Summary of Function X All-Hands Meeting on 20th January 2022

Thank you for those who participated in the January All-Hands meeting via Zoom. We had over 48 participants in this meeting. If you missed the All-Hands Meeting live session, you can watch it here at:

Here is a brief summary:

1. New Public Validator Update
   The Litecoin Foundation joins the Function X blockchain as a public validator. You can find more details here.
2. Development Updates
   a. DEX
   - Our developers are currently working on Function X Decentralized Exchange (codename: “Variable”) and it has been tested by the team (included non-technical team). We are very confident that we will launch the Alpha release in the next 7 days. Community members are invited to test Variable when it is launched, and can request the tokens from the faucet to start the test.
   In f(x)Variable Alpha version, users can trade synthetic assets (FAANG: Facebook, Alphabet, Apple, Netflix, Google, and Tesla). We will add more synthetic assets in the upcoming weeks.
   
   Since this is an Alpha version, bugs are expected and we need your help to report.
   
   b. EVM Testing
   - We are testing several dApps on our EVM (i.e Uniswap and Sablier dapp to distribute salary from employers to employees, etc). So far, we could say it is successful (none of them have any major problems) . Currently, we are talking to existing dapps developers to come and build on Function X.
   
   c. Beta f(x)Wallet Launch
   We want to thank everyone for all the feedback, and we are working around the clock to further improve before officially releasing the new features.
   
   d. WAGMI NFT
   Over 70% of WAGMI NFTs has been minted. Stay tuned for the update on the activity.
3. Governance
   It is a learning curve and we are working together to improve the governance (to be more transparent and efficient). Some improvement ideas are having different voting categories, reducing quorum %, and lowering the minimum deposit to propose a proposal. Community members are invited to express their ideas. There will be a community voting to apply the ideas to change the governance mechanism.
   
   Here is the summary on the open discussion with community members during the All Hands Meeting:
   - Loil (Fox Gaming):
   Lowering the quorum will not be beneficial for the governance proposal. The current rate (40%) is low enough and we must focus on the validator’s participation.
   Suggestion: increase the quorum to 51% and punish validators who do not vote, so the voting participation will be more active compared to now.
   
   Function X: On the other hand, Function X wants to be neutral on the governance proposal. We will see a revolution over time when more delegators move to public validators. One idea, validators should show the voting actions on the previous & running proposals on the f(x) Wallet, so delegators are aware of their validator’s actions. This can help delegators to choose their validators.
   
   The other idea to keep neutrality is that every company delegator wallets are being represented by different team leaders to vote based on their own opinion.
   
   - Pixel:
   Is it possible if the quorum is based on total delegated tokens instead of total tokens?
   
   Function X: This is a very interesting proposal, if the tech team can implement it.
   
   - Blokhead:
   The other idea to consider is to reduce the deposit amount proportionally, so it will encourage people to propose more ideas to Function X. The current 10,000 FX is a huge cost and becomes a barrier to enter the proposal.
   
   Function X: It is a good idea, but it might be not possible to do it frequently, since it will need the tech team to modify the code behind. One of the options is to have several categories (and deposit fee will vary based on the category).
4. FXDM
   We have set up our first reward and looking to hire marketing lead or marketing agencies or influencers, or teams to apply for six-month promotion plans, for example, a dedicated Youtube channel for Function X with constant new video uploads or PR outreach for Function X
   
   We will also publish guidelines to guide participants in terms of what we are looking for and expectations on FXDM submissions. We can see Maker DAO and Uniswap as an example.
5. DAOVerse
   New product overview (#rollthedice2 ): https://youtu.be/wsiFaftEA70
   
   Summary of DAOVerse updates:
   - The web page will link to the Blindbox NFT minting page.
   - 16 personalities integration to DAOVerse. The story and gameplay will be different and based on the player’s personality. It will offer a different social experience for the players.
   - 3D Model NFT of DAOVerse is ready (i.e Mecha Pilot)
   - DAOVerse has a plan to add lands to the game (take Decentraland as an example). Players can buy and design our homes and lands.
   - Items NFT will be included in the game.
   - Gameplay and animation concept is ready, and the DAOVerse team is still working to improve it.
   
   Superbit:
   DAOVerse has proved to us that they are dedicated and passionate about this project. DAOVerse is also planning to hire a CMO from Razer Gaming who has proven in marketing (the previous NFT project -jpeg has sold out). The team has supported Function X since the beginning, and this project success will be beneficial for Function X. Superbit encourages everyone to read the whitepaper, check the DAOVerse discussion on the forum, and support the team on social media.
   Suggestion: add voting page to f(x) Wallet app will be a brilliant idea, and helpful for the voting.

That’s all for this month. Once again, thanks for your participation in this meeting.

What do you think about our All-hands Meeting in Zoom? Is it a good way for you to engage and participate? What can we do to make it better? We welcome your discussion and feedback at https://forum.functionx.io