Blockchain
Function X Mainnet is live
Function X (CURRENCY:FX) Mainnet went live successfully at 22:00 GMT+8 on 6th July 2021 after three years of development.
Developed by Pundi X Labs, Function X has a cross-chain architecture based on pBFT and PoS. Cross-chain, as the name implies, allows multiple chains to be part of Function X. By integrating various blockchain ecosystems (Ethereum and others), Function X is designed to increase the liquidity and value of digital assets created on the Function X network.
Rather than building an ecosystem that competes with Ethereum, Function X aims to leverage on its strengths, for example, by providing asset aggregation contracts, connecting to Ethereum smart contracts, and generating interest at the same time in both (and more) chains. While leveraging the existing Ethereum infrastructure, at the same time FX Core provides an environment with higher speed and cheaper fees.
The mainnet launch kicks off the governance stage, allowing Function X token ($FX) holders to participate in verifying block creation and receive block rewards via delegation to secure the network with 20 initial company-hosted validators (later will open to public validators once the operation of the mainnet is mature). The delegation is available on the f(x)Wallet, a non-custodial, decentralized wallet app that supports inter-chain and cross-chain transactions on multiple blockchain networks as well as providing decentralized finance services.
With the mainnet launch, the holders will be able to bridge their $FX in ERC-20 to the FX Core through f(x)Wallet. This means $FX will be able to be utilized on both Ethereum and FX Core. $FX will be the first digital asset transferable between Ethereum and FX Core. There will be no conversion / wrapping action needed, and the cross-chain transfer will be as simple and smooth as a usual on-chain transfer process.
The second stage of the launch will be the running of XPOS devices on the FX Core, which will give the Function X Mainnet a number of real-world use cases. Pundi X will utilize the custom chain built on the Function X network to verify real-world transactions, such as payment for a cup of coffee made using XPOS devices. This stage will demonstrate how well f(x)Wallet can directly interact with XPOS on-chain. With this use case, it will also enable financial institutions that have built a custom chain on Function X to hop onto the XPOS’ custom chain through FX Core. XPOS will be able to provide financial tools and services on the Function X network.
With Function X being increasingly used in the real world—XPOS devices, for example, are now deployed in over 30 countries and counting—the launch of the Function X Mainnet presents a real opportunity for all kinds of people to familiarize themselves with blockchain. Though the launch is only recent, the Function X Mainnet could prove a crucial catalyst in the fight to bring blockchain to the mainstream.
To learn how to participate in Function X Governance as a delegator, visit: https://medium.com/functionx/function-x-june-hash-out-part-2-75e31446d82e
To learn about the roadmap and previous testnet reports :
Function X testnet 3.0 (part 1) wrap-up report
Function X testnet 2.0 wrap-up report
Function X testnet 1.0 wrap-up report
Follow Function X on Medium, Twitter, Facebook, Reddit as well as Github for detailed documentation. If the community members are interested in sharing ideas and participating in building the Function X ecosystem together to make it better, join the official Function X Forum.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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