Blockchain
Function X blockchain to expand public validator nodes, onboards Asosiasi Blockchain Indonesia, Blockchain Collaborative Consortium, and European University Cyprus
Function X Foundation announced that the number of the validator nodes on its Function X blockchain — known as FXCore — increased from 20 to 50.
Function X is a network of independent heterogeneous but also interoperable blockchains. Existing applications, websites, data, and services can become decentralized through the Function X network.
The role of validators is to run a full-node and participate in consensus by broadcasting votes which contain cryptographic signatures signed by their private key. They must also participate in governance by voting on proposals. Validators are weighted according to their total stake.
It’s also confirmed that Asosiasi Blockchain Indonesia, Blockchain Collaborative Consortium, and European University Cyprus became three of the first public nodes from non-profit organizations, enabling the network moves closer to true decentralization while still maintaining network security and stability.
The increase in validator nodes was decided after a proposal was passed through FX (the governance token of the Function X network) holders on the motion. The voting period on the decision was held from November 11 to November 25, with proponents for increasing the nodes stating that doing so would increase decentralization on the network.
On the other hand, having three respected institutions such as the Asosiasi Blockchain Indonesia, Blockchain Collaborative Consortium, and European University Cyprus will bring a new level of expertise to the work of validating the Function X network. All three organizations have worked with Pundi X, the company developing the Function X project, on blockchain education and adoption.
“We’re working with trusted organizations in helping the Function X blockchain reach its full potential,” said Function X Foundation President David Ben Kay. “Having them onboard affords the Function X project the perfect combination of trust, collaboration, and expertise.”
“We’re excited to set up a public node with Function X given their extensive experience of innovating the blockchain industry. It allows us to participate in the governance and build the network” said Costas Papacostantinou, Director of Information Systems and Operation of European University Cyprus.
“Participating in Function X as a public validator allows us to contribute together with the international blockchain community. This is a collective effort to operate as a decentralized organization. We are happy to be part of it,” said Asih Karnengsih, Chairwoman of Asosiasi Blockchain Indonesia.
As of writing, the Function X network has created over 2 million blocks with an average block time of 5 seconds since its mainnet launch in July 2021.
“With more people helping out and participating in the Function X project, we expect it to truly make an impact in no time,” Kay said. “Our vision has always been to create a world that’s more efficient through blockchain. The latest news on validator nodes will certainly bring us closer.”
Blockchain
Adapt or Die: The Urgent Shift from VASP to MiCA
The European Union’s landmark MiCA regulation is set to transform the crypto industry, establishing stringent standards that many current Virtual Asset Service Providers may find challenging to meet. As MiCA compliance becomes the standard for operating within the European Economic Area, crypto exchanges and asset companies must take prompt action to align their operations with these comprehensive regulations.
To support businesses in navigating this significant transition, an exclusive webinar “Adapt or Die: The Urgent Shift from VASP to MiCA” will be held on Tuesday, November 19th, 2024, at 5:00 PM (CET) time.
This session is designed to provide industry professionals with practical insights and strategies to ensure their software and operations comply with MiCA standards.
Key highlights of the webinar include:
● Detailed analysis of MiCA regulations and their implications for the crypto sector.
● Actionable steps for software adaptation to achieve MiCA compliance.
● Case study feature: How Kyrrex achieved MiCA readiness using solutions from Simplify Labs.
● Practical tools for Anti-Money Laundering, Know Your Customer processes, cybersecurity, and transaction monitoring.
The webinar will be useful for CEOs, COOs, Compliance Officers, Regulatory and Legal Professionals, Tech Managers, and Investors looking to enter or expand within the EEA market. Attendees will gain the knowledge and tools necessary to adapt and thrive under the new MiCA regulatory framework.
Featured speakers:
Vadim Rozov, CEO at Simplify Labs, brings over 20 years of management and software development experience. Under his leadership, the company is dedicated to simplifying crypto and blockchain technology, making it accessible for non-technical founders and management teams.
Kevin Plumpton, CEO at Kyrrex, is a warranted advocate with extensive expertise in finance, business, property, and international law. He specializes in corporate governance, risk, and compliance legislation, and is a prominent figure in the Anti-Money Laundering and Counter Financing of Terrorism fields. He is recognized for developing innovative KYC and due diligence platforms utilized by leading organizations.
“The crypto industry is at a critical juncture where understanding and adhering to MiCA regulations is essential for continued growth and market access,” said Kevin Plumpton, CEO at Kyrrex. “Events like these are vital for bringing together industry leaders to share knowledge and best practices, ensuring businesses can adapt effectively and sustain their operations.”
Franklin Cachia, Executive Director at CSB Group, is an accomplished professional who advises clients on taxation, financial services, AML compliance, and corporate law, among other areas. His broad expertise also encompasses gaming, GDPR, and property law.
The post Adapt or Die: The Urgent Shift from VASP to MiCA appeared first on .
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