th and already handled over 100,000 transactions within 7 days. The testnet includes Function X cloud that provides cloud services to businesses and developers, the FX Connect wallet that supports transactions on the blockchain network.

Function X is a network of independent heterogeneous blockchains that are interoperable with each other. It is a next-generation internet service framework to allow all existing applications, websites, data and services to be completely decentralized. FX Core is the first public blockchain from the Function X network and can be regarded as the light client of these blockchains. Tokens can be transferred between blockchains via the Core.

Function X testnet validators were chosen via an invite-only process, which took place between May 11 and June 6 of this year.

Innosquare was developed in 2014 by New Taipei City’s Economic Development Department as a means of taking a more proactive approach to supporting startups. Blockchain technology is one of the core technology competencies that the government wants to help businesses to develop.

“We’ve been very excited to work with Innosquare because they’ve always been at the forefront of nurturing the tech innovators across the world,” said David Ben Kay, President of Function X Foundation.

Kay refers to the fact that Innosquare has always lended a helping hand to tech startups looking for their big breakthrough. Functioning as an accelerator, they provide budding startups with financial assistance as well as office space. They also have partnerships with counterparts in the United States as well as Singapore and Malaysia, with the aim being to help local startups gain a foothold in international markets.

“This type of visionary outlook will certainly be of great help for both Function X and Pundi X,” said Zac Cheah, CEO and Co-Founder of Pundi X. “The overall aim of the Function X testnet is to help enable and support any transaction that stands to benefit from being decentralized with blockchain. Our team wants to create a world made easier and more efficient through blockchain, and the diverse range of startups Innosquare works with can certainly help that along.”