Pundi X's New Blockchain POS Function X is approaching the launch of its Mainnet
Function X, a new public proof-of-stake (POS) blockchain, developed by Pundi X Labs, is nearing the launch of the mainnetas the team has done it with the testnet and launched an engagement group.
Zac Cheah, CEO and co-founder of Pundi X Labs, an Indonesian company best known for its XPOS blockchain-based payment devices, in a blog post on Monday, April 5, provided the details on the launch of Function's mainnet. X.
According to the team, Function X is a scalable, open and decentralized public POS blockchain, powered by its native FX token. The project is currently in the testnet 3.0 stage, which is the last testing phase before the mainnet launch.
The Function X team is taking a multi-stage launch approach similar to ETH 2.0. The Function X mainnet will be a three-stage launch process. In stage 1 of this multi-stage release, the team has introduced FX token delegation in validators to help protect the Function X Mainnet. To do this, the team has launched an entry stage stakeholder pool where FX holders can stake their FX holding using an f (x) wallet, starting Tuesday, April 6.
1st stage: Governance of FXCore
The team has named this first stage 'Governance of FXCore'. When the FX tokens in the betting pool reach 75,720,905 tokens (20% of the total FX supply), the Mainnet will be activated within seven days.
According to the details, Function X is capable of launching many blockchains like Polkadot. Therefore, the first process after the launch of the mainnet will be the introduction of FXCore, the first blockchain in Function X. After the launch of FXCore, “users will have the option to continue earning FX through the participation in the entry stage or delegation of tokens to validators ”. FXCore governance begins when users delegate FX tokens to validators to participate in governance. At this stage, only 20 validators will be managed jointly by the Function X and Pundi X foundation.
2nd stage: XPOS on FXCore
Once FXCore is active, XPOS, Pundi X's flagship blockchain-based payment product, will integrate with the Function X mainnet, allowing users to make payments from their f (X) wallets using XPOS devices. In these payments, native FX tokens will be used to pay gas fees.
3rd Stage: DEXes, Multicadena, Synthetic Tokens, Multiple Validators
In the third stage, the Function X team will launch the first DEX on FXCore. Other teams will also be able to launch DEX in Function X.
At this stage a multi-chain functionality will be available, where other blockchains, such as Polkadot parachains, will be introduced in Function X.
According to the blog post, a team can launch a blockchain in 30 minutes using Function X Cloud. Not only does FXCore connect multiple Function X blockchains, it is also capable of connecting to Ethereum, Bitcoin BSC, Polkadot, and more.
Other DeFi-focused products, such as synthetic tokens, will also be introduced in the third stage. After this, anyone can become a Function X validator.