Function X testnet records 100,000 transactions in 7 days
SINGAPORE, June 16, 2020 /PRNewswire/ -- More than 100,000 blockchain transactions were made in just 7 days since the public release of the Function X test network.
The first block on the new testnet was created on the 8th of June and open for the public to test on 11th of June. Currently Function X testnet has over 50 validators to ensure its overall efficiency. Transactions on the testnet have so far yielded satisfactory results to achieve the confirmation speed within seconds.
Function X testnet consists of three key components, the first being the Function X Cloud, a blockchain cloud service platform tailored to enterprises and developers. The second is the FX Connect wallet that supports transactions in the Function X Network. There's also the FX Explorer publishing real-time data on testnet performance. The network operates in a proof-of-stake consensus algorithm. Validators for the public release were chosen in May 2020 through an invite-only process.
Developed by Pundi X Labs, the testnet was launched with the aim of weeding out major bugs, issues and errors that could hinder the overall Function X ecosystem as well as ensuring economic incentives that can drive the participants to provide quality services. The testnet provides easy-to-use tools to allow users to test how the consensus works. This falls in line with Pundi X's overall goal to support and enable any transaction that stands to benefit from being decentralized with blockchain, something that they've been moving towards ever since the company's inception back in late 2017.
"Launching the testnet is crucial to finding out what works and what doesn't in our systems, especially with regards to FX coins," says David Ben Kay, President of Function X Foundation. "If we can build something that proves just how secure transacting on the blockchain can be, that's a major step towards encouraging mass adoption.
It's worth noting that Pundi X has extensive experience in providing blockchain payment solutions to businesses. It's the same blockchain solution developer behind the XPOS, a point-of-sale device that allows ordinary consumers and retailers to easily transact on the blockchain, and Blok On Blok (aka BOB), the world's first blockchain phone.
"It's definitely a major milestone for our team," said Zac Cheah, CEO and Co-founder of Pundi X. "It's something we've been aiming to launch since the very beginning of the year and we're glad to see it take off with such success. We will port more experiments on the Function X testnet and make sure the blockchain works well for various activities, including payment, communication and more, step by step."
For more information about participating the Function X testnet, visit https://medium.com/functionx/function-x-testnet-is-here-f1af31551a0a
ABOUT FUNCTION X FOUNDATION
Function X Foundation is a nonprofit, independent organization that supports the growth of the Function X Ecosystem, a next-generation internet service framework, built entirely on and for the blockchain. It is a completely new ecosystem providing a novel service framework by improving the existing internet and blockchain architectures, combining the benefits of both and using the most commonly used technical solutions.
For more information about Function X, visit https://www.functionx.io.
ABOUT PUNDI X
Based in Singapore, Pundi X was founded in 2017 with the aim of harnessing the power of blockchain technology to make a more secure and inclusive world. As of this writing, the company is responsible for developing the BOB, the world's first fully-functioning blockchain phone and the XPOS, a point-of-sales machine that allows brick-and-mortar stores to transact on the blockchain. The company currently has offices in Jakarta, Taipei, São Paulo, Seoul, Shenzhen, Tokyo and more.
For more information, please visit https://www.pundix.com.
SOURCE Function X
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