Recap of Telegram AMA on May 6, 2020
On May 6 at 8:00 pm GMT+8, a Telegram AMA was hosted by David Ben Kay, President of Function X Foundation and Zac Cheah, Co-Founder and CEO of Pundi X at https://t.me/FunctionX
Below are the minutes:
Before starting the session, one line to talk about Function X development.
Zac: A lot of hard work have been put into Function X development. All the team members and volunteers have put in 100% effort into it. Thanks for believing in this, and believing in Pundi X to deliver Function X. We are opening a new chapter!
David: And we’re well positioned to make a huge splash in the upcoming 12 months.
Zac: Yes, David. The next twelve months will be crucial. That is why we are here today David, to talk about the first step in the next crucial twelve months.
David: Huge changes in the global economy. The time for blockchain and crypto to lead the way is here.
Let’s start by answering frequently asked questions from Telegram and Reddit.
Is it possible to Staked FX (delegated and non delegated) be added to the node configuration through private wallets and Ledger Nano?
Zac: Ledger Nano is a great product, while we cannot commit which product we will support now we will try to work with mainstream good products for them to support FX and the staking of FX. We can also confirm that XWallet will be supported , and what’s important is that tokens delegated are owned by the owners not by the nodes — in true decentralized spirit.
My understanding is that transactions in HUB are validated by full nodes and in sub-chains are validated by Service Nodes. What about cross-chain transactions? They are the purpose of full nodes or service nodes?
David: Cross-Chain transactions will be handled by full nodes. It’s really a technical issue in that greater computing power is needed for cross-chain transactions.
Is it planned to perform the swap from ETH blockchain to FX Blockchain before the running start of FX Mainnet? In that case, could users use the Ledger Nano H/W wallet to hold FX coins?
David: For details of the swap, we will announce the date and how. For supporting Function X blockchain, we will look into the support from the developers.
Is there any real company that has already shown interest in using the Fx blockchain?
David: We’ve got a number of things in the pipeline. Our partners, particularly in Europe, are actively pitching European Blockchain initiatives and we’re contributing our knowledge and experience to help in the pitches. Watch this space closely and we’ll be revealing more as these projects get confirmed.
Questions from Telegram AMA
Technical plan questions:
1. Is there already a test planning calendar? Those. when will the test begin? How long will the test take?
2. How will testing be done — only on cloud servers (fx cloud) or will documentation be prepared for deploying servers at any other sites, including home solutions?
Zac:
1. Testing is around the corner and the dates will be announced soon, we expected testnet to run for a few months , and then move to mainnet.
2. Both solutions will be available and starting with FX clouds first.
The Russian speaking community /group FX С.I.S. (Russia ,Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova,Turkmenistan, Tajikistan, Ukraine, Uzbekistan)/ has decided to join forces to launch nodes in the FX network. Can we suppose on your support? First, we need the status of an official, company-supported community (for example you could post information about our group on your official website,telegram channels, perhaps in the future our own website and confirm our legitimacy) The second is an informational and consulting moment (technical advice from your programmers and developers). And one more question for David: Is Function X an officially registered payment system?
David: I’d like to take this offline, but what I can say is that the Russian community is of great interest to us and obviously has enormous potential. With regard to Registered Payment Services — we are currently in the process of getting a license in Singapore under the PSA — which really represents one of the most rigorous licensing regimes in the world. We’re quite confident that on obtaining that license will be well positioned to go into other jurisdictions with our services.
Zac: You have been a great community member and we would like to see how to support the Russian speaking community, taking this offline.
Will XWallet be decentralized through Function X?
Zac: That’s a great question! Right now as you know XWallet is a part custodian part decentralized wallet (for example Samsung Wallet inside XWallet support private key ownership), and we are really thinking of how to move it to an even more decentralized model, while we cannot promise when and how, we want to make sure that if and when it happens it will be seamless and protecting the user experience. It should be the natural thing to do as XWallet transactions will also be on-chain.
What is the advantage of fx network over ETH network? What benefits will fx holders get after starting the network? What benefits will FX holders get after starting the network?
Zac: David was the founding board member of Ethereum foundation and we have lots of respect for ETH. There are a few distinctions, block confirmation time is 1–5 seconds, we have real live hardware XPOS as nodes and we are putting XPOS and XWallet translation date on-chain, probably the first company in the world that will put their real financial data on the blockchain (not just test data) this is how much we believe in our own product that we walk the talk.
In addition of the clear simplification for the node configuration through Cloud server, are there advantages in terms of protection against hacking, loss of connection, etc? I mean, if a user decided to use the Cloud server, my understanding is that many possibilities to be penalized are mitigated, right? Could you detail which of these possibilities are mitigated?
Zac: Your concern is also our utmost important issue. Users can choose both FX cloud or setup the server themselves. We believe the advantages are super easy setup, as you mentioned, processional grade protection including load balancing, security. And obviously we will need to make sure it is live 99.9999% if not 100% as it is the backbone of so many validator. You asked a very good question, and I’d like to highlight the benefits in detail in upcoming Hash Out articles.
At the moment, all tokens go down in price even with great partnerships, hype, marketing, and working products, etc. So, what the challenges do you have and the plan to make your project FX strong popular? Are you see it as an opportunity while the current market decline?
David: What a great question. The support of the community is vital to us. What my wish is is for a lot of community members to become validators. That’s going to really help build the ecosystem. Plus, as you will see, the FX Cloud makes becoming a validator a pretty simple process — — so simple that even I can do it. For those of you who remember what a game changer WordPress was — in terms of making website development accessible to everyone — well, I think FX Cloud is going to do that for the blockchain. Community support will be critical to achieve that.
How BOB or other Devices will act as nodes? Can team explain more details on what are the type of nodes and some details on each node type, so that we can have better understanding.
David: That’s what we are going to share on future Hash Outs. One thing I can assure you is that we need to use BOB and XPOS to power up the whole ecosystem- and we will reward BOB and XPOS users for the faith, support and governance work they’ve put in.
At the beginning, the biggest Dapp in Fx will be XWallet, right? Or is there another one?
Zac: XWallet and XPOS transactions will go on chain. And we will be bringing more DApps on FX chain.
So, Function X foundation while providing the server as staking node. Then how will the decentralization be achieved as the servers are actually owned by FunctionX?
David: Good question — so, decentralization will be dependent on increasing the number of nodes/servers out there. While you’re right that initially the Function X Foundation will be providing the servers as staking notes, we encourage people to set up their own servers — through using our GitHub code. Again, decentralization will be achieved through greater proliferation of nodes.
How will Fx add value to the NPXS token? and how will the NPXS token add value to the Fx blockchain?
Zac: This is obviously great interest to many, how will NPXS benefit from the growth of FX ecosystem. NPXS is the financial backbone of the FX ecosystem, NPXS tokens will be used on various financial transactions in this ecosystem — beyond XPOS and XWallet, it opens up a world of possibilities for the growth of NPXS. I am personally very excited on what Function X blockchain will bring to the growth of NPXS.
What is the time schedule for the distribution of rewards (real time, hourly, daily, weekly, ect.)?
Zac: Every 1–5 seconds.
If the consensus protocol is the main backbone of the token blockchain, how can it pick the nodes in which segment or vice versa?
Zac: Nodes are selected based on probability — fair probability. There are research articles written about the model — PBFT and PoS
NPXS token price across different exchanges are same or it differ??
Zac: Based on the law of supply and demand, we expect prices should not be different.
I understand that we do not have to pay anything upfront for the FX cloud, but we are assuming that FX stays above .48 cents, what happens when FX falls below .48 cents ?
David: You are right. The current break-even point is at USD 0.048 USD/token for validator based on the monthly server cost of USD2,500. If the price drops below that, the total earned monthly from governance work will not be enough to cover the server cost. In this case, Function X foundation will subsidies the server cost for those using FX Cloud to set up the nodes so that it will remain a profitable venture performing validation work.
What do you think is Function X biggest achievement so far?
Zac: To be launching something revolutionary — perhaps our kids will remember us as the pioneers of starting and making this a momentous ecosystem.
Is it planned 2020–2025 plan to perform the swap from ETH blockchain to FX Blockchain before the running start of FX Mainnet?
Zac: Good question, we will post this timeline.
BOB have any plans for co-operate with companies like Apple, Samsung or any other phone manufacturer company in the future?
Zac: That’s why we have offices in Taipei, Korea and Shenzhen.
My question from reddit about future stake increase — for example Bob has 100.000 Fx tokens and becomes a validator. He follows the rules and performs his validating job perfectly, at the same time, he doesn’t withdraw any Fx from his node and grows his stake. After a year his stake grows to 130.000 Fx tokens. At this point the stake requirement grows to say 200.000 Fx, but this new requirement will apply ONLY to new validators or those who withdrew some of their earned Fx tokens during last year. So Bob will still be entitled to run a full node with 130.000 Fx tokens, but if he withdraws any income he will be required to stake 200.000 Fx according to new stake policy if he wants to be a full node again. This way you can reward those who were there for you from the very beginning and encourage validators to hold their Fx tokens, encourage to start their nodes early while the stake requirement is still 100k, you will attract validators who intend to be with you for a long run, at the same time you will discourage validators from selling their income and speculate on Fx price creating selling pressure. Can you implement such system to save initial validators from huge stake requirement increases?
Zac: Yes, you raised a good proposal. This has been discussed internally after u brought it up. I can’t commit now but it has been put up as a review.
Is on roadmap have Personal Computers as services node like XPOS and BOB ?
Zac: Yes, you may use your PC and make it a validator from running the code on GitHub.
Could you give us some details or examples of the proof of service that will be validated by BOBs and XPOS and associated rewards?
Zac: You clearly understand the whitepaper well. Yes, BOB and XPOS will be service nodes and we will announce their reward and governance too in upcoming hash outs.
It is not clear in Hash Out that there can be no Slashing or penalties having a cloud node!
Zac: We have proposed in Hash Out that there should be slashing. That’s why we hope the community can discuss terms of slashing in Reddit so we decide together.
Is there anything else you would like to add?
Zac: I’d like to thank everyone for coming here, it’s great to see 1000 people in this chat room together! Especially for those who stayed up late like guys in Aus and NZ or woke up early in the Americas.
David: Only that we’re in a really interesting place/time — lots of institutions are being tested. And I think it’s really the time for being forward-looking and preparing for shifts in the economic order. Personally, I can think of no better vehicle for that than Function X and ecosystem we’re building… and having the support of a community like this makes it very worthwhile.
Thanks again everyone for attending the AMA. Next Monday, we will open the registration to sign up as a FX validator. Please watch this space for details.
Links of interest:
Function X official page
Pundi X official page
Twitter Zac Cheah
Twitter David Ben Kay
